How to open a business account with Hang Seng Bank in Hong Kong?

Hong Kong has long been known for its buzzing start-up scene and as a result, the business banking system here is designed to provide smart financial solutions tailored to startups. In fact, some financial experts will advise that getting a business account in Hong Kong arranged might be one of the first things you do as a new business owner.

If you are setting up a company in Hong Kong, one bank worth considering is Hang Seng — a subsidiary of the globally recognized HSBC group and one of the most popular banks in the region. This guide, hence, will delve into business account service offered by Hang Seng, reviewing what they offer, their fees, who can apply and more.

If you are looking for how to open a Hang Seng personal bank account, you can read this article instead.

For context, there’s also another great option for your business—Wise, a non-bank alternative that lets you send money in 40+ currencies with no monthly fees. More on that later!

Learn more about Wise Business

Features of Hang Seng bank business account?

As one of the best banks in Hong Kong, Hang Seng Bank markets itself as one-stop financial management solutions tailored to the needs of each business. Hang Seng Bank offers several financial services, aiming to support both SMEs and well-established corporates to manage their money more seamlessly.

Depending on where your business is registered and your business needs, you can choose between two business account options of Hang Seng Bank: the Biz Virtual+ Account for Startups and Local SMEs, or the Integrated Business Solutions Account for other SMEs and Established Corporates. The Integrated Business Solutions will provide a larger range of banking services to meet sophisticated business needs, but the Biz Virtual+ Account can still accommodate most of what you need to grow your new business².

Despite potential differences between two types, in general both Hang Seng business accounts share some key features outlined below:

• Simplified loan application process;
• Business lines of credit;
• Access to Multi-Channel support (E-banking,Phone Banking Services, and more);
• Online payroll services;
• Domestic money transfer and cross-border remittance service.

Fees

Before you decide if you want to open a Hang Seng Bank business account, you’ll want to review the costs for transactions you frequently make, as well as regular fees such as the Hang Seng business account minimum balance. We’ll run through Hang Seng key costs and features side by side to help you get an idea of whether which account may suit your specific needs³:

Who can open a Hang Seng business account?

Depending on which type of account you plan to open, the requirements might be slightly different. Let's take a look of the eligibility to open a Biz Virtual+ Account remotely⁴:

• All connected parties of the Applicant such as directors, shareholders and authorised signers shall be as HKID cardholder(s), with single layer ownership;
• The establishment address, registered address, business address and correspondence address should all be in Hong Kong;
• Your annual business turnover meets Hang Seng’s designated level.

What documents do I need to open a Hang Seng business account?

The required document for opening a Hang Seng business account may vary depending on where you register your business.

Local companies⁵

• Company Registration Documents;
• Identity Documents from you and all related parties;
• Residential address proof for all key parties involved;
• Hang Seng Bank business account minimum deposit balance of 20,000 HKD;
• Business Proof (business operation documents, product or service information, latest financial Information, and other applicable documents);
• Additional documents: You can also refer to the full document checklist to see if you need to provide any additional documents.

Oversea companies⁶

• Company Registration Documents (Certificate of Incorporation, Business Registration Certificate, Memorandum and Articles of Association, or Certified copy of Registered Address Proof);
• Identity Documents from you and all key parties (Directors, Authorised Signers, Principal Shareholders with 10% or more shareholdings, Beneficial Owners, Key Controllers, and Direct Appointee)
• Hang Seng Bank business account minimum deposit balance of 20,000 HKD;
• Common Reporting Standard (CRS) Self Certification Form;
• Additional documents: You can also refer to the full document checklist to see if you need to provide any additional documents.

Mainland China Companies⁷

• Company Registration Documents;
• Identification Documents / Nationality Proofs from you and all required parties (all directors, authorised signers, principal shareholders -owning 10% or more, beneficial owners, and key controllers);
• Common Reporting Standard (CRS) Self Certification Form;
• Additional documents: You can also refer to the full document checklist to see if you need to provide any additional documents.

How to open a Hang Seng business account?

Here are some general steps you can follow to open a Hang Seng business account online:

Step 1: Create a Hang Seng business account

Visit Hang Seng’s profile registration website to access the online application form.

The application will ask for general information, such as your chosen username, the contact person’s full name, e-mail address, and telephone number. Finish your profile application, and you should receive an OTP via your e-email or phone number.

After you create your profile with Hang Seng, in the "My Profile" portal, create a new application under the Business Account section.

You’ll need to fill out the Application Form with your company information, details of related parties, and contact information for any account opening issues. Make sure that the details you provide match with HKIDs so you and your related parties can perform Digital ID verification later.

Step 2: Complete digital ID verification

After confirming your Hang Seng business account application, the portal will direct you to a webpage where you can upload all legal documents. You'll receive an SMS with a Digital Verification ID and a link to download the Hang Seng Business Mobile App. Prepare your HKID for this step and follow the instructions from the app. You'll also need to complete a selfie verification as well. Finally,you will need to create a password - this step is important because you need this password to E-sign later.

Don’t forget to remind any other related parties to complete their own Digital Verification as well!

Step 3: E-sign to complete your application⁸

After a few days, you will receive an SMS from Hang Seng notifying you that your application has been reviewed. It's now time to complete the electronic signature on the Hang Seng website. Please note that you and all related parties must be physically located in Hong Kong or major cities in mainland China to proceed.

Log in to the E-sign portal using the password you created in Step 3. You’ll see a list of pending documents with a "Sign Now" button. Click the button, read through each document carefully, and complete your e-sign as instructed.

And now your Hang Seng Bank business account is ready!

How long does it take to open a Hang Seng Bank business account?

Opening a Hang Seng Bank business account is rather quick and easy - what makes it better is you have the option to do it entirely online.

You can apply with just a phone and, if all necessary requirements are met, the process can be completed within 3-5 working days.⁹ Once approved, you can immediately start managing your business’s finances through the Hang Seng Business Mobile App.

It is worth noting though, the actual processing time may vary if special circumstances arise. And while Hang Seng business account opening remotely can be convenient, Hang Seng reserves the right to reject your online applications. In this case, you might need to book a face-to-face appointment to proceed with your Hang Seng business account opening¹⁰.

So, if you're the main contact person, be sure to monitor the status of your application.

What is the Hang Seng Bank business account opening hotline?

For further assistance from Hang Seng, you can reach their Business Account hotline at (852) 2198 8022 or (852) 2198 8000. Alternatively, if you prefer instant communication, Hang Seng offers a 24/7 Live Chat service through the mobile app.

And that’s pretty much it – our comprehensive guide on how to open a business account with Hang Seng Bank in Hong Kong. This article covers everything you might need when considering opening a business account with Hang Seng Bank: from features to the business account minimum balance.If you're still browsing other online international money transfer options that offer more flexibility, consider Wise!

Similar to Hang Seng Bank, you can conveniently open your free Wise account online and manage your money using the Wise app or any web browser, for free - there's no monthly fee as well! Whenever you need to send money abroad, whether to pay international suppliers or overseas employees, your money will be converted at the mid-market exchange rate, with a low and transparent fee.

Here are other great features that come with a Wise Business account:

• Free self-service account setup: Open your account online in minutes with no monthly fees and start enjoying hassle-free payment services right away.
• Manage global funds with ease: Get paid in 23+ currencies in one account, including local account numbers for 8+ major currencies, so you can receive local transfers for free.
• No hidden exchange rate markups: All fees are transparent, with real-time market exchange rates, and fees as low as 0.26%. Save more on every transaction.
• Instant cross-border payments: Send money to 140+ countries. Quick processing — over 60% of remittances arrive within 20 seconds. Track your payments in real-time.
• Easily handle bulk payments: Upload a CSV file and the system will process up to 1,000 payments at once. You can also integrate Wise’s API for fully automated payment workflows.
• Professional invoicing tool: Create and send invoices, add your account details or payment links, making payments simpler and quicker.
• Boost team collaboration: Add team members to your account, work together on payments, download statements, and track transactions more efficiently.

It’s quick and easy to open a Wise Business account, with a fully digital application, verification and on-boarding process. Sign up today to experience an efficient cross-border payment platform that helps streamline your business operations and improve your company’s competitiveness.

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Sources last checked on 21-Oct-2024.