HSBC Hong Kong Business Account Review [2023]: Features, Fees & Alternatives

How to open an account

With HSBC Hong Kong, it is now possible to open an account with their HSBC HK Business Express mobile app. You will need a mobile device to download the app and log on with a verification code. Contact HSBC Hong Kong if you need assistance.

HSBC says applications can take up to 3 working days. With the app, you may no longer need to visit a physical HSBC branch in Hong Kong to process the application, which would be a welcome change.

Simply download the mobile app and follow the instructions to apply for an account.

Requirements and eligibility

It’s a good idea to check if you are eligible for opening a business bank account through the HSBC mobile app before you start. 

To apply for a business bank account with HSBC’s app your company must fulfill ALL of the below requirements:

• be a limited company, partnership, or sole proprietorship
• be incorporated or registered in Hong Kong
• Have business operations in Hong Kong
• Not have any corporate directors or shareholders
• Have up to 2 individual directors, shareholders, or authorized signatories.

The points above are requirements to apply for an account online. If you don’t satisfy at least one criterion, you will need to visit a physical branch to process an application.

Also, HSBC reminds applicants that directors or authorized signatories who do not hold a Hong Kong Identity Card may be invited to join a video conference or face-to-face meeting for identity verification. [*]

You will need to submit additional documents to support your application.[*]

Note that required documents will vary depending on whether your business is a limited company, partnership, or sole proprietorship, and the type of HSBC business account you are applying for. For more details on how to apply for an account and document requirements per entity type, you can refer to this article.

HSBC products in Hong Kong

Types of accounts

HSBC offers three types of business accounts to Hong Kong businesses. They are called Business Integrated Accounts which is an account that combines savings, current deposit, and time deposit accounts under one single account number. Each of the three accounts offers a range of banking solutions for transactions and looking after your company’s finances. [*]

Every business account supports receiving and paying with 12 currencies: AUD, CAD, EUR, JPY, NZD, GBP, RMB, SGD, CHF, THB, USD, and HKD. 

You can transact and invest 24/7 via the HSBC internet banking portal or the HSBC mobile banking app. You can also use new collection and payment methods in your business account, such as QR codes and digital wallets, to better manage your business’ finances.

Below we’ll briefly describe the differences between the 3 options for a Hong Kong business and why you might consider one service over the other.

1. HSBC Sprint Account

The Sprint Account is HSBC’s offer to help new startups get up and running, and accelerate their growth. You can access a multi-currency account and payment cards online or through an app. The fees charged are the lowest of the three HSBC business account offerings, and first year fees are waived. The required average account balance of HKD50,000 is also lower than it is for the BusinessVantage account. [*]

2. HSBC Business Direct

The Business Direct Account is for growing SMEs. With this account, you can make same-day remittances to Greater China, which is handy if you have customers there. As with the other two accounts, you get free use of Business Internet Banking and the HSBC Hong Kong Business Express mobile app, and you can receive notifications on WeChat. Similar to the Sprint Account, the required average account balance is HKD50,000. You also get access to a credit facility of up to HKD10,000,000. [*]

3. HSBC BusinessVantage

A BusinessVantage account is for more established SMEs. With lower costs for over-the-counter operations, it suits businesses that have a similar mix of online and over-the-counter transactions. The average account balance required is higher at HKD100,000, and HSBC offers an auto-sweeping service up to HD20,000 to cover overdrafts. Payments from Greater China are recorded in real-time. [*]

Cards

HSBC Hong Kong offers a variety of payment cards which you can apply for, depending on which payment or credit card best suits your needs and finances.

The cards you can apply for are:

• HSBC Business Mastercard
• HSBC Business Debit Mastercard
• RMB Business Card
• Corporate Mastercard
• HSBC Platinum Purchasing Mastercard
• Company ATM Card

Some of HSBC’s cards may include some additional benefits and perks. For more information, you can check out their website. [*]