Major Hong Kong Banks

Hong Kong can be called one of the largest financial centers in Asia and the world, where many financial institutions are concentrated.

The banking system in Hong Kong is quite transparent and well organized. In 1986, the banking law was passed, under which all Hong Kong banks were combined into a three-tier system:

• Licensed banks that do not have any restrictions
• Banks with a limited license, these include banks in which deposits must be less than 500 thousand Hong Kong dollars
• Deposit companies. These companies are designed to accept deposits for a period of more than 3 months, and the deposit amount must exceed 100 thousand Hong Kong dollars

Although deposit companies and banks with a limited license in Hong Kong perform a similar function, they are different financial institutions.

More than 70 of the world's largest banks have their representative offices in Hong Kong. This is explained by the fact that a huge number of financial transactions are carried out here, and many businessmen choose Hong Kong to start and develop their business. Below we will talk in more detail about the top 3 largest banks in Hong Kong, as well as the conditions for opening accounts in them for foreign entrepreneurs.

HSBC Bank

HSBC is one of the world’s largest banking and financial services organisations. It serves approximately 40 million customers through their global businesses: Wealth and Personal Banking, Commercial Banking, and Global Banking & Markets. The network covers 63 countries and territories in Europe, Asia, the Middle East and Africa, North America and Latin America.

Listed on the London, Hong Kong, New York and Bermuda stock exchanges, shares in HSBC Holdings plc are held by around 182,000 shareholders in 128 countries and territories.

The main advantages of HSBC bank:

• High degree of reliability and protection
• one of the best banks for operational work
• the ability to effectively and efficiently manage accounts online
• high speed of wire transfers
• relatively low commission for money transfers
• no need to collect a large package of documents for transactions
• possibility to open multi-currency accounts
• the bank takes into account it's clients wishes and quickly responds to requests.

Main disadvantages:

• opening an account with HSBC will require your personal presence in Hong Kong
• to open an account, you will have to provide a large number of documents. Among them: the statutory documents of the company, information about its activities and the rationale for opening an account, a copy of the passport, documents confirming the address of the place of residence of the beneficiary / director of the company. It is also recommended to provide documents on the availability of accounts in another bank.

Standard Chartered Bank

Standard Chartered is a global financial services provider that provides a range of personal banking, wholesale banking, private banking, SME banking, and business banking solutions. 

The company provides services such as transactional banking services, mergers and acquisitions advisory services, investment advisory services, wealth management services, Islamic banking services, private banking services, and e-banking services. It serves its customers through a network of branches and outlets across the globe, including Hong Kong.

To open a bank account, you will need to provide a business plan or description of the company's activities, which includes justified reasons for opening a Hong Kong bank account, the expected volume of monthly transactions, how the company is managed, how the company is financed, data about the country where the main business is carried out, and you will also need to provide a list of counterparties.

Bank of China

Bank of China is the Bank with the longest continuous operation among Chinese banks. The Bank was formally established in February 1912. After 1949 the Bank became responsible for managing China’s foreign exchange operations and provided vital support to the nation’s foreign trade development and economic infrastructure through its offering of international trade settlement, overseas fund transfer and other non-trade foreign exchange services. In 1994, the Bank was transformed into a wholly state-owned commercial bank. In August 2004, Bank of China Limited was incorporated. The Bank was listed on the Hong Kong Stock Exchange and the Shanghai Stock Exchange in June and July 2006 respectively, becoming the first Chinese commercial bank to launch an A-Share and H-Share initial public offering and achieve a dual listing in both markets. 

As China’s most globalised and integrated bank, Bank of China has a well-established global service network with institutions set up across the Chinese mainland as well as in 57 countries and regions. 

To open an account with the Bank of China, you need to go to the bank, the opening of the account itself can take place without visiting a professional introducer. You will also need to provide a number of documents, including copies of the Russian and foreign passports of the director and beneficiary, a set of corporate documents of the company, a set of copies of documents of the shareholder (foreign). In order for you to open an account with this Hong Kong bank, you will need to provide documentary evidence of funds in the amount of USD 3,000,000. The minimum account balance must also be this amount.