Alternative to Opening a Business Bank Account in Hong Kong

In today’s modern business world, opening a bank account is considered an absolute prerequisite for the establishment of a viable business. This is why whenever a business is launched; the first thing to do is to make a bank account for all financial transactions about the business. Here, the important thing to understand is that all bank accounts require certain documents and if those requirements are not fulfilled you won’t be able to open a business bank account. This also holds for opening a business bank account in Hong Kong as well. However, it doesn’t have to be this way at all, since there are alternatives to opening a full-fledged account so that you will be able to continue your business activities legally and with complete peace of mind. Let us check out a few such alternatives:

  • Virtual banks

As the very term implies, a virtual bank exists only in cyberspace. This is primarily a digital-only bank without any physical branch or other infrastructure. While they are all regulated as per the rules and regulations of the HKMA they are markedly different from the more traditional banking setup since your physical presence is not required. They follow the same safety standard and security protocols as the more traditional banks. Moreover, they also have to follow certain KYC (know your customer) processes, banking provisions, capital requirements, liquidity coverage, and the like.

  • You can always opt for Currenxie as a great alternative to opening a business account

Currenxie is a highly innovative fintech company. One that offers many of the same services that are offered by traditional banks. For example, you can open business accounts and make card payments too. It also offers its services as a currency exchange so it is the ideal solution for the concept of the borderless economy. It is also a great solution for businesses that have not been able to gain access to Hong Kong’s local banks. It can help you make payments on eCommerce sites such as Amazon and Shopify. You can also get payments directly from the banks of your clients and customers and even manage expenses via your visa card. You can also use Currenxie for making mass payments too.

  • MSOs or Money Service Operators

These are now also known as EMIs or e-money institutions and are quite popular in many  European countries. They have now made their way to Hong Kong as well, and are regulated by the CED or Customs and Excise Department of the city. They are primarily utilized to ensure the safe and efficient transfer of money remittances. Apart from that, they also provide conversion services in the city of Hong Kong. Since MSOs are also digital financial services providers, they are like virtual banks and they run their business online. Here, the key difference is that the MSOs are not really banks, per se, so they are not able to provide any sort of banking services such as the ones offered by the more traditional banks. Instead, The MSO is more concerned with the availability of payment services all over the world.

  • FTN accounts

Consider acquiring a free trade (for) non-resident (FTN) account. Such an account can easily be opened by prospective overseas individual investors or companies. It can be opened in financial institutions in the free trade zone in Shanghai or even Hainan. You will be able to enjoy the infrastructure in the Hainan free trade zone and will have very convenient investing opportunities. It will also make the whole of the global financial market system considerably more accessible to your business. Best of all, you won’t have to apply in person as such. Neither the shareholders nor the directors have to be physically present at the bank branch’s premises for them to be allowed to open a business account.  Simple video authentication would be enough and you can rest assured that your account will be available for your use within the next ten working days. Opening such an account will allow you complete access to both mobile as well as online banking services and facilities.

  • Conclusion

While there are plenty of alternatives to opening a bank account in Hong Kong, the best and most viable option is to open a Currenxie account.

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