Hong Kong Fact-File Part 7:
Individual Business Owner Welfare and Lifestyle

7.5 Hong Kong Individual Business Banking Services

Domestic and international banking services

Banks in Hong Kong are divided into three categories:

• Licensed banks – these carry out the full range of banking activities including current and savings accounts. Licensed banks can accept deposits of all sizes.
• Restricted license banks – for merchant banking and the capital market. They are not permitted to accept deposits below HKD500,000.
• Deposit taking companies – for consumer finance and securities. They are usually connected to banks but cannot accept deposits of less than HKD100,000.

In keeping with its status as a leading finance centre, there are hundreds of bank branches to choose from, offering a wide range of retail and business banking services.

No restrictions are imposed on remittances into or out of the SAR.

In order to open a bank account in Hong Kong, the following documents are usually required:

• Hong Kong ID card or passport (as Hong Kong residency is not a requirement when setting up a bank account in the jurisdiction)
• Proof of address, either in Hong Kong or country of origin
• Completed application form.

The Hong Kong Monetary Authority supervises the banking sector.

Introductory Guides

Fact-File

Part 1: Hong Kong Business Formation for Individuals

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