How to Open a Hong Kong Bank Account for a Foreign-Owned HK Company (2025)
Opening a Hong Kong bank account as a foreign-owned company is challenging – but not impossible. At Phare, we've helped HK companies with foreign directors successfully navigate the process. This guide reveals exactly what banks want to see in 2025.
Who Can Open an Account?
Most foreign-owned HK companies qualify if:
✓ Shareholders/directors have clean backgrounds
✓ Business activities are legal in HK (no gambling/crypto mining)
✓ Can provide verifiable documentation
Challenges:
Shareholders from sanctioned countries (Iran, Russia, etc.)
"High-risk" industries (crypto, arms trading)
No local substance in Hong Kong (Physical office, buyers/suppliers, operations)
The Essential Document Checklist
For your HK company:
Certificate of Incorporation (CI)
Business Registration Certificate (BR)
Articles of Association
Latest Annual Return (NAR1)
Audited financials (if >2 years old)
Sets of business proof (Invoices, sales contracts, bill of lading, etc)
We will provide a tailor made checklist that matches the background of your company.
For directors/shareholders:
Passport copy
Recent utility bill (proof of address)
CV/resume
Recent 3 months bank statements or any proof of net worth
Be clear, be confident and don’t overthink it. The beauty of your story is that it’s going to continue to evolve and your site can evolve with it. Your goal should be to make it feel right for right now. Later will take care of itself. It always does.
Step-by-Step Application Process
Pre-screen: Match your company profile to the right bank
Interview Prep: Rehearse answers to:
"Explain your business model"
"Source of funds"
Submit: We will submit the application on your behalf
Follow-up: Assign a dedicated relationship manager for all bank queries
5 Reasons Applications Get Rejected
No audited financials (>2 year old companies)
Poor document quality (blurry scans, missing pages)
Suspicious transaction patterns
Weak business justification for HK account
Shareholders from restricted jurisdictions
How We Can Help
Banks prioritize applications introduced by trusted partners. Our services include:
Pre-approval assessment (identify red flags early)
Document preparation (meet exact bank standards)
Banker introductions (through our established network)