01
Three-tier banking system
The HKMA distinguishes between licensed banks, restricted license banks and deposit-taking companies. For a typical operating account of an international company, the starting point is usually a licensed bank; The official status of the institution is checked in the HKMA register.
02
Who is usually included in the shortlist
HSBC, Standard Chartered, Citibank, DBS and OCBC - specific product and segment are checked before submission.
Bank of China (Hong Kong), Hang Seng Bank, Bank of East Asia and other licensed banks.
ZA Bank, Mox Bank and other digital banks - eligibility for corporate products and limits are changing.
Not every authorized institution accepts SME deposits or offers the required cross-border product.
Every time we check the legal entity, license, customer segment, remote onboarding and the current product.
03
Bank fit matrix
- Activity
- What does the company sell and is a license needed?
- Geography
- UBO, customers, suppliers and payment corridors
- Currencies
- HKD, USD, EUR, CNY and FX needs
- Products
- Current account, cards, payroll, trade finance, treasury
- Access
- Remote directors, maker-checker, API and limits
- Scale
- Turnover, balance and transaction count
04
Corporate applicant
The Certificate of Incorporation and Business Registration Certificate are just the beginning. The bank compares ownership, directors, signs, website, contracts, tax position, office, staff and forecast. Hong Kong must have an explainable role in the value and payments chain.
- Company file
- Certificates, NNC1, Articles, registers and resolutions
- Ownership
- Structure down to physical UBOs and controllers
- Business
- Plan, contracts, invoices, website and counterparties
- Tax
- Profits Tax source, FSIE and residence disclosures
- Operations
- Expected monthly flows and supporting documents
05
Holding, fund, trust and family office
A structural account requires a full governance file: settlor/founder, trustee/council, protector, wealth, investment manager, source of wealth and distribution policy. Tax concession or private wealth purpose does not cancel CDD and CRS classification.
06
Documents must answer four questions
Who owns, controls, signs and benefits.
Counterparties, Asia operations, team, treasury or investment purpose.
Source of wealth and source of funds with banking trace.
Countries, currencies, amounts, frequencies and payment documents.
07
Practical procedure
- 01Pre-screening
Risk profile, licenses, countries and UBO.
- 02Shortlist
One or two banks suitable for segment and products.
- 03Application
Forms, corporate file, tax memo and cover note.
- 04Interview
Director/UBO explains the model and payments without contradiction.
- 05Activation
Initial funding, e-banking, limits and test payment.
The HKMA indicates that a simple case, with sufficient information, can be completed within a few days. A complex foreign structure, high-risk geography or licensed activity requires more time.
08
After opening the profile remains active
A new market, product, UBO, director, sharp increase in turnover or unusual payment triggers a review. The contract, invoice, delivery/customs evidence and payment purpose must be the same; company records and KYC are updated promptly.
09
Digital bank or EMI is not a universal replacement
The alternative provider is compared by license, safeguarding, currencies, payment rails, client money, cards, FX, jurisdictions and limits. Trade finance, cash management or a complex structure may still require a full-service bank.
10
Before the first serve
- 01
Check company status, license, SCR and signatories.
- 02
Collect source of wealth and source of funds.
- 03
Prepare contracts and 12-month payment forecast.
- 04
Coordinate the tax source story with the bank business story.
- 05
Select currencies, access, limits and trade products.