How to open a business account with Standard Chartered in Hong Kong?

Setting up your business in Hong Kong and considering Standard Chartered as your banking partner? Find out everything you need to know about opening a business account with Standard Chartered in this article - from their smart financial solutions and fee structures to the step-by-step process of applying.

To help you compare account options, this article also introduces another great online option - a Wise account. For businesses needing frequent cross-border payments to overseas suppliers, contractors, and staff, Wise can be a great complement to Standard Chartered, especially in areas where Standard Chartered may not offer full coverage. More on that coming up later.

Learn more about Wise Business

Features of a Standard Chartered bank business account

This British banking giant is one of Hong Kong SAR's three note-issuing banks, so it’s no surprise that Standard Chartered ranks among the top banks in Hong Kong. With the financial strength to establish multiple branches in major locations—not only in Hong Kong but around the globe—Standard Chartered is an ideal choice for anyone seeking a reputable bank with an extensive global network, whether your business is an SME or an established corporation.

A Standard Chartered business account offers several unique features specifically for business needs. Let’s explore a few of the key features of a Standard Chartered business account:

• Diverse banking plans: Basic Business Account, Premium Business Account, International Trade account, and Overseas Company Account;
• Secured online and mobile banking: You can conveniently manage all your business transaction needs via STRAIGHT2BANK app or website;
• Comprehensive business support: Global investment solutions, business loans and mortgage solutions, payroll, tax, and admin management reports;
• Foreign Exchange service: 24/7 Instant Foreign Exchange in 11 major currencies;
• GBA One account opening: Enjoy cross-border account opening in in the Greater Bay Area (GBA);
• Business protection: Business insurance to protect your business.

Fees

It’s helpful to know that service charges will vary depending on the type of account and banking plan you choose. Check out the full details online or when you speak to Standard Chartered service representatives about opening your account. Here are some fees associated with a Standard Chartered business account¹:

Who can open a Standard Chartered business account?

A Standard Chartered business account is only available to :

• Sole-Proprietorship;
• Partnership;
• Limited Companies;
• Society or Association;
• Owners Incorporation

Standard Chartered in Hong Kong offers the flexibility to open an account even if your business is incorporated outside of Hong Kong, except for countries or regions under sanctions (such as Afghanistan, Belarus, Cuba, Iran, North Korea, Occupied Ukraine, Russia, Syria, and Venezuela)². While this is a convenient option for overseas businesses, keep in mind that additional fees and certain requirements may apply.

What documents do I need to open a Standard Chartered bank business account?

There are some general documents you will need to provide such as³:

• Company history document (when, how, and source of capital to set up the company, relevant business experience, and reason for setting up business)
• Ownership Structure
• Documents on place of operations and information of any branches or subsidiaries in other countries
• Information about key products or services, number of employees, anticipated annual sales turnover and anticipated net profit, major import and export countries, primary source of income or fund,
• Information on direct or indirect dealings or ownership interests in countries such as Iran, Syria, North Korea, Sudan, Cuba or regions such as Crimea or Sevastopol

Additional required documents for a business account with Standard Chartered bank might vary based on the nature of your business and your business structure. Take a look at the below document checklist for a Standard Charter business account opening. These required documents are required for companies which are incorporated in Hong Kong:

Sole-Proprietorship Company⁴

• Certified copy of identity documents from Proprietor, beneficial owners, all authorised signatories
• Certificated copy of Business Registration Certificate
• Account Opening Form, Mandate, and Schedule (Signatories)
• Account Opening Supplement

Partnership Company⁵

• Certified copy of identity documents from all Partners, beneficial owners, and authorised signatories
• Shareholding structure chart for company with multiple layers of ownership
• Certificated copy of Business Registration Certificate
• Certificated copy of Partnership deed (if applicable)
• Account Opening Form, Mandate and Schedule (Signatories)
• FATCA Form
• CRS Self Certification Form – Entity

Limited Company⁶

• Certified copy of identity documents from at least 2 directors, all beneficial owners, and all authorised signatories
• Original or certified copy of Articles of Association
• Related documents for Corporate Directors company
• Shareholding structure chart for company with multiple layers of ownership
• Certificated copies of Particulars of directorship and company secretary
• Certificated copy of Business Registration Certificate
• Certificated copy of Certificate of Incorporation
• Account Opening Form, Mandate and Schedule (Signatories)
• FATCA Form
• CRS Self Certification Form – Entity

Society or Association⁷

• Certified copy of identity documents from all individuals on “Board Resolution to Open Bank Account" , beneficial owners, and all authorised signatories
• Certificated copy of Certificate of Registration
• Certificated copy of Application for Charges of Particulars of Registered and Exempted Societies
• Copy of Constitution or By-laws
• Account Opening Form, Mandate and Schedule (Signatories)
• FATCA Form
• CRS Self Certification Form – Entity

Owners Incorporation⁸

• Certified copy of identity documents from all individuals on “Board Resolution to Open Bank Account" , beneficial owners, and all authorised signatories
• Certified copy of Certificate of Registration from Land Registry
• Certified copy of subsequent notice of change of particulars of office-bearers of its management committee
• Account Opening Form, Mandate and Schedule (Signatories)
• FATCA Form
• CRS Self Certification Form – Entity

When your company is incorporated in other regions, Standard Chartered will require you to provide additional documents to comply with local regulations. The specific requirements can vary depending on the region or country where your business is incorporated, and it’s important to be aware of these details before proceeding. Fortunately, you can easily find a comprehensive checklist outlining these document requirements directly on their website under the ‘Help’ tab. This will guide you through the necessary steps to ensure you have everything in place for a smooth account opening process later on.

How to open a Standard Charted business account?

There is one big difference between opening a personal Standard Chartered bank account and opening a Standard Chartered business account.

For personal accounts, you can apply online with just a few clicks through the SC Mobile App. But if you’re looking to open a Standard Chartered business account, you’ll need to take an extra step: book an in-person appointment with a Relationship Manager. Yes, it’s a bit more hands-on, but this handy guide will help you streamline the process and save time if you decide to open a business account with Standard Chartered in Hong Kong:

Step 1: Schedule an Appointment with Standard Chartered

You can easily reach out to Standard Chartered by filling the form online on the website. A Relationship Manager will promptly contact you to assist with the process. It’s also a good idea to confirm with your Relationship Manager all the necessary documents and information needed in advance to ensure a smooth application process.

Step 2: Fill in Account Opening Form and Gather all Other Required Documents

Download the account opening form directly from their website. Fill in all required information accurately to kick-start the process. Make sure you have all the essential documents from the list in the section above, plus any additional items your Relationship Manager might request.

Preparing thoroughly in advance will ensure a smooth and efficient account setup! And if you have any essential documents, no need to worry—your Relationship Manager will be there to remind you of anything else required, making the process as easy as possible.

Step 3: Submit all your forms

When your appointment date arrives, don't forget to bring along all required documents and the account opening form to meet your Relationship Manager at the nearest Standard Chartered branch.

That's it! You've completed your part in opening a business account with Standard Chartered. Now, it’s time to wait for them to get in touch with you.

How long does it take to open a Standard Chartered business account?

Standard Chartered doesn’t specify exactly how long it takes to open a business account. The turnaround time will depend on the bank’s review process and final decision. The entire process may take several weeks or even months, and it could be extended if additional information is required.

What is the Standard Chartered business account hotline?

If you have any other inquiries or prefer to book appointment via phone, you can get in touch with the Standard Chartered business account hotline:

Standard Chartered is a trusted partner for many businesses, ensuring secure management of your funds. However, a major downside is that you must visit a branch in person to open an account, and their remittance fees can be higher compared to other banks. If you frequently send money abroad, these costs may add up.

That’s where Wise comes in. With Wise, you can easily open a free account online and manage your money through the Wise app or any web browser — no monthly fees required!

Here are other great features that come with a Wise Business account:

• Free self-service account setup: Open your account online in minutes with no monthly fees and start enjoying hassle-free payment services right away.
• Manage global funds with ease: Get paid in 23+ currencies in one account, including local account numbers for 8+ major currencies, so you can receive local transfers for free.
• No hidden exchange rate markups: All fees are transparent, with real-time market exchange rates, and fees as low as 0.26%. Save more on every transaction.
• Instant cross-border payments: Send money to 140+ countries. Quick processing — over 60% of remittances arrive within 20 seconds. Track your payments in real-time.
• Easily handle bulk payments: Upload a CSV file and the system will process up to 1,000 payments at once. You can also integrate Wise’s API for fully automated payment workflows.
• Professional invoicing tool: Create and send invoices, add your account details or payment links, making payments simpler and quicker.
• Boost team collaboration: Add team members to your account, work together on payments, download statements, and track transactions more efficiently.

Wise is also regulated by different financial institutions worldwide, including Hong Kong. So keep your business money highly secured with Wise - all the time!

It’s quick and easy to open a Wise Business account, with a fully digital application, verification and on-boarding process. Sign up today to experience an efficient cross-border payment platform that helps streamline your business operations and improve your company’s competitiveness.

Get started with Wise Business

Sources last checked on 21-Nov-2024.