How to Choose a Company for Opening a Bank Account in Hong Kong: Full Breakdown of Fubon Bank’s Account Opening Requirements and Minimum Deposit

Many entrepreneurs looking to open a corporate bank account in Hong Kong consider Fubon Bank. Established as a digital bank through a joint venture between Ant Group and Nanyang Commercial Bank, Fubon Bank commenced operations in 2021 and has attracted numerous SMEs and startup teams with its fully online, streamlined onboarding process. However, in practice, many applicants find that-despite the apparent convenience-there remain clear eligibility requirements and ongoing account management obligations.

Fubon Bank’s Positioning and Target Customers

Fubon Bank is not a traditional full-service commercial bank; rather, it is a licensed virtual bank whose primary clientele includes companies incorporated in Hong Kong and individual customers holding valid Hong Kong identity cards or visas. Its account structure focuses on day-to-day business settlements, cross-border payments and receipts, and basic wealth management services. It does not currently offer corporate credit facilities, large-denomination time deposits, or physical cheque books-services commonly available from conventional banks.

Core Eligibility Requirements for Corporate Account Opening

1. The company must have completed formal registration in Hong Kong and hold valid Business Registration Certificates and Certificate(s) of Incorporation.

2. At least one director must be a Hong Kong resident-or hold a valid Hong Kong visa (e.g., IANG, GEP, QMAS)-and be able to complete identity verification via video interview.

3. The company’s business nature must comply with the bank’s anti-money laundering (AML) policy. High-risk sectors-including cryptocurrency trading, leveraged foreign exchange platforms, and cash-intensive businesses-are typically ineligible.

4. Applicants must provide a clear business description, estimated average monthly transaction volume, list of primary counterparty countries, and supporting documentation for fund sources.

5. All directors and ultimate beneficial owners (UBOs) must undergo KYC due diligence, including submission of proof of residential address, occupational information, and prior banking relationship records.

Account Activation and Ongoing Deposit Requirements

1. After account opening, the first deposit must be made within 30 days and meet the bank’s minimum activity threshold.

2. Standard corporate accounts do not impose mandatory monthly minimum balance requirements; however, accounts with an average daily balance below the specified level for three consecutive months will incur maintenance fees.

3. For foreign currency accounts (e.g., USD or RMB), separate minimum balance requirements apply per currency-balances cannot be aggregated across currencies.

4. The bank reviews account activity frequency quarterly. Accounts exhibiting prolonged inactivity or abnormal one-sided inflows/outflows may be requested to submit additional business substantiation documents.

5. Account status is linked to the validity period of the company’s Business Registration Certificate; the system automatically triggers a renewal reminder 30 days before certificate expiry.

Key Milestones in the Account Opening Process

1. Submit company documents and director identification materials online; initial system review typically takes 1-3 working days.

2. Upon passing preliminary review, schedule a video interview-conducted using a device with a functional camera in a quiet environment-to complete live biometric verification and answer identity- and business-related questions.

3. Following the interview, the bank conducts background cross-checks, including verification against official company registry data, director credit history screening, and industry-specific risk assessment.

4. Once cleared, the bank issues an electronic account agreement; upon signing, a virtual account number is generated, and the account is considered activated upon receipt of the first funds.

5. Physical debit cards are not issued by default. Should a client require a physical card, a separate application must be submitted, along with payment for card production and mailing costs.

The above outlines the principal conditions and practical considerations for opening a corporate account with Fubon Bank in Hong Kong. If you have specific questions-or would like tailored guidance based on your company’s structure, business model, and capital flow planning-we recommend preparing your documentation in advance and allowing sufficient time for the review process.