Do banks in Hong Kong despise my money?

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 No way. However, there are two factors that contribute to the difficulty of bank account opening:

Risk Factor

The banks are extremely cautious about opening accounts in order to avoid severe regulatory penalties. The banks’ compliance officers are working so diligently that even a slight mismatch in a client’s profile is unacceptable. In addition to new customers, some banks view account opening services as risky because they involve beginning business relationships with unknown parties.

Profitability

The banking sector is driven by profits. Because they are unlikely to purchase the lucrative “value-added” goods from the banks, such as investments, savings, insurance, and loans, small businesses and startups are not appealing to the banks. To reduce operating expenses, some banks are closing low-volume business account.

You can also check out our website for complete business bank account opening guidelines :
https://asiabc.co/services/bank-account/hk-company-business-account-opening/

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