3 SME Common Questions to Ask When Opening a Business Bank Account

July 7, 2023
3mins read

3 SME Common Questions to Ask When Opening a Business Bank Account

Ready to navigate the world of business banking? Get answers to your burning questions about opening a business bank account right here!

Are you an SME owner or an aspiring entrepreneur? Opening a business bank account is crucial for financial stability and growth. FundFluent offers free and fast bank account opening service for SMEs and start-ups. In this blog post, we address 3 common questions to help you make informed choices. Let's unlock the potential of your business together.

Why do I need a bank account?

Setting up a dedicated bank account for your business is more than just a legal requirement – it's a smart move that can give your business a competitive edge.

Better business image

By maintaining a clear separation between personal and business finances, you project a professional image and strengthen your brand identity, inspiring trust among clients, partners, and investors.

Better financial management

But the advantages don't stop there. With a business account, financial management becomes a breeze. Say goodbye to tangled records and confusion. You'll have a centralized hub to track revenue, expenses, and cash flow, making budgeting and financial analysis a piece of cake.

Better tax control

Not only does it simplify your day-to-day operations, but it also helps you stay on top of your taxes. A separate account means clear-cut records, ensuring accurate tax calculations and minimizing the dreaded audit risk. You'll have peace of mind knowing that your financials are in order.

Better personal financial protection

Plus, having a separate account shields your personal funds from any business-related risks. It's a safety net that protects your hard-earned money while allowing you to create a financial buffer for emergencies or invest in future opportunities – all without mixing personal and business funds.

Which bank should I choose?

When it comes to selecting the perfect bank and opening an ideal business bank account, there are a few key factors to consider. Let's take a closer look at these aspects before you make your decision.


Opening a bank account comes with various associated costs, which can range from HK$300 to over HK$1000, depending on the bank and the type of business account you opt for. Additionally, banks typically require you to maintain a certain balance in your account. It's important to consider the transaction fees for both outgoing and incoming transactions and the tools you'll be using. Take into account your business needs and cash flow when assessing the costs.

Time required

The time it takes to open a bank account can vary from three days to a week or even longer, depending on the bank's processes and Know Your Customer (KYC) requirements. Some banks now offer remote account opening services to expedite the process. For instance, Hang Seng Bank allows customers to apply for a Biz Virtual+ Account using their desktop or mobile apps.

Loan opportunities

We understand that businesses often require loans for survival and growth. Did you know that certain loans are exclusively available if you have a business account with a particular bank? For instance, to apply for the HKSTP Inno Booster Loan, you must have a business bank account with Hang Seng Bank. It's crucial to consider the types of loans your business may need for development or expansion and choose a bank account accordingly.

Value-added benefits

To enhance your business banking experience, banks offer exclusive tools and networking opportunities for their account holders. For instance, HSBC provides an integrated platform that offers knowledge sharing, business networking, workflow automation, and business analytics tools for their business account users. By selecting the right bank account, you can unlock additional growth potential for your business.

Choosing the perfect bank and opening a business bank account is an important step for your venture. By carefully considering the aforementioned factors, you can make an informed decision that aligns with your business goals and sets you up for success.

What banks can I apply to?

As you explore banking options, you'll encounter two distinct paths: established institutions like HSBC, Hang Seng Bank, and Standard Chartered, known for trust and personalized service, and innovative virtual banks like Air Wallex and Livi, offering accessibility and cost-effectiveness. Consider your business's stage to choose the most suitable bank account.

By the time you finish reading this blog, you'll have all the answers to the "Why," "What," and "Which" questions about opening a bank account. We understand that the process can be overwhelming, leaving you feeling stressed and unsure of which option to choose. But fret not! At FundFluent, we're here to lend a helping hand. Take advantage of our hassle-free online bank account opening service, and we'll take care of the rest, ensuring your business's best interests are well looked after.

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