In recent years, an increasing number of cross-border e-commerce sellers, foreign trade companies, and entrepreneurs expanding overseas have incorporated Hong Kong companies into their global expansion strategies. Hong Kong companies serve as a vital business vehicle for connecting with overseas customers, cross-border platforms, and global capital.

To operate on Amazon, TikTok Shop, or an independent website, you need an overseas business entity; to conduct trade with customers in Europe, the U.S., and Southeast Asia, you need a company that facilitates contract signing and settlement; and if you plan to build an overseas brand and expand into international markets, you also need to establish a company, accounts, and tax and financial management systems in advance.

However, many companies only realize once they’ve actually started operations that—even though they have a company, customers, and orders—they still can’t seem to get their bank accounts opened. This has become a real challenge facing many cross-border startups.

Why Are More and More Cross-Border Businesses Choosing to Set Up Companies in Hong Kong?

Data shows that by the end of 2025, the total number of local companies and companies that have relocated their registered offices—as registered under the Companies Ordinance—increased by 96,600 to 1,557,000, reaching a record high, with a growth rate of 6.6%.

An increasing number of cross-border businesses are choosing to establish companies in Hong Kong; more importantly, Hong Kong’s tax system, capital flows, and international business practices are well-suited to the practical needs of cross-border operations.

1. Tax Advantages

Fewer taxes:Hong Kong follows the territorial source principle for taxation, with tax rates of 8.25% and 16.5% applied to profits derived from Hong Kong, primarily in the form of profits tax.

Simple tax system:Hong Kong has a simple tax system, with no value-added tax, customs duties, or similar taxes.

Avoidance of double taxation:Hong Kong has signed tax treaties with many countries and regions, but to qualify for preferential treatment, you must actively apply for a Certificate of Resident Status and meet the substantive business operation requirements; the preferential treatment does not apply automatically simply by virtue of registration.

2. Advantages of Foreign Exchange

No exchange controls: Funds can be freely transferred in and out, making it convenient for companies to settle international trade transactions

Multiple currency options:Hong Kong company account opening offers multi-currency accounts. 3) Exchange rate advantages: Hong Kong’s exchange rates are relatively stable.

An example:

• A certain company’s export revenue reached 10 million yuan. Since it was unable to obtain cost invoices during the procurement process, it adopted the “purchase-on-behalf” export method. Assuming the company’s profit margin is 10% and it has not established a Hong Kong subsidiary, its overall tax burden is 45%, of which VAT accounts for 13%, corporate income tax accounts for 25%, and individual income tax accounts for 20%.
• Consider the same company with export revenue of 10 million yuan. Since it did not have cost invoices at the time of procurement, it adopted the “purchase-on-behalf” export method. Assuming a profit margin of 10% and that the company has established a Hong Kong subsidiary. According to calculations, the profit is 10 million × 10% = 1 million yuan, and the profits tax payable is 1 million × 8.25% = 82,500 yuan, resulting in a final tax burden of approximately 0.8%.

The difficulty of opening traditional bank accounts for Hong Kong companies has become a challenge for startups

Many business owners ask:“My business is legitimate, so why is it still so hard to open a bank account?”

The problem often isn’t whether a company has business, but rather that the traditional banking sector’s assessment criteria are somewhat out of step with the stage of development that startups are in.

When processing an application for a corporate bank account, banks typically examine the authenticity of the company’s business operations, the source of its funds, its transaction partners, and the intended use of the account, and may require the company to provide:

1. Company registration and information on shareholders and directors;
2. Business Model Description;
3. Information on upstream and downstream customers;
4. Sales Contracts and Purchase Contracts;
5. Invoices, purchase orders, shipping documents, or customs clearance documents;
6. Company website, online store, and product information;
7. Estimated transaction amount, currency, and frequency;
8. Professional background of shareholders or directors;
9. The company's current operating cash flow.

These requirements are, in and of themselves, a standard part of the bank’s compliance review process.

However, for newly established cross-border startups, this also gives rise to a dilemma:Without an account, it is difficult to establish a complete business cash flow record; without a stable cash flow, it is difficult to meet the account opening requirements of some traditional banks.The

Traditional banks tend to favor companies that have been in business for a long time, have stable cash flow, and have well-established documentation systems, whereas the most urgent need for startups is to open an account first and get their business up and running as quickly as possible.

This has led some companies to face the dilemma of “which comes first: cash flow or a bank account?”

The Best Account for Cross-Border Startups

The needs of startups are actually quite clear. They don’t necessarily need a complex financial system; rather, they need a business account that can handle real business transactions as soon as possible:

✅ The application process is clear;

✅ You can submit your materials online;

✅ Suitable for businesses with a light asset model and online operations;

✅ Capable of handling everyday cross-border payments and receipts;

✅ Account maintenance costs are relatively manageable;

✅ Suitable for cross-border e-commerce, foreign trade, and international service businesses.

Given this demand, digital business accounts are becoming a new option for some cross-border companies.

In particular, the Aspire Corporate Account in Singapore is primarily designed for the day-to-day payment and collection needs of cross-border businesses. It features an online application and management process, making it suitable for startup foreign trade companies, cross-border merchants with minimal operational requirements, and businesses with regular international payment and collection needs.

It needs to be emphasized:Just because the digital application process is more convenient doesn’t mean compliance reviews aren’t required.

Businesses are still required to provide accurate, complete, and consistent company and business information. Whether an account can be opened is subject to the platform’s final review decision.

However, for companies that have just been established, have already launched their operations, and do not want to wait a long time for the traditional account-opening process, Aspire offers an account setup approach that is better suited to a digital business model.

Hong Kong Cross-Border Entrepreneurship Growth Program::Resolve the issues of the principal and payment collection in one go

Qicaiying has launched the “Hong Kong Cross-Border Startup Growth Program” for cross-border e-commerce, foreign trade, and startups expanding overseas.

This isn't just about providing a single account; it's about helping businesses set everything up at once:Hong Kong Company + International Receiving Account

Depending on the company’s size and trading scenarios, there are currently two options available. Companies can choose the configuration that best suits their current stage based on their business model.

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Basic Package

Hong Kong Company Registration + Aspire Corporate e-Account

✅ Suitable for:

🔷 Start-up foreign trade companies;

🔷 Cross-border merchants with minimal operational needs;

🔷 Startup teams just starting to expand into overseas markets;

🔷 New customers who need a Hong Kong company and an international payment account.

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Premium Trade Package

Hong Kong Company Registration + Aspire Corporate e-Account

+ Hong Kong Physical Trade Account

Premium Trade Package: Hong Kong Company Registration + Aspire Corporate E-Account + Hong Kong Physical Trade Account

✅ Suitable for:

🔷 B2B international trade companies;

🔷 Companies expected to generate significant revenue;

🔷 Customers with long-term plans for international trade;

🔷 Businesses that require both an electronic account and a physical trading account in Hong Kong.

Frequently Asked Questions (FAQ)

Q1,What is the difference between Aspire Bank and a traditional bank?

Aspire is a purely online digital bank with no physical branches; all operations are conducted through its online platform. Its services primarily focus on savings accounts and fund transfers. While it does not currently offer complex services such as investment and wealth management or letters of credit, it meets the day-to-day cash management needs of small and medium-sized enterprises.

Q2,How is account security ensured?

In terms of fund security, Aspire Bank is strictly regulated by the Monetary Authority of Singapore (MAS), and customer funds are held in trust accounts at Tier-1 banks. The platform employs advanced encryption technology and a multi-factor authentication system to ensure the security of customers’ personal information and transaction data.

Q3,Which companies can open an account with Aspire?

According to the latest policy, Aspire supports account openings for companies based in mainland China, Hong Kong, Singapore, the British Virgin Islands (BVI), and other island nations. However, please note that Aspire does not accept account opening applications from Belarus, Crimea, Cuba, Iran, North Korea, Russia, and other regions; specific requirements are subject to bank policies.

What problems can Qi Cai Ying Neng help businesses solve?

To support businesses as they transition from “expanding overseas” to “establishing operations abroad,” Qicaiying offers one-stop cross-border services covering business entities, accounts, and financial and tax matters.

🔷 Hong Kong Company Registration + Bank Account Opening;

🔷 Annual Filing, Auditing, and Tax Services for Hong Kong Companies.

🔷 Hong Kong Residency Applications, Renewals, and Permanent Residency

🔷 ODI Overseas Investment Filing

🔷 Import and Export Tax Rebates

🔷 One-Stop Cross-Border E-Commerce Services

Qicaiying aims to address more than just a single aspect of the process; rather, it supports businesses every step of the way—from company registration and account setup to platform operations, tax compliance, and global expansion—to gradually build a truly actionable and sustainable cross-border business system.

put at the end

What cross-border businesses really need to do is not blindly compare which type of account is “best,” but rather choose the solution that best suits their current needs based on their stage of development, transaction volume, and business requirements.

For startups in cross-border e-commerce, foreign trade, and global expansion, the most important thing is to complete the following three tasks as soon as possible:Establish business entities, set up payment channels, and create a compliant business cycle.

If you’re currently in the process of registering a Hong Kong company, or if you already have a company but have been stuck at the account application stage, feel free to message us. Through Qicaiying’s “Hong Kong Cross-Border Entrepreneurship Growth Program,” we can set up your Hong Kong company and Aspire international payment account all at once.