Opening a DBS Business Account: requirements, processes and fees

Opening a Business Account with DBS in Hong Kong is straightforward and convenient. Businesses can complete the entire application process online using the DBS IDEAL Online Mobile Banking App. The bank has been named “Safest Bank in Asia” for the 16th consecutive year by New York-based trade publication Global Finance. It also offers dedicated banking managers to support SMEs. This article outlines the requirements, processes, and types of DBS’s Business Accounts. You will also see a comparison between the pros and cons of DBS and Airwallex.

Requirements for opening a DBS Business Account

To open a DBS Business Account online, your business must meet three key criteria:

1. Must be a limited company, sole proprietorship, or partnership registered in Hong Kong

2. Have no more than four shareholders, directors, or partners, and at least one of whom holding a Hong Kong Permanent Identity Card, or a People’s Republic of China Resident Identity Card

3. Must not have corporate directors/ shareholders/ corporate partners/ authorised signatories

Eligible businesses can prepare certain documents before application, such as a valid business registration certificate, certification of incorporation, registered business address, and the full English names and identity document numbers of shareholders, directors, or partners.

Minimum deposit requirements

Besides checking the requirements and preparing documents, businesses should also take note of DBS’s minimum deposit requirement for its Business Accounts. 

DBS charges a monthly service fee of HK$250 if your average monthly deposit falls below HK$50,000 (or equivalent in foreign currencies). Additionally, businesses are required to pay an account opening fee of HK$1,200 and a company search fee of HK$150. However, these fees may be waived during promotional periods.

Types of DBS Business Accounts

DBS Business Accounts are not classified into different types. Once you open an account, you can access a multi-currency saving option that allows transactions in HKD, RMB, USD. Other currency accounts, such as AUD, CAD, EUR and GBP, are automatically created upon the first deposit in those currencies.

Key features of DBS Business Accounts:

Process and timeline for opening a DBS Business Account

Opening a DBS Business Account is efficient and fully digital. You can complete and submit the application form as fast as 15 minutes, and the account shall be ready for use within one to five working days.

Below are the four major steps for opening an account:

1. Complete the online application form

2. Submit the required documents online

3. Verify your identity via the DBS IDEAL Online Mobile Banking App

4. Deposit funds within 30 days after creating the account to activate it

Is an appointment required for account opening?

Businesses don't have to book an appointment for a remote account opening. They can expedite the process by preparing the documents beforehand. However, foreign individuals without Hong Kong Permanent Identity Cards may be required to attend video calls or in-person meetings for identity verification.

Documents required for opening a DBS Business Account

The bank requires the following documents for identity verification:

1. Business registration certificate or certification of incorporation number

2. Registered business address proof

3. Identity documents of shareholders or directors

4. Partnership agreement (if application)

For startups established for less than a year, additional materials such as business plans, resumes, and LinkedIn profiles of the company founders may be required. Agreements, quotations, or letters of intent with business partners and investors shall also be accepted. 

In short, the requirements for opening a DBS Business Account are relatively simple. However, businesses need to pay for the account opening fees and company search fees if they apply outside the promotional periods. They must also pay monthly service fees if they fail to meet the minimum deposit requirements.

Meanwhile, Airwallex offers a compelling alternative solution for companies looking to minimise costs. Opening a Business Account with Airwallex does not incur account opening fees or hidden charges.

Airwallex Business Accounts vs. DBS Business Accounts

Features and advantages of Airwallex

While traditional banks offer reliability and security, their higher fees and restrictions can pose challenges for startups and SMEs that engage in frequent transactions. 

Airwallex is an all-in-one financial and payments platform licensed and regulated by various global financial authorities, including the Hong Kong Customs, the Financial Conduct Authority in the UK, and the Monetary Authority of Singapore, ensuring the protection of customer funds and personal information.

After applying for an Airwallex Business Account online, businesses will be able to receive approval in as quickly as 48 hours. Once approved, users can manage their funds in multi-currency to reduce operational costs by skipping the queues and tedious paperwork usually involved with banks.

Airwallex also offers fast and secure transfer services across 150+ countries, supporting over 60 trade currencies. Transactions have no minimum transfer amount or cut-off time, with 95% of transactions arriving on the same day. The platform also provides competitive foreign exchange rates, with a markup as low as 0.2% above interbank rates. This helps businesses to save costs and enhance cash flow management for expanding into new markets globally.

Sources:

The information regarding the account opening procedures of DBS was sourced in April 2025 from the following references. This content is for reference purposes only. Please visit the official DBS website for the latest details.

1. https://smeportal.dbs.com/hk/accounts/#/

2. https://www.dbs.com.hk/sme-zh/default.page

3. https://www.dbs.com.hk/sme-zh/campaign/business-account

4. https://www.dbs.com.hk/sme/iwov-resources/forms/hksme/zh/day-to-day/accounts/businessaccountdoc.pdf

5. https://www.dbs.com.hk/corporate-zh/solutions/cash-management/business-account

6. https://www.dbs.com.hk/sme-zh/day-to-day/accounts/business-account

7. https://www.dbs.com.hk/sme/Forms/businessaccountdoc.pdf

8. https://smeportal.dbs.com/hk/accounts/#/

9. https://www.dbs.com.hk/sme-zh/day-to-day/payments/dbs-prioritypay

10. https://www.dbs.com.hk/sme-zh/day-to-day/accounts/business-account

11. https://www.dbs.com.hk/sme/Forms/businessaccount_docpreparation.pdf

Disclaimer: This article was written in April 2025 based on independent online research. While we strive for accuracy, we have not personally tested all tools or service providers mentioned. The content is for educational purposes only, and readers should evaluate service providers independently. We update our articles every six months. For updates and inquiries, please get in touch with us at [email protected]