Here Are The Reasons Why Startups & SMEs Choose Neat
Looking to open a Hong Kong bank account for your business?
As you’ve probably already figured out, it’s no easy task. If you’re reading this, chances are you’ve experienced first-hand what an ordeal it is to deal with the banks here.
Neat Business offers an alternative to a bank account, whether you’re just launching your business or want to improve your cross-border payment options. We are here for startups and SMEs – from eCommerce, to agencies, traders, and beyond – so read on to see why so many choose Neat!
1. We make it easy to set up your Hong Kong Neat business account
(Bet you don’t hear that often!)
Business bank accounts in Hong Kong are notoriously difficult to set up – and ten times so when you’re just starting out. Many legitimate businesses get rejected at banks again and again, after having their fingers crossed for months, for factors that are hard to control.
It’s hard to do if you’re a small business, but even harder if you have a Russian passport, like I do. If I had tried to open an account with banks, I would have spent many months trying to overcome administrative barriers rather than working on my business.
At Neat, we’re not a bank and our mission is to make finance solutions more accessible to entrepreneurs from a variety of backgrounds. Startups and SMEs choose Neat because we don’t make you jump through hoops to get your business started.
2. The approval process is streamlined, modern, and fast
Startups work at a fast pace – a pace that banks simply can’t keep up with. You don’t have the time to wait for months to know if your Hong Kong bank account has been approved or not.
At Neat, since we’ve built our systems from scratch, we’ve been able to use the latest technologies to automate and digitize a large part of our KYC (Know Your Customer) approval process (which we won an award for, by the way!).
It’s hard for large banks to be as nimble and to innovate on the systems they’ve been using for so long – which means they’re still using long drawn out processes, which in turn lengthens your application time.
Opening an account with Neat Business, however, is an entirely different story.
I signed up for [a Neat Business] Account for my startup company. Instead of taking months to set up like the banks, the account was ready to use in under a week. It really is a game changer.
Most people who apply for Neat Business Accounts get approved within a week.
3. You don’t have to physically be in Hong Kong to sign up to (or manage) your business account
Not in Hong Kong? Not a problem.
For entrepreneurs trying to open an offshore bank account in Hong Kong, it’s a hassle to have to make the journey here just to visit a bank branch.
That’s why everything from signing up and managing your Neat Business Account can be done online. If you’re operating your business from abroad, you can rest assured knowing you’ll never have to come into a branch.
Here at Neat we’ve got our online sign-up process accessible and made painless for entrepreneurs within and beyond Hong Kong.
Capital Match has enjoyed how simple the application process has been: we filled in all registration forms and submitted documents online through their platform. The experience has been simple and convenient.
4. Every Neat account comes with collections, payments and Neat Visa cards
Every Neat Business customer has the option to access Neat Business Cards. It’s a Visa commercial card available both online and offline, but with a number of advantages:
- Easy expense tracking that you can see from either your mobile app or Neat Business dashboard
- You don’t need to wait to get approved for a separate company credit card
- Limits are set to your available balance, so there’s no chance of accidentally spending more than your limit and going into debt
- You can withdraw cash from any ATM around the world that accepts Visa
It was really simple to apply and quick to get the cards. Neat in that sense really helped us get started, so we didn’t have to concern ourselves with the petty things like whose card am I going to use to pay this time. And with Neat I know that the transactions are recorded in the app, so I don’t have to collect receipts either.
5. We give you the tools to go global
Our mission is to enable the Entrepreneur Economy. We know that businesses are no longer bound by borders, and it’s easier than ever to reach a global customer base.
We make robust multi-currency payments and collections as accessible to an ambitious young company, as a multinational company. With one Neat account, you get access to EUR, GBP, HKD and USD wallets. Many of our customers have customers in Europe and suppliers in China. With our collections and payment tools, they can easily accept payments from local European marketplaces, and also pay their suppliers in Hong Kong (as many Mainland Chinese suppliers have business accounts in Hong Kong) through a local transfer.
That means you don’t have to worry about losing funds in foreign exchange, or even sending money internationally (depending on where you’re transacting).
(We also give better rates than banks when it comes to cross-border transfers!)
6. Neat is a strategic partner for startups and SMEs
Here at Neat, we’re entrepreneurs helping entrepreneurs.
We understand what startups and SMEs want and need from their business accounts, because we’re a growing business ourselves.
While banks prioritize the clients with the largest pockets and build their systems for them, we’re the opposite. We understand the unique challenges small companies face and we’ve built our product to support businesses like yours.
I like that Neat is also a start-up, and they’re still developing. This means that they’re always innovating and open to customer feedback—which is rare with banks.”
Banks simply aren’t keeping up with the pace of innovation that today’s entrepreneurs are operating at – we are. Entrepreneurs choose Neat because we share in the same ambitions for innovation that you have.
Sign-up for a Neat Business Account today!
Neat is not a bank. We’re a modern alternative that supports entrepreneurship that strives to remove obstacles small businesses face.
Join the community of startups, SMEs, and entrepreneurs who are already managing their finances with Neat Business.
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This article was contributed by Neat, our banking partner.
Pedro joined Neat as Head of Growth in July 2020 and is also the General Manager and Executive Director of Neat’s UK business. Pedro is responsible for Neat’s global growth strategies, including marketing and partnerships. Prior to Neat, Pedro was Head of Business Growth at Revolut.