In Hong Kong, a sole trader is not legally required to have a separate business bank account. However, it is highly recommended to maintain one for various practical reasons. Having a business bank account helps a sole trader keep personal and business finances separate, which simplifies accounting, improves financial management, and enhances the professionalism of the business. It also assists in tax preparation and compliance.

Moreover, banks in Hong Kong may offer business accounts with features tailored to the needs of businesses, such as multi-currency management, higher transaction limits, and business loans or credit facilities. For these reasons, while not legally required, it’s beneficial for a sole trader in Hong Kong to consider opening a business bank account.

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