3 Steps To Activate Your PayPal Business Account

Sep 03 2019 | PayPal editorial staff

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Now that you’re done signing up for your PayPal Business Account, you just need to link and verify your account to start receiving payments from your customers, and withdraw funds from Hong Kong without a limitRead on for a guide on the 3 steps to take to activate your business account. 


Step 1: Confirm Your Email Address 
After you’ve signed up for an account, you’ll receive an email in your inbox. Click on the email to confirm that we have your correct email address.  



Step 2Add A Bank Account
To receive payments from your PayPal Business Account, you’ll need to link your PayPal Business account with a valid bank accountAll you need to do is provide bank details like your Bank Name, Account Number, Bank Code and Branch Code, and make sure the name used for your bank account corresponds to the one used for your PayPal account. 


Step 3: Verify Your Bank Account 
Once you’ve added your bank account, we’ll make two deposits between $0.01 to $0.99 HKD that should be reflected within a few business days. When you see these deposits, verify your bank account by logging in to your PayPal Business Account, entering the two amountsand clicking “Confirm”. After that’s done, you’re ready to do business and receive payments.  



 
The contents of this site are provided for informational purposes only. You should always obtain independent, professional accounting, financial, and legal advice before making any business decision.

Frequently asked questions.

Verifying your PayPal Hong Kong account helps make PayPal even safer for everyone. By getting verified, you not only confirm ownership of your account, but will also gain more credibility with your sellers and buyers.

If your account hasn't been verified, you can choose to add and confirm your credit/debit card or bank account.

  • Confirm your bank account: we’ll send two small deposits to your bank account. You’ll need to check your bank statement and enter the two amounts of the deposits on your PayPal account.
  • Confirm your credit/debit card: we’ll charge your card 4 HKD to send you a 4-digit PayPal code. You’ll need to check your card statement for the code and enter it on your PayPal account. The charge will refund to your card after you've completed confirming this card. The refund may take up to 30 days to appear on your card statement.
If you've already confirmed a credit or debit card
If you’ve already added and confirmed a card on your PayPal Hong Kong account, your account should be verified now and ready for use. You don’t need to wait for the 2 small deposits to confirm this bank account. 

If you haven't confirmed any card or bank account
If this bank account is the only financial information on your PayPal account, please wait for 5 business days for the 2 small deposits to appear in your bank account. You can check your online statement or contact your bank directly to find out the exact amounts of these deposits.

After you receive the 2 small deposits, you can complete the bank account confirmation.

If you only receive one deposit, please contact us with that amount and we can help you confirm your account.

2-step verification isn't available to Business accounts yet.

All U.S. payment processors, including PayPal, are required by the U.S. Internal Revenue Service (IRS) to provide information to the IRS regarding account holders who receive payments for the sale of goods or services.

In order for PayPal to satisfy its information reporting obligations under IRS rules and regulations, we require that PayPal account holders globally (including Hong Kong) who approach the applicable thresholds ($20,000 USD and 200 transactions) set by the IRS verify their U.S. tax status either by completing a certificate of foreign status or providing a U.S. taxpayer identification number (TIN).

Providing your taxpayer status

When applicable, you'll be notified by email and an alert notification to visit the "confirm your U.S. taxpayer status" dashboard and answer the questions to complete a certificate of foreign status. Here's how to provide your taxpayer status:
  1. When prompted, log in to your PayPal account.
  2. Click on the notifications icon.
  3. Follow the instructions provided.  

You should read and review the certification or form before signing it with either your electronic signature or written signature. False statements may lead to penalties under applicable law. If you have any questions or concerns regarding the form, please consult your tax advisor.

You can find more U.S. tax related information on the PayPal IRS tax website.