A few years ago, I opened and closed a company there with no problems. Did it again recently (post the various money laundering laws) and it was much more paperwork. When I flew to HK to get the bank account opened, they stressed I might not get it and that many foreigners could not get an account opened. 4 weeks later, HSBC denied me an account so the company lies empty until I decide to close it.

In a previous thread, someone said they managed to open an account so maybe it's on a case by case basis.