I should have been clearer on my HSBC personal account. It is an account setup through HSBC's international services, not setup in HK locally. If you have an account with HSBC in your local country, HSBC's intl services group can establish an account for you in Hong Kong on your behalf for a fee (the setup fee for Australian customers is A$200). The main purpose of these accounts are for those who are moving to Hong Kong, the assumption being that you are transferring with an existing employer or have secured employment in HK, hence the requirement that the account only be funded with your personal funds or with your wages. Hope that clears up any confusion for the retail banking product experts out there.
Just an update on the business account. Over the last few days I have reached out to a number of banks in HK, both local and international, regarding corporate current account options. As expected the responses from the banks, if any, have been pretty poor. Chong Hing, as suggested by bryant.english, however, was a pleasant surprise. Nice, carefully considered email response where they actually showed some sort of understanding of my circumstances. They then followed this up with a telephone call to discuss how exactly my account will be used, their banking options and the practical aspects surrounding the process of setting up HK accounts. And of course they advised of the no minimum balance option they have available. I remember when I was last working in HK, quite a few locals using Chong Hing and being more than happy with their service so they sound like a good, safe option to go with.
So there you have it, the option for no minimum balance requirements is available if you are willing to look. And I am sure if you go to your preferred bank and sat down with them personally you could negotiate something similar rather than just taking their off the shelf offerings.