NOTE: IT IS A REQUIREMENT FROM HONG KONG BANK ORDINANCE FOR ALL BANKS IN HONG KONG THAT ALL DIRECTORS, SHAREHOLDERS, BENEFICIAL OWNERS AND NOMINEES IF ANY HAVE TO VISIT HONG KONG TO MEET WITH THE BANK IN ORDER TO APPLY FOR A BUSINESS ACCOUNT IN HONG KONG.BANKS RECOMMENDED:
- HSBC (Hong Kong)
- HANGSENG BANK
- BANK OF CHINA (Hong Kong)
- DBS
- Standard Chartered
Open a Hong Kong Company Bank Account
The Significance of Hong Kong Company Bank Account
Hong Kong's financial institutions have begun the GRS policy, which has led to tougher scrutiny of bank accounts in Hong Kong and a greater lack of success rates, making it harder to open an account in Hong Kong.
Hong Kong offshore company has obvious operating advantages, and a Hong Kong company must be equipped with the bank account can be effective operated.
If the company has no bank account, then how to collect payment from customer, how to apply for the L/C and how to cope with a large amount of cash flow? The bank account is one of the conditions that must be considered when deciding whether to open a HK company.
Our company helps clients to open a company account in the bank of Hong Kong. With appropriate tax arrangements, we can save a large amount of tax expenses for our clients. Opening an account in an internationally renowned, recognized, reputable Hong Kong bank can also reinforce other people's confidence and trust in your company.
Types of Bank Account Service
- Offshore bank account opening
- Hong Kong local bank opening (guarantee account opening success rate)
HK Company Bank Account Opening Service Process
- We will recommend bank for you with files provided by your side
- Make an appointment for you after files checked
- Signing contracts and remittance confirmed
- All directors and shareholders holding 10% and above shall attend the bank interview with original files
- We will follow up till clients get SMS and token mailed
Checklist for HK Company Bank Account Opening
- Certificate of Incorporation
- Business Registration Certificate
- Articles of Association
- Incorporation form (form NNC1) or the latest annual declaration form (form NAR1)
- If the company information has been changed, you need to submit form ND2A, form ND4 form
- Company chop
- Expected annual turnover of the company (not to be too conservative)
- Business plan (only Hang Seng bank and HSBC needs)
- Account pre-deposit (Hang Seng bank needs HK $10,000, HSBC bank HK $50,000, and other Banks 1-40,000)
- Shareholders' shareholding ratio and authorized signatory information: the original documents of the shareholders of 10% or more of the shares (ID card + Hong Kong Macau pass or passport)
How to Open a Hong Kong Company Bank Account
- All directors, shareholders holding 10% or more shares, beneficial owners and nominees if any must be present at the corporate bank account meeting interview with their passport;
- Certified true copies of company documents: Certificate of Incorporation; Business Registration Certificate; NNC1 form; Article of Association;
- Business proofs if you already are running a business (invoices from suppliers, payments from clients, contracts, or even copies of your business’ web pages). Your business must be related to China or Asia to get better chance to be approved.
- A business plan about the activities of your company: customers, suppliers, sales...
- If available, information about your skills in the commercial field (all records to assess your business past, present or future invoice, brochure, website ...).
- Residency Addresses proofs less than two months old (any telephone bill, electricity bill, or bank statement showing name and address) of all directors, shareholders holding 10% or more shares, beneficial owners and Nominees if any.
- It must be a Certified True Copy in English or translated in English (you can make translation with your Consulate registered translator and get a certified true copy mention by the Consulate).
- Original are required when client is signing the bank account opening document.
How to Maintain a Hong Kong Company Bank Account
- Do not collect funds for other people, resolutely prevent any fund exchanges with underground Banks, and avoid any payment contact with the sanctioned countries; If a transaction must be made, the relevant documents of all transactions must be kept well.
- Business dealings between companies better be arranged between the bank accounts of two companies, preferably using part L/C to confirm your trade status.
- Keep the account with a certain amount of deposit to pay the bank charges;
- Use your account regularly for accounts could be closed for more than 3 months' inactivity;
- Please ensure address, phone number and commonly used E-mail you reserved for the bank is effective, if you receive bank survey forms, such as compliance survey form, please revert timely and cooperate with banks all relevant investigation to avoid banks could close your account for haven't received any reply.
- Do not trade with countries in high risk areas: try not to trade with countries that are economically unstable (such as Iran, Syria, or North Korea) with sanctions. Because these countries are often cannot directly remit foreign currency, usually by a third country or offshore account remittance, the flow is very difficult to explain the sources and USES of funds can also lead to the frozen of the bank account.
- Don't participate in money laundering transactions: if the account involves transferring foreign exchange, money laundering, etc., which is illegal and will lead to accounts to be frozen and personal reputation affected.
- Timely audit to ensure the normal operation of your Hong Kong company.
Optional Service: We also offer a Guaranteed Bank Account Service so your bank account can be opened in Hong Kong successful. Read More
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