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Opening a Corporate Bank Account in Hong Kong

In pursuit of a corporate bank account in Hong Kong? Companies have a wide range of options when it comes to opening a business account, from many international banks to local banks in Hong Kong. All the major banks in Hong Kong, whether local or international, have designed its products and services to address every business’s needs.

This article will help if you are struggling to choose the best corporate bank account that matches your business requirements. We have gathered all the important information and features of a corporate bank account across major banks in Hong Kong.

Business or Corporate Bank Account in Hong Kong

Opening a corporate bank account in Hong Kong is a relatively straightforward and simple procedure. It is always advisable for the company founders to be aware of the business needs to match those needs with the bank offerings.

It has been predicted that the small and medium-sized enterprises hold a large proportion of the companies in Hong Kong and share a significant customer base for banks. The banking facilities help keep a track record of trading financing, money movements, and short-term or longer-term terms. Let’s read the Hong Kong banking overview!

Hong Kong Banking – Overview

Hong Kong follows a global financial center with a secure and well-regulated banking system. Though the city’s political tensions eroded international investors’ confidence, the banking facilities in Hong Kong are still increased as per the recent report of 2020, particularly from Mainland China. It has been predicted that Hong Kong’s financial system will be dominated by Chinese investors.

In April 2020, the foreign currency deposits in Hong Kong hold six-month highs to HK$13.89 trillion (US$1.7 trillion). In fact, the foreign currency deposits increased by 1.1%, while Hong Kong dollar deposits rose by just 0.5%. Fortunately, because of the strong inward capital flows and secure banking system, the demand for Hong Kong corporate bank accounts increases at an alarming rate. In practical terms, the local banks in Hong Kong also prefer companies with high annual turnover.

However, the Hong Kong banks have also gained the offshore banks’ reputation where accounts can be opened within an hour. Over the last ten years of the bank records, the transactions from Hong Kong accounts became more and more suspicious than ever.

In fact, Hong Kong is also a big part of the global anti-money laundering systems that ask the banks to tighten the banking AML policies. They have started using the European way of banking development and start to check all the suspicious companies in order to avoid compromising transactions.

The new order system justified the process of opening a corporate bank. If you want to open a bank account in Hong Kong, it is recommended to hire a great agency like Startupr that helps prepare documents and submit to the banks to fasten up the process.

Opening a Corporate Bank Account in Hong Kong

Hong Kong is the most dynamic and vibrant city in the World where the East meets the West. This city also offers business ventures choices to select their corporate bank accounts from local or international banks.

It has been predicted that a massive percentage of the companies choose to operate SME’s bank account due to their excellent cash management facilities such as internet banking, debit cards, cheques, and credit cards. These facilities allow business founders to track the momentum of money and financing trade.

Process of opening a corporate bank account in Hong Kong

Do you want to open a corporate bank account in Hong Kong but curious to know about the process? Setting up a corporate bank account is quite a simple and straightforward process; a procedure needs to be followed. It just takes two to three weeks to complete the process. Here is how to go about opening a corporate bank account in Hong Kong.

  • Select the bank that matches your business requirements and needs.
  • Schedule the appointment with the bank officer well in advance.
  • Schedule a meeting with beneficial owners, directors, and shareholders.
  • Prepare all the required company and personal documents.
  • Prepare the initial deposit and minimum balance for corporate accounts.
  • Prepare the documents like proof of residence, identity card, and also other proof related to the business documents such as banking plan and banking history.

Required documents

There are some documents that business founders need to prepare to start the process of opening a corporate bank account in Hong Kong. Below are some of the standard documents that almost every bank asks for:

  • A valid identity document – passport or Hong Kong ID card, and visa if applicable.
  • Detailed and well-structured business plan
  • Your experience in the field – CV of directors and shareholders, previous relevant work experience proof (such as previous employment contract, business cards)
  • Proof of source of funds and/or source of wealth
  • Proof of business, such as business sales contract, partnership contract, purchase order, business license, invoice (the company may issue invoices once it has been incorporated. Any invoice helps demonstrate actual business engagement.)
  • A certified copy of the Certificate of Incorporation and the Articles of Association of the company
  • A dated, signed statement on company letterhead, naming directors and/or principal shareholders.
  • Audited financial statements
  • Company Structure Chart
  • Register of Significant Controllers
  • Board of a resolution approving the opening of the business bank account in Hong Kong
  • Address proof – a copy of, driving license, bank statements, utility bills, etc. (3 months old)
  • Account signatories, principal directors, and shareholders

Other Supporting Requirements

Sometimes, banks also ask for other supporting documents from the business founders. It is better to prepare all these documents well in advance:

  • Certificate of Incumbency, and Certificate of Good Standing for offshore companies.
  • Strictly follow the due diligence procedures.
  • Copies of agreements with suppliers, if any.
  • A bank reference letter issued by a bank which include the name and ID or passport number, Proof of transaction with the bank, contact information, the stamp of the bank (if any), and signature of a bank officer.

Opening corporate account for new Hong Kong companies

If you are a newly registered business, it would be hard for your business to prove your financial transaction. As a matter of fact, a business contract can’t be signed without a bank account.

But without business transactions, you can’t open up the business. So, it is like a labyrinth, which is becoming a huge problem for startups. If you are looking for some documents that can help your business prove to be a real business, here are some documents that might work:

  • Lease of office Contract
  • Lease of storage house contracts if you will be selling something offline
  • Pre-ordering agreements
  • Memorandums
  • A detailed business plan
  • Confirmed orders

In case you don’t have anything mentioned above, you can show the business proof of the beneficial owners. Normally, the experienced entrepreneurs have greater access and reliability to open up the Hong Kong business bank account.

Major Banks in Hong Kong

Hong Kong is the home of a wide range of sophisticated financial systems, organizations, international or local banks. All these banks offer slightly different services and offerings to business ventures. That’s why it is always advisable to choose the bank that matches your business needs.

Though the demand and requirement documents for every bank are different to open up a business bank account, you can check all the information from the bank’s website and hire a Startupr to initiate the process.

Every bank’s unique feature is that there is no language constraint because all the details are issues in both languages, English and Chinese. But if you are still finding it difficult to apply for a corporate bank account, you can take the help of Startupr, a service provider company.

We will assist you in applying to the bank. Below shared is the list of major banks in Hong Kong you should be familiar with while looking for a corporate bank account:

HSBC

One of the most reputed and largest banks in Hong Kong is HSBC. This bank is also listed among one of three commercial licensed banks that can issue Hong Kong dollar banknotes. HSBC bank also offers a different level of services and products to the clients as per their demand.

With a wide banking network within the Asia Pacific region, this bank holds the potential to provide different bank account types to match every business needs and models. With this bank account, you would be able to flawlessly operate your transactions with PINs, payment cards, and HSBC tokens within a few weeks.

DBS

The ”Safest Bank in Asia,” DBS is a regulated bank in Singapore. This bank account offers multi-currency accounts for the customers, which helps them trade in any currency without worrying about conversion fees. This bank requires 50,000 USD as the initial deposit to open the bank account.

The bank officers will review the company’s documents and then arrange the meeting with the applicant. If your application gets approved, you can expect your account to be opened within 15 to 20 working days.

Standard Chartered

Being an internal bank among entrepreneurs, the Standard Chartered bank has its headquarters in Hong Kong. Besides DBS, this bank also has the authority to issue banknotes from 1860 till now. When you open a corporate bank account in this bank, you can enjoy the solid and stable networking development in Hong Kong.

It also offers facilities and services such as easy and comfortable access to large branches and ATM networks across the region. Moreover, this bank has several dedicated business banking centers that can help you set up an HK business bank account.

Citibank

The next bank is Citibank that offers numerous serves and facilities to business owners. Citi Commercial Bank Solutions offers custom-designed facilities to meet the business’s specific demands and manage all the potential exposure to international financial fluctuations. It also delivers unrivaled services by mixing global reach and local market expertise.

OCBC Wing Hang

OCBC Wing Hang serves clients with online financial management services such as reliable corporate banking and 24-hour comprehensive banking services. If you want to manage your financial accounts, this bank would be your best choice. This bank also provides the privilege of ”Business eBanking” that acts as a personal assistant to manage risk efficiently. There is an initial payment of HKD 50,000 and the maintenance fee of HKD 500 per month.

Bank of China

The second-largest bank in Hong Kong is the Bank of China, with more than 100 years of existence. This bank is well-known for acting as a bridge between the banking environments of Hong Kong and China. This bank is popular for operating in three segments: Personal Banking, Corporate Banking, and Treasury.

Alternative Option – Open an Offshore Bank Account

Looking for alternative options for opening a bank account in Hong Kong? Why don’t you opt for an offshore bank account? In Hong Kong, there are many banks allowing business founders to open an international bank account easily without the need to visit the bank. It means that a foreigner can comfortably open a bank account without traveling to Hong Kong.

Generally, an offshore bank account is opened in a jurisdiction different from the jurisdiction where the company has been set. You can open your bank account in Hong Kong without any need to set up a business here.

Advantages of offshore bank accounts

Do you want to gather more information about the offshore bank account in Hong Kong? Below shared are the benefits of an offshore bank account that you should be familiar with:

  • Political and Economic Stability – With the offshore bank account, business founders don’t have to worry about the political and economic risks. It gives much more security to the business.
  • Higher Account Privacy – Business founders can enjoy a lot of account privacy by opting for an offshore bank account. Your information will be confidential and protect assets from any unfair or speculative hostile.
  • Convenience – It offers convenience to business transactions and trades all over the world. With the international account, you can easily avoid the restrictions imposed by the country’s laws and regulations in terms of trading.

Open Your Corporate Bank Account with Startupr

This article is all about the process and documents required for opening a corporate bank account. If you want more reliability and credibility of the banking services, you can choose an offshore business bank account. After all, offshore bank accounts help the businesses trade for the business more proficient than traditional companies.

We, Startupr can also help you to open your corporate bank account. We’ve years of experience in corporate bank accounting and helped thousands of companies to open their bank accounts. For more information, contact us now!