Accounting and tax collections are important in every country, and this is often no exception in Hong Kong. Each Hong Kong company will get to file the Profit tax return (PTR) for every respective year when conducting business, and this is often issued by the Hong Kong Inland Revenue Department (IRD).
The company would wish to arrange the company accounts and prepare them to be submitted to a licensed Public Accountant to be audited and filed to the government. After the accounts are prepared and audited, the audit report and tax computation are going to be submitted with the PTR to the Inland Revenue Department.
An international bank account is crucial for diversification of your business globally. This account is opened in a country other than the country in which such company is incorporated. It protects from various potential and economic risks and capital control, therefore we suggest to open an international bank account for your business in Hong Kong.
Advantages
The advantages & benefits of the international bank account are:
Disadvantages
We introduce your company to two business weeks:
The bank information requirements are usually addressed through the company’s formation provider, and if you chose us as a company secretary, we will assist you in the same. And as we already have all the required information about you, we can easily provide the bank with the required details.
We will help you to process your application further. The documents required in this process are:
Bank account in your own country (self- setup)
It is essential to set up a bank account in the country of your own choice for the Hong Kong business. You need to apply for the bank and upload the apostilled documents including:
If you don’t have the appropriate documents, we can help you provide them with minimal fees. Once you have documents in your hand, you can apply for the bank of your choice.
Opening a Hong Kong bank account remotely has become difficult due to the Know Your Customer Policies and the Hong Kong bank ordinances.
For opening a bank account in Hong Kong, a person has to be present for the meeting with the beneficial owner with directors and more than 10% of the shareholders of the company.
AdvantagesIf you want to open a bank account, you need to fulfill at least one of the following conditions:-
The documents that you require to open a bank account in Hong Kong are:
In case you have controlled or owned a company before this, you would need to provide this with the company’s business certificates.
Future Perfact Global recommends that you give a brief overview of the Hong Kong Company, printed on paper and ready to provide the officer in the bank.
It is better to be 100% prepared since the bank favors that customer who is well-prepared. Here are some points that would help you out:
Choosing a bankThere are many banks in Hong Kong, but if you are worried about how to make an appointment with the Hong Kong bank, Future Perfact Global will help you out there for the following banks (where you need to contact 10 to 15 days before for the process to get done):
The documents that are required have been mentioned above and they need to be collected when you are going for the meeting with the bank.
In case you want to shift the appointment with the bank, you would need to call them directly 5 to 10 days before. You would be asked some basic questions by the bank about your company. Also, make sure you confirm the appointment before booking the ticket for your flight to Hong Kong.
Do not underestimate the bank officials and due diligence regulations, so keep the following answers ready:
Future Perfact Global recommends that you need to follow the business dress code and be punctual. Also, you need to beware that the due diligence of the Hong Kong banks is very difficult due to their strict requirements. The tip here is that you need to have all the right documents and be prepared. That is how some our clients enjoy the bank opening.
The appointments of a bank take about 30 minutes to 1 hour, and this is the time where the officer in the bank asks questions and monitors all the documents. After this, you and the officer would need to sign a printed electronic application that would then be forwarded to the bank.
In case the application is accepted by the bank, you would have the account open in 10 to 15 business days. Also, keep in mind that the approval is the bank’s decision only. Future Perfact Global can only assist you in the process and not make them help you with the account.
You can also enjoy the free PayPal business account consultation and set up. It is an excellent package that many customers enjoy, which includes:
Keep in mind that the PayPal account set up would need a Hong Kong bank account.
Advantages
Disadvantages
It is a private company that is not regulated by any banking rules. And it can freeze an account without approval if there are any fraudulent activities suspected.
Any documents that are submitted to the bank must be properly certified. It also needs to include the name and the contact details of the certifier. You can get assistance in this case from Future Perfact Global where they would provide with the certifications from a public notary or a CPA.
Moreover, the documents that are presented in the bank have to be in the English language. And if there is any translation made, it has to be done by a certified translator. With the help of Future Perfact Global, you can get the assistance in most of the tasks mentioned above, unless and until it is a thing that you need to do yourself.