Opening a business bank account in Hong Kong

Opening a business bank account in Hong Kong may be a very straightforward procedure as mentioned above and it takes about 2to 3 weeks for the method to finish. you would like to keep this in mind also because the other members of the company just like the nominees, shareholders, and directors need to visit the bank face to face for the method to be completed in time.

Here are some tips that might assist you on the go while you prepare everything to line up a Hong Kong business bank account:

• At first, if you or any of the opposite company members need to fly to Hong Kong especially for completing the method to line up a Hong Kong business bank account, it's better to rent a workplace beforehand in order that they will assist you to collect all the specified documents and even guide you for the method. You don’t want to risk flying all the way to Hong Kong to understand you’ve missed some basic details in your application.
• Once you've got selected, you would like to understand that every bank has its own process for the opening of a business bank account in Hong Kong and therefore the documents that are required for the account opening. However, some documents are vital for the method, and that they need to be prepared and kept ready before you visit the bank for the bank account opening.
• The day you're going to the bank for a meeting to line up your Hong Kong business bank account, you would be required to take the company documents that might prove that your business exists which it's been properly registered.
• You would also have to take the documents associated with your residence, your identity and evidence of your commercial activity that has the last banking history or the business plan.
• A few banks would even invite these documents to be certified and/or translated if the language isn't an international one, like English. you'd even be asked to offer proof of the ultimate shareholders or the beneficiary owners of the business, albeit they might not have any access to the account.
• A tip for you to achieve success is that you simply should call up the bank beforehand and book a meeting with them before you give them a visit. With this, you'd be told about the documents that are needed for the method of opening a business bank account in Hong Kong, making your complete process far more straightforward.

You don’t want to possess any sudden surprises that you’ve missed something and wish to return again another day with the documents. So, it's better to offer them a call to seek out the small print and requirements as you schedule a meeting with them.

Don’t just walk into the bank empty-handed or with just your company papers and expect them to assist you in obtaining a Hong Kong business bank account! you're obligated to require some specific documents during your visit to the bank which does include the company papers, your personal documents for the due diligence and KYC, alongside the opposite leading member’s records.

All the banks don't have an equivalent requirement regarding documents as proof. Keeping this in mind, and having a far better idea about the specified documents beforehand, below are a number of the quality documents that nearly every bank asks for:

• The very very first thing is that the bank account opening form that has been appropriately completed and signed by authorized signatories, as per your company’s board of resolution.
• A document of the board of resolution approving the opening of the business bank account in Hong Kong.
• A certified copy of the certificate of incorporation of the company that was issued by the Company Registry.
• A certified copy of the Articles of Association of the company .
• A certified copy of the Business Registration Certificate of the company that's issued by the Inland Revenue Department.
• A list of individual signatures of every authorized signatory alongside the proof of the business like the business plan or the audited financial statements. This business plan should state which services you plan to supply, or which goods you plan to trade.
• A copy of your passport or the Hong Kong card, if you've got alongside your residential proof like the driver's license, bank statements, utility bills, etc.
• A declaration of the director(s) providing the small print of the principal shareholders and therefore the directors. And for those that don't know what a principal shareholder is – an individual who has been entitled to regulate the exercise or exercise about 10% or maybe more of the voting rights of the company. This is often important, as normally a shareholder with above 10% holdings will get to attend the bank account opening meeting.

A genuine valid copy of the chart that depicts the share of the shareholdings that's held by each and the ultimate beneficial owners of the company.

Along with this, you'd also have to take along the small print of the last word beneficial owners for the nominee shareholders of a company with document copies as proofs.

You would get to provide a real valid copy of the declaration of the trustor deed of trust with the entire details of the trustees, settlors, and beneficiaries.

The above requirements aren't all the wants that the banks need. you'd need to provide other things alongside the above-mentioned documents.

• Along with the above documents, you'd also have to take some amount with you to the bank that might be used because of the initial deposit so as to line up a Hong Kong business bank account. The quantity can range from HKD $10,000 to even HKD $50,000, counting on the bank requirements.
• If you're opening a business bank account in Hong Kong for an offshore company, you'd need to provide the bank with the Certificate of excellent Standing and therefore the Certificate of Incumbency alongside the regular documents mentioned above.
• Almost all the Hong Kong banks follow the due diligence procedures strictly and need the account shareholders, principal directors, and the other signatories of your company to be physically present within the bank at the time given to set up the Hong Kong business bank account for your business.

Some banks in Hong Kong wouldn't need you to urge the directors, shareholders, and signatories to the bank only for opening the business bank account in Hong Kong. But that's not it, you continue to need to get the documents signed at one among the bank’s overseas branches by the respected person and ahead of a witness.

Having all the proper and authorized documents does make tons of difference but you ought to not be completely hooked into it. This is often since there are many troubles that are appearing lately for those that want to line up their Hong Kong business bank account, but are becoming their application refused by the banks.

More and more people are becoming rejected for opening a business bank account in Hong Kong, which has been very disappointing. The refusals are mainly due to the increased stress of regulations on concealment within Hong Kong also as FATCA regulations. So, if you're being refused to line up a Hong Kong business bank account, these could be the explanations:

• Your trading history is NIL.
• You are taken as a high-risk business, which suggests that you simply may need sporadic income, tons of huge bills, risky business nature, etc.
• You do not have any business or trading done within Asia. Also, you reside and do business steadily in other countries that are very distant from Hong Kong

Other than this, you'll increase your chances to achieve success in opening a business bank account in Hong Kong by rectifying little things in your business. The primary tip is to focus on the adverts at Asian customers to realize their attention, and after this, begin making sales within Asia.

Another point is to form alterations to the financial structure of your business. The tip for this is often that you simply can open up a business bank account within the UK or the other country with the HSBC bank, and develop six to 12 months of trading with them. This is able to offer you a far better chance to achieve success in opening a business bank account in Hong Kong.

Apart from these, if you're still encountering a refusal, it'd be because the bank isn't curious about your business. Hence, it might be an excellent choice to try the opposite banks in Hong Kong. The banks just like the DBS Bank or the Bank of China have recently made it easier to line up a Hong Kong business bank account for those that are opening a business in Hong Kong. provides it a try, as you'd be ready to determine where you stand a minimum of.

Now that you simply are conscious of all the documents needed and therefore the problems which may occur on the way, if you're ready, you'll now consider flying to Hong Kong. Yes, you read that right! It's impossible to avoid visiting the bank for the method of opening a business bank account in Hong Kong, though there are some exceptions.

Opening a business bank account in Hong Kong is comparatively straightforward, and you've had more options in choosing a bank if your business is registered in Hong Kong albeit you're not a resident of Hong Kong.

Getting back to the question where you'd not wish to visit Hong Kong for the method to line up a Hong Kong business bank account – Well, the obligations are quite simple where every bank follows stringent procedures around account opening. These banks also prefer the physical presence of all the relevant parties during the method, so it's impossible to dodge traveling to Hong Kong for personally visiting the bank and opening a business bank account in Hong Kong.

On the other hand, you'll also start the method to line up a Hong Kong business bank account online and even get the application online. But you'd still got to travel and fork over the documents either to Hong Kong or within the city where the bank features a global branch for handing the documents face to face.

It is evident that if most are stressing about the very fact that you simply must attempt to open a bank account in Hong Kong, then there's something good behind it. Well, it's not just something, there are many significant benefits of owning a business bank account in Hong Kong and that they are:

The minimum bank account balance that's required by the Hong Kong banks is often as low as HKD 10,000 with a monthly service charge of only HKD 100 for the balance below the minimum account balance. This basically depends on the bank’s policies and regulations which you'll determine by either contacting the workplace in-tuned with many banks or by personally calling the bank up to seek out.

One best benefit you get after you've found a Hong Kong business bank account is not any tax on interest earned within the bank account.

Convenient access to a bank account
With the assistance of phone banking and internet banking, you'll easily access the offshore bank account anywhere within the world and at any time. alongside this, it's easier to look at the transaction advice and the account statements through the web banking.

Effective from July 2009, the Hong Kong banks are permitted to handle RMB agreement for cross-border trading with China. The RMB Trade settlement would allow you to settle trade with the designated enterprises of RMB in China. The benefit is the reduction within the cost of selling and buying RMB, while it gives a choice to you for receiving and keeping the RMB trade receipts offshore.

With the world’s most dynamic economy, Hong Kong is driven by the policies of free markets and trade with no exchange controls. Hence, there's no restriction on the international capital transfer, including transferring dividend or profit to your homeland. Isn’t this just great?

Due to the presence of the many significant International banks in Hong Kong just like the Bank of China, Citibank, Standard Chartered Bank, and HSBC, the banking system is critical in Hong Kong. Also, Hong Kong is reputed for having high-quality regulations of the banking system.

The identity of the account holder and their transaction information is additionally subjected to a really high standard of confidentiality. So, you'll make certain that your data is within the right hands after opening a business bank account in Hong Kong.

There is excellent news for you when it involves the disadvantages of opting to line up a Hong Kong business bank account. it's that there are just two little disadvantages and may be ignored once you see the benefits. They are:

The first is that the business bank account in Hong Kong can't be opened online. The other major disadvantage is that the approval rates are low and fewer certain. But if you follow the ideas shared under the section “Difficulties with opening a Hong Kong bank account,” your chances increase and lots of people have also been successful during this.

Hong Kong features a sophisticated financial industry and an in-depth sort of international and native banks. and every one of these banks offers slightly different services, but you're likely to get something that might be suitable for your needs amid the larger institutions. albeit there are many banks in Hong Kong, the listed bank below are the simplest choices if you're searching to open a business bank account in Hong Kong easily:

HSBC may be a global banking superpower and is additionally one of the most important banks in Hong Kong. during this bank, you'll use any of the 2 company’s current accounts – the BusinessVantage Plus or the BusinessVantage.

If you would like to open an account during this bank, you'd got to visit the HSBC business banking center on just one occasion. And once it's been approved, you'd be ready to operate it flawlessly with the payments cards, PINs, HSBC Token, and everything required just within a couple of days.

The Hang Seng Bank is the second-largest bank in Hong Kong, and therefore the HSBC group partly owns it also. During this bank, two different business accounts exist so they suit the various sorts of businesses. Also, they provide tons of discounts to anyone who uses the web banking services primarily.

So, if you're an individual who wants good discounts, this bank is the right one for you to line up a Hong Kong business bank account in. Moreover, Hang Seng also offers companies many other financial services just like the investment tools and therefore the loans.

From the name, it's understood that this bank may be a Chinese bank, but it's an area arm in Hong Kong also that's doing great. you've got access to a huge range of banking services for businesses that are suitable for any company or industry at any stage.

Even though the detail and therefore the document requirement to open a business bank account in Hong Kong with this bank is complex, the actual information that's required for every account is given out clearly on the web site of the bank. you'll find it in both English and Chinese. Aside from this, you'll take the assistance of the guidance of the agencies that are conversant with this bank.

Being an international bank and a quite famous one, the quality Chartered Bank has its headquarters in Hong Kong. Also, the purchasers can easily and comfortably access the massive branch and ATM networks across the region and therefore the country.

Along with this, there are two dedicated business banking centers of this bank in Hong Kong which will assist you to line up a Hong Kong business bank account.

This is a Singaporean bank but features a branch in Hong Kong also. The rationale for this bank is that this list is since it's related to the OCBC bank of Singapore and is a documented bank there. Since the bank may be a Singaporean bank, you'll easily create a bank account and obtain enough advantages with it.

Moreover, it's much easier to open a business bank account in Hong Kong during this bank where the initial deposit is HKD 50,000 (minimum monthly deposit HKD 100,000) alongside a maintenance fee of HKD 500 per month. Despite the high initial deposit, the approval rates are high for this bank for the business bank account and therefore the bank account opening process just takes 15 to 20 working days to complete.

In this bank, you'll apply for the opening of a business bank account in Hong Kong online. After you've got checked if you're eligible, you'll then schedule a meeting to possess a bank meeting from which you'd get a response about the interview in two days.

This meeting is often undergone online via Skype where you'd not need to visit the bank in the least. And if the appliance is accepted, you'd be couriered the related documents.

But in a confined mind, the request for the “Meet Online” eligibility depends on the standards check or invitation by the relationship manager of the Bank, supported suitability.

These details are even as a snippet of every bank, and you'll determine more by either contacting the bank or visiting them.

Before we will conclude, there's something else that has got to be told here. aside from the business bank account in Hong Kong for your company in Hong Kong, you'll also open an international bank account in another country. This suggests that the bank account would be in a country where the company has not been incorporated.

Now, the country in which you select the bank is often the one during which you're currently residing, or it is often from the list of banks that are usually used for the Hong Kong business. Both ways, it's recommended strongly to open a business bank account in a world bank since it gives you and your business many advantages and benefits. And one perk about this is often that you simply would never need to come to Hong Kong in the least.

With a world bank account, you'd be ready to operate via multiple currencies without exhausting funds through currency conversion fees. aside from this, you'll easily obtain the debit and MasterCard links to many currencies, enjoy special investment opportunities and discounted international payments, also as found out automatic bill payments in several currencies.

With the web banking service, you'd be ready to have round-the-clock and constant access to your account and finances from any part of the planet. Moreover, with a bank account outside Hong Kong, you'd enjoy the international diversification strategy in your business. Eventually, this is able to shield you from the capital controls, and any political and economic risks. Also, they're much safer as having a more conservative management system.

So, if you've tried to line up a Hong Kong business bank account and still need a bank account for your business, open a world business bank account.

Now that you simply know the great and the bad alongside the requirements and the process to open a business bank account in Hong Kong, you'll move ahead with it. And if you've been refused a business bank account in Hong Kong, you'll open an international account.

Other than this, you'll open a personal bank account in Hong Kong and still take advantage of the HK incorporation and taxes. But this is often best for the app developers or affiliates, who normally get bank deposits of their earnings. And yes, it's not the simplest idea and it's not for everybody as mentioned, but it can help some people out.

Choose as per your needs and requirements, and if one option doesn’t work, you'll move to the subsequent one always!