Hong Kong is the place where the largest International Banks have their Asia -Pacific branches and headquarters. In addition, Hong Kong is one of the largest international banking centres that open an offshore bank account in Hong Kong for international transactions.
Easiest bank to open a business account in Hong Kong is essential for any business operation. Hong Kong has the freest economy and no foreign exchange control. Hence funds are transferable without hindrance.
People in business who incorporate companies in Hong Kong usually encounter difficulties with the opening of bank accounts. The reason for this is the complicated compliance procedure which is very stringent. Banks usually would like to meet the authorised person face-to-face to discuss the company's business, who the suppliers are, who the customers are, etc.
Opening a bank account in Hong Kong is not an easy task. So be prepared to invest time and possibly money with no assurance.
First, you need to agree that all banks have their requirements and procedures for opening a bank account. You will need to fly to Hong Kong to do this. But if you use our services, then you will not be required to fly to Hong Kong.
Also, note that the dress code to attend Bank meetings is formal; casual dress is unacceptable. Also, make sure documents are in English; if not, get them Translated and certified to avoid unnecessary delays.
Once you have registered your company in Hong Kong, you can decide which bank you would like to open your bank account with. However, it is quite tricky to open an account as banks have increased due diligence.
The most common reasons for banks refusing to open or close the accounts are:
- Money Laundering
- Strict Risk Management policies
Open a company in Hong Kong with a bank Account
Open a Hong Kong corporate bank account in four steps. Below is a description of how to open a bank account in four steps:
- Step 1. Documents required (*)
- Step 2. Submit your documents
- Step 3. Meeting with a bank representative during the on-boarding process
- Step 4. Activate your bank account.
Note: You may need to meet different requirements depending on which bank you choose.
A corporate banking account is a little more complicated to establish than a basic banking account.
In addition to KYC requirements, non-resident enterprises also must provide additional documents, such as proof of their business status.
Moreover, every director, beneficial owner, and shareholder with a stake of at least 10% or another pre-determined percentage of the company shares must attend the meeting with the bank's representative in Hong Kong.
For non-residents to set up a bank account in Hong Kong, each bank may have its requirements. Whether a Hong Kong bank account can be opened takes an average of 15 working days.
(*) Hong Kong adheres to strict laws against money laundering. All Hong Kong banks need to verify both new and existing customers before approving loans under the guidance of the Hong Kong Monetary Authority.
- Proof of Identity – Director's ID. Hong Kong ID or Passports (Original Scans)
- Directors detailed CV
- Proof of Address – Residential proof of address, e.g., tenancy agreement which should be under your name. (Original Scans)
- Business Registration documents – Business Registration, Certificate of Incorporation, M&A, as well as all Register books.
- Running business proof- copies of supplier invoices, contract proving that the business is running.
- Business plan – Detailed
- A resolution by the Board of Directors – this is to approve the Bank account opening and authority for a single person to handle all the bank matters.
- A certified copy of the Incorporation Certificate
- A certified copy of the Articles of Association
- A certified copy of the Business Registration Certificate
- A certified copy of the Incorporation Form (NNC1/NNC1G) and or the latest Annual Return (NAR1)
- Organisation Chart if applicable
- Share certificates
Please be informed that having all the required documentation does not guarantee the opening of the bank account. As Banks have stringent KYC and due diligence procedures, all banks have independent decisions for approval; therefore, be very careful when making your applications. There will be a requirement for you to be present during the meeting and presentation of Documents.
Different companies have added value services such as allowing you to use their address, appointing them as company secretary, handling all your Accounts, Tax Returns, and much more to give peace of mind.
Different banks have different costs of maintaining your account. Below a few points for your information.
- Initial deposit between HK$ 5000 to HK$ 50,000
- According to the bank you choose to be with, the minimum balance figure varies from Bank to Bank.
- Processing fees also depend on the negotiation as some banks waive this fee.
Is it difficult to open a bank account in Hong Kong?
Can I open a bank account in Hong Kong from overseas? The fact is that all Bank systems have been increasingly strict on risk management policies and are making it much more difficult.
This has become difficult nowadays due to International criminal activities, and to fight this, all countries in the world have collaborated and Hang Seng bank account opening requirements have imposed strict regulations (compliance) rules on banks. In a nutshell, all Banks must know who their clients are and monitor their transactions.
Keeping abreast with compliance procedures rules get stricter and more complex every year; this is costly. Hence, all banks can open a bank account in Hong Kong online and be very careful to avoid multi-million fines if they fail to comply.
All Banks have stringent KYC and due diligence procedures; therefore, you need to ensure no missed documentation or lack of representation at meetings.
If your company the structure is simple; then it is relatively easy to get the bank account open
If you are a permanent resident in Hong Kong, then open a Hong Kong bank account overseas; you are like to have a little hassle in opening an account, having said this, it also depends on which company you give the responsibility to take of you matters.