A Complete Guide to Open a Corporate Bank Account in Hong Kong

You Must Open a Corporate Bank Account in Hong Kong to Secure Your Venture

Business incorporation in Hong Kong is incomplete without opening a corporate bank account. And not just a corporate bank account, but a bank account in the right bank. In Hong Kong, there are a lot of banks to choose from, and the first thing you need to do to open a corporate bank account in Hong Kong is research to see what bank might intrigue you.

 

The Research You Need to Do to Open a Corporate Bank Account in Hong Kong

You have a lot of options. According to the records in the HKMA register of Authorized Institutions and Local Representative Offices, 70 of the world’s largest banks have some sort of operation in Hong Kong. AS of April 2018, there are 154 licensed banks, 19 restricted license banks and 17 deposit-taking companies in the place. All of these numbers sum up to have 190 authorized institutions and 1309 local branches. Also, 48 foreign banks have their local representative offices in Hong Kong.

As you can see, there are a lot of banks in Hong Kong, and their policies and requirements differ. So, the first thing you need to do is see which of these banks provide you with the necessary services and have incentives convenient for you. You should look for services such as internet banking, trade financing, foreign account availability and other corporate banking trends that you might need.

Check the minimum deposit requirements, monthly deposit requirements and interest rate. You will need to confirm you can build a long-term relationship with the bank you opt for. That is the key for searching the best bank in Hong Kong for yourself.

 

The Process of Opening A Corporate Bank Account In Hong Kong

Now that you have chosen your bank, the next thing to do is open the corporate account itself. The information we have given below might differ in the case of different financial institutions. However, this is the general way of opening a corporate bank account in Hong Kong.

 

Requirements

You need to produce the following documents in order to open a corporate bank account in Hong Kong.

• Copy of the board resolution, aggreging to open a corporate bank account in Hong Kong.
  
• Registered true copy of the company incorporation certificate issued by the Companies Registry of Hong Kong.
  
• True certified copy of the Business Registration Certificate. This is issued by the Inland Revenue Department.
  
• True certified copy of the Articles of Association.
  
• Profile of the personal particulars of the director(s) and principal shareholder(s). 
• Certified information about the principal shareholdings held by each and ultimate beneficial owner.
  
• Depending on the nationality of the director(s), principal shareholder(s) and owner(s), you will need to provide a copy of the Hong Kong national identity card and passport. Similar prices of documents such as driving license, previous name, etc. are needed.
  
• Specimen of the authorised signatures of all the principal signatories including the director(s), owner(s) and everyone else with the rights.
  
• Detailed information about the ultimate beneficial owners of nominee shareholders of the company.
  
• If there are ultimate beneficiaries who are trustees, a certified copy of the trust deed or a declaration of trust with the details of the trustees or beneficiaries is also needed.
  
• Proof of business profile along with the business plan and ideas.

 

Note that these documents are just in general. Depending on the bank, you might also need other materials for additional verification. But these documents are enough in most cases when you want to open a corporate bank account in Hong Kong.

 

Other Requirements

Other requirements include a minimum deposit, which varies depending on the bank. In case of an offshore company, you will need other documents such as a certificate of terms and Certificate of Good Standing. As you see that it is not at all difficult to open a bank account in Hong Kong, but there is a concern for many.

Many banks in Singapore require the director(s), owner(s) and principal shareholder(s) to be physically present in the bank during the time of application. It might not be suitable for people running their business from overseas. Naturally, they will be opening a bank account in Hong Kong as a tourist. Anyway, some banks might not need these individuals to be physically present during the company bank account registration. However, the process overseas must be done in front of a witness.

As you can see, the easiest bank to open a business account in Hong Kong is the one that provides your needs. Still got questions or need some help? Contact us; we will help with Hong Kong company formation and bank account for your company.