Have you planned everything about the incorporation and registration of your business in Hong Kong? What do you think, ‘what should be your next step? Many people start wondering about the procedure for bank account opening in Hong Kong.
As a matter of fact, it is always advisable to keep a separate line between personal and business bank accounts to keep the flow of money appropriately without any legal system problems. If you are a new entrepreneur who is thinking of embarking into the Hong Kong business marketplace, you should be aware of the answers to these questions:
- What’s the procedure for opening an account in Hong Kong?
- What are the requirements that you have to comply with?
- Which bank would be best suited for your business?’
- What are the exact bank requirements?
- Which are the major banks in Hong Kong?
- Would you require any professional help to open a bank account in Hong Kong?
Before getting answers to these questions, there are chances that your file will get rejected by the Hong Kong corporate banks. Let’s read this article and clarify all our doubts about opening a Hong Kong business bank account and maximizing the chances of success.
Open Bank Account in Hong Kong
Hong Kong is the best choice for those business founders who want to experience Chinese culture but not sure of leaving the West beside. Being one of the most vibrant and dynamic cities in the World, Hong Kong gives numerous opportunities to business persons.
In fact, entrepreneurs here do experience opening a bank account in international as well as local bank accounts. Looking for the answers to opening a bank account? Keep on reading to figure out the requirements, procedure of opening a Hong Kong account, and, more importantly, the major banks in Hong Kong.
What are the requirements for opening a bank account in Hong Kong?
If you want to open a new business bank account in Hong Kong, you must abide by all the requirements according to the selected bank. Every bank has its own requirements and procedures to open a bank account. Below shared are the conditions that can help increase the chances of opening a business bank account in Hong Kong:
- The director or business owner has a working visa in Hong Kong or holding a Hong Kong Identity Card (HKID).
- The trades of the business requires to have a connection with Asia (ideally in Hong Kong or China).
- The company needs to have an HK office and should also provide proof of the rental agreement with its name.
- The director or business owner is living in Hong Kong
If, in any case, you are not meeting any of the requirements mentioned above, then you don’t have to demoralize yourself. Startupr can help you to attempt to open a bank account in Hong Kong. But here you would also need substantial proof of this.
We will help you arrange the meeting with the bank and prepare all the documents requirements. But always remember that banks reserve the right to reject the applied file if they see any issue in the file. You would need to prepare yourself for it.
What is the process for bank account opening in Hong Kong?
Are you ready to know the process related to the bank account opening in Hong Kong? The procedure for bank account opening in Hong Kong is pretty simple and straightforward.
All you need to abide by the banks’ rules and prepared documents suggested by the banks, there you go. Below shared are tips to apply for a bank account in Hong Kong that you should be aware of:
- You should schedule an appointment with the selected bank in advance.
- Business founders should also schedule a meeting with beneficial owners, directors, and shareholders.
- The company founder also needs to prepare the initial deposit and maintain the balance for corporate banks. Since every bank has its own requirements for keeping a minimum balance for corporate banks, you must prepare yourself accordingly.
- Businesspersons are also required to prepare documents related to the company and personal information.
- The gathered documents should also include your identity card proof, residence proof, and any other proof related to the business activity. It can also incorporate your business plan or any banking history.
How do I choose the right bank for my account opening?
Now, the question arises, ‘which bank should you choose for your business in Hong Kong?’ Hong Kong is a home base of many sophisticated financial organizations and international or local banks. Every bank has its own procedure and requirements and offers slightly different services to the clients.
Therefore, it is always advisable to choose those banks that offer the best and suitable options per your needs and requirements. Moreover, now banks are following Due Diligence and KYC (Know Your Client) rules, which is why the process of opening an account in Hong Kong has become even more stricter. Before choosing the bank for your account opening, you should be familiar with these questions below:
- What is your business nature?
- How many employees do you want to employ?
- In which countries do you want to sell?
- Which customer segments do you want to attract?
- What is the current size of your customer base?
- What is your business address?
- What would be the trading currency of your business?
- What is your current or expected annual turnover?
When you get answers to these questions, your race starts to select the best-suited bank for your business. Here is the list of major banks that you should be familiar with while hunting for a Hong Kong bank.
HSBC is one of the largest banks in Hong Kong. It was founded more than 150 years ago, and it is one of the three commercial banks which have licensed to issue the HK dollar banknotes. Because of its wide banking networking facilities within the Asia Pacific region and other parts of countries, HSBC offers an array of services and products to clients.
OCBC Wing Hang
Another major bank in Hong Kong that is ready to serve clients with its online financial management services is OCBC Wing Hang. It offers 24*7 hour comprehensive and reliable online corporate banking facilities to the business people. This bank does offer services like managing financial accounts for your business. OCBC wing Hang also offers the privilege offers via “Business eBanking.” This will work as your personal assistant in managing the risk efficiently.
Hang Seng Bank
Another major bank that your business can choose to apply for an account is Hang Seng. This is one of the HSBC group’s prominent members and focuses on Hong Kong’s local markets. If you are looking for a local business bank, then Hang Seng would be your best choice. According to your business needs and requirements, you can choose from two types of business accounts- the UpBiz Integrated Account and Integrated Business Solutions Account during the application process.
Bank of China (Hong Kong)
The second-largest bank in Hong Kong is the Bank of China, which offers services to business founders for more than 100 years. This bank offers a wide range of banking as well as financial services to businesses and individuals who want to open a personal bank account. In fact, this bank acts as a bridge between Hong Kong and China’s banking environments, as it has a massive banking network in China under the Bank of China group. This bank is famous among people for operating the business bank account in three segments, such as Personal Banking, Corporate Banking, and Treasury.
Standard Chartered Bank (Hong Kong)
And last but not least, the bank which attracts many entrepreneurs to open their business bank account in HK is Standard Chartered Bank. This bank is one of three commercial banks which issued banknotes from 1860 till date. When you open a business account in this bank, you can easily facilitate the services and comfortable access to large branches and ATM networks across the country and region.
Taking Appointment in Hong Kong Banks
The bank appointment will take about 1 hour of time. During this time, the officer generally asks questions from the applicants and monitors all the documents to match the required criteria. After this, the applicant and officer would be required to sign some documents or forms in order to proceed with the application.
Though every bank has its own procedure, it usually takes a minimum of 2-4 weeks of time to proceed to the last stage of the bank application. But always remember that the bank reserves its right to hold the decision. So, Startupr can assist you in the process and collecting documents, but we can’t help you make the process successful.
Steps to get ready for bank appointments in Hong Kong
Are you ready to open a bank account in HK major banks? Curious to attend the appointment with the bank officers to proceed with the application? Startupr can help you with it. We have extensive experience in bank account opening procedures and liaising, particularly with banks in Hong Kong.
Check out these steps to make your bank appointment with Hong Kong banks even more successful. Always remember that Due diligence processes in Hong Kong banks are quite difficult due to strict regulations. But these regulations offer an array of opportunities and good experience to our clients who have successfully opened their bank account in HK.
Schedule your bank appointment beforehand
As a matter of fact, very few applicants are approved to open a business account in HK. You have to ensure that you follow all the procedures and required documents to make your application successful. Here Startupr can help you to schedule with the banks like HSBC, Standard Chartered, Bank of China, DBS, Citibank. It can take 7-20 working days to have the appointment confirmed. Simply let us know the dates and times you’re available, and we’ll make the appointment.
Make sure you have the required documents
During the bank officer meeting, you need to have these following documents to ensure that your application gets successful:
- Certified Company documents such as Certificate of Incorporation, Articles of Association, Business Registration Certificate, NNC1/NNC1G Incorporation form, latest annual return (NAR1)
- Certified Identity Document – passport or Hong Kong identity card, same as the one used for company registration
- Certified proof of address – for example, utility bills, bank or credit card statements issued within the last 3 months
- Certified proof of source of funds or source of wealth
- Directors Proof of experience – previous relevant work experience (e.g. previous employment contract(s), resume/ curriculum vitae).
- A dated, signed statement on company letterhead, naming directors, and/or principal shareholders.
- Audited financial statements
- Company Structure Chart
- All 4 registers (of Directors, Members, Significant Controllers, Secretaries)
- Board of a resolution approving the opening of the business bank account in Hong Kong
- Share certificate
- Detailed business plan
- Bank reference letter
If you have any body corporate as director / shareholder:
- Certified copy of the Certificate of Incorporation and Certificate of Incumbency (or equivalent).
- Organisation Chart depicts the percentage of the shareholdings
- Register of Significant Controllers
- Details of the ultimate beneficial owners
Keep minimum balance
Most of the banks in Hong Kong ask business founders to keep a minimum balance of HKD 10,000. If the balance is below the minimum requirement, a monthly service fee of HKD 100 only will be charged. This basically depends on the bank’s policies and regulations. You can find it out by contacting or calling the bank directly.
How long does it take to open my bank account?
Different banks have different procedures and requirements for opening a business account in Hong Kong. Usually, it takes 2 to 4 weeks to proceed with the bank application’s last stage. If the bank approves your application, your bank account will get opened at once or within 10-15 business days, depending on numerous factors. Always remember that the approval for opening a business account in Hong Kong depends on the banks. Startupr can assist you in the process and will do the best to make your application successful.
Additional Information for Opening a bank account with Startupr
Startupr offers assistance to people who are seeking to open a business account in Hong Kong. The fees for scheduling the meeting with the bank offers related to opening a bank account in Hong Kong:
The bank appointment arrangement for Hong Kong banks is $ 125 USD (1 bank appointment). During the meeting period, all the directors and shareholders need to be physically present in the Hong Kong bank meeting. One more thing that business founders should be aware of is that you will also need to have a set of CPA certified documents. Here we can help you to prepare the CPA certificates. Our fees for the company’s certified set documents (NAR1, BRC, AA, Inc Cert) certified by CPA is $125 USD.
It is important to get your company’s documents certified before submitting it with the bank officers. It also requires the name and the contact details of the certifier. Here, you can also get assistance and support of Startupr’s experienced people who can provide you with the certifications from a public notary or a CPA.
What’s more, the documents that you are required to be submitted in the bank for opening a bank account in Hong Kong need to be present in the English language. If it requires any translation, it has to be done by a certified translator. You can get the assistance of Startupr in the above-mentioned cases.
Ready to open your bank account in Hong Kong?
This article is all about the procedure and requirements for opening a business account in Hong Kong. We really hope that this article will help you understand every requirement in opening a business account in Hong Kong.
Are you ready to open your business account in Hong Kong? Startupr can help you with the entire process of bank account opening. We have many years of experience in the incorporation and bank account opening for companies in Hong Kong. You can also check our reviews given by our satisfied and happy client while working with us. Check google reviews now!