Wherever you set up your companies, you can open bank accounts in Hong Kong. SMEs account for a large percentage of companies in Hong Kong and are a significant customer base for banks. Excellent cash management facilities, Internet banking that helps keep track of money movements, trade financing, short term and long term loans are the key finance requirements of any enterprise. All major banks in Hong Kong, local and international alike, have designed products and services to address these needs.

 

Eventhough opening a company bank account is a a relatively simple procedure, it is still important for you to consider what kind of banking service is most suitable for your business,as a result,you can choose one bank that can meet your needs.

 

Local bank accounts & offshore bank account
 

Local account means a Hong Kong enterprise open a account in HK while the offshore account means open a account outside HK such as Guangzhou,Shenzhen,Beijing such and so on.. Any company can open a bank account with a local bank or an offshore bank for their different purposes. If a HK Company opens a bank account with a local bank, it is called a local bank account, If a HK Company opens a bank account with a Guangzhou bank, it is called an offshore bank account.

 

Documents required for opening a corporate bank account in HK

 

1. Bank account opening form that has been duly completed and signed by authorized signatories, as per the Board resolution.

2. Original copy of business license
3. Original copy of Certificate of Incorporation                                             

4. Original copy of Memorandums and Articles of Association        

5. Residential address proof such as utility bills, bank statements, driving license etc.in the latest three month for each of the directors, authorized signatories, principal shareholders and beneficial owners of corporate shareholders.

6. Proof of business such as business plan or audited financial statements(some banks need it)     

7. Certified True Copies prepared and signed by CPA
8. The cash deposited in the new account

9. Original and photocopy of Identity certificate of directors (ID card or passport)      

 

Other requied documents for offshore companies open a bank account in HK

 

1.A Certificate of Incumbency and Certificate of Good Standing in addition to the normal documents.

2.For corporate shareholders of the company: A certified copy of an organization chart that shows the percentage of shareholdings held by each individual and the ultimate beneficial owners of the company.

 

Who should go to the bank for a corporate account opening

 

Nomally,principal directors and shareholders whose shares are more than 10% (including 10%) shoulb be physically present in Hong Kong at the time of opening the corporate bank account.However, some banks may authorize the opening of a corporate bank account without the need for directors, shareholders and signatories to be physically present in Hong Kong. The documents can be signed at one the bank’s overseas branches in the presence of a witness.

Time of HK bank account opeing    

          
It usually takes two hours to open a bank account, and the bank needs further confirmation of the documents provided by the applicants with the relevant government department. This confirmation processing takes about two weeks. the detailed time depends on the different banks.

 

For further information or assistance, please feel free to contact us

 

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