How to setup Hong Kong Bank Account
Bank Account Opening
We would like to share with you How to Setup Hong Kong Bank Account.
There are some significant skills and useful tips to know more about How to setup Hong Kong Bank Account.
As one of financial centers in the world, Hong Kong has very effective and sufficient infrastructure for doing business and making investment.
Hong Kong has worldwide reputable banking facilities and infrastructure which allows no restriction money flow, thus getting bank accounts in Hong Kong are necessary.
Due to global anti money laundry involved, many banks become stricter on selecting their corporate clients.
We are going to provide the basic information when apply for bank account in HK. The standard may a bit different and subjected by the bank.
The procedure before opening Bank
First of all, understand the procedure before opening bank account.
Company, Branch office and representative office. Applicants feel difficult since they still lack knowledge for opening bank accounts.
We can say that the bank will check all corporate customer of their background about KYC Know Your Customer and KYB Know Your Business.
Related to KYC, they will check all director/shareholder and authorized signatory be requiredto provide the identification documents and latest address proof to grant due diligence, regarding to corporate documents as Certificate of incorporation, Business Registration Certificate,
Incorporation form and articles of association etc. should be provided.
In addition to knowing the KYC obligations, non-resident enterprises are required to provide additional documents like business proof to comply with KYB.
The main reason for KYC (Know Your Custmor)
The main reason for KYC (Know Your Customer) and business proof is to allow the banker understand:-
1) The reason to setup Hong Kong company and bank account;
2) It is a legitimate business of Hong Kong company.
Currently if you have your own business in trading industry, you can provide the business
proof like invoice , sales/purchase contract with the bill of lading . If you would like to own new start up business, it is necessary to provide the supporting documents explaining
the relevant background in your industry, which just like to prove that you have the network, relevant knowledge and rich experience to run the business and targe to expand your business, sometime bank will require to provide the proposal/ business plan of your business.
Each bank may set out certain requirements for non-residents. However, to complete account opening process in Hong Kong can normally take up to 1-2 months.
If bank request more information/ supporting documents during the application review, it may take longer time. And, one more thing we would like to point out here is the bank may request for the average minimum balance to keep in account all the time once the account opened, otherwise may charge the monthly fee, so that you may consider it when you choose the bank to setup account.
Whatever the solution you may choose for your Hong Kong bank account opening, it’s advised you should engage a professional service provider in Hong Kong who will help you to get everything done in advance.
With no doubt, the local knowledgeable financial advisors will always know the rules for how to open a Hong Kong bank account in the most effective manner.
What is the definition of a small business entity in Taiwan? There are 4 criteria of a small business entity as below. The business scope is small. The monthly sales amount is lower than NTD$200,00. The monthly sales have been verified by the tax authority. Subject to tax registration if start to run the business. The VAT rate is 1% of the monthly sales. For example, if your monthly sales are NTD$80,000, you will be subject to NTD$800 per month and the payment should be made on a quarterly basis.
대만 내 소기업의 정의는 아래와 같이 총 4가지입니다. 사업 범위가 작으면서,월 매출액이 NTD 200,000이하이며, 세무 당국에 의해 월 매출액을 확인 받은 기업이며, 사업 시작 시 세무등기 등록 대상인 기업입니다. 부가가치세율은 월 매출액의 1%입니다. 예를 들어 월 매출액이 NTD 80,000 에 따른 부가가치세는 NTD 800이며, 매 분기(3개월)마다 납부해야합니다.
대만에서 개인사업자로서 사업을 영위하며, 소유한 건물 및 주택을 사업에 이용하실 수 있는데요. 이와 같은 경우, 소유한 주택에 관련된 비용이 모두 손금에 산입할 수 있는 항목일지 아래 글을 통해 알아보겠습니다. 국세국에 따르면 개인사업자가 본인 소유의 주택을 사무실, 의료 및 진료 시설 등으로 사용하는 경우 토지가치세, 가옥세 및 주택 일부에 대한 감가상각비를 사업을 위해 사용된 비용으로 공제가 가능하나, 임차비용으로는 처리될 수 없습니다.
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