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.
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Hong Kong Bank Account opening
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