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1. what kind of documents should be provided for a corporate bank account opening?
2. Whether director(s) and shareholder(s) to visit in person in Hong Kong for account opening?
3. What is the minimum deposit balance in Hong Kong?
4. Any guarantee deposit policy in Hong Kong?
5. My company structure changed recently, whether should inform the bank?
1. What kind of documents should be provided for a corporate bank account opening?
In general, the following documents to be required when opening a corporate bank account:
· Corporate documents, including but not limited to:
o Certificate of Incorporation
o Business Registration Certificate
o Form NNC1 (Incorporation Form)/ NAR1 (Annual Return)
o Articles of Association
· Identification documents/ nationality proof and residential address proof (within 3 months) of ALL of directors/ shareholders/ bank signatories
· Business proof, including but not limited to:
o 2-3 sets of Sales/ Purchase trading documents, e.g. contract, invoice, proforma invoice, packing list, bill of lading, custom declaration etc.
o Latest 3 months Company’s recent bank statement (if any)
o Latest Company’s financial statement/ auditor’s report/ management account
o Shareholder’s recent bank statement
· Additional documents may require by bank policy and case by case
2. Whether director(s) and shareholder(s) to visit in person in Hong Kong for account opening?
Normally, the bank will request the director(s) and bank signatory(ies) visit in branch for a meeting of opening a corporate bank and signing account opening documents. For the shareholders, the bank may request different standards.
3. What is the minimum deposit balance in Hong Kong?
It is subject to the bank and may incur bank charges if not meet the average relationship balance.
4. Any guarantee deposit policy in Hong Kong?
In Hong Kong, the Deposit Protection Scheme was launched in 2004, all deposits held in the currencies which are the scheme members under this Scheme are protected. The maximum protection is up to HK$500,000 per depositor per scheme members, including both principal and interest.
Please refer the detail to the website: https://www.dps.org.hk/index_EN.html
5. My company structure changed recently, whether should inform the bank?
Yes, the company should update the latest corporate information and structure no matter directorship, the structure of shares, change of bank signatory, change of correspondence address, etc. In recent years, the banks pay a lot of effort and dealing with anti-money laundering and maintain the Customer Due Diligence and Know Your Customer (KYC)/ Business (KYB) for current and new customers. Therefore, the bank may review the corporate account frequently/ annually.
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