Tuesday, 28 April, 2020 Reply to:
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As we known, Hong Kong company easy to set up, but hard to open local bank account. Because of many policy variables and proactive measures, having a Hong Kong account can eventually provide a lot of convenience. If you have a Hong Kong company, would you like to open local or offshore company bank account ?
Advantages of HK Bank Account
Without foreign exchange control, funds can be freely allocated;
Facilitate the settlement of funds in international trade;
Exemption of interest tax and higher real earnings of deposits;
Various currencies can be converted freely.
The daily operation of the account is simple, and the online bank can be opened for transactions.
Facilitate trade financing to international banks；
Reasons for Refusal by Bank
Increased demand for bank accounts
Low bank profit
The data are not ready
The company name has sensitive vocabulary
Shock the World Illegal Organizations
The government's financial supervision is becoming stricter and stricter
Shareholder directors come from sensitive countries
At the time of face-to-face, the bank did not trust him
Don’t meet with the bank requirements
Most Hong Kong companies will open an additional bank account as a backup to maintain the normal operation of the company.
Normal Documents required for Hong kong company account opening
1. Full sets of Hong Kong companies’ documents
2. Identity Card/Passport + Hong Kong and Macao Pass
3. Proof of Living Address
4. Business Proof
Time : About 1-2 months (different banks, different schedules)
So, which bank would you like to open ?
HSBC / Standard Chartered / Citibank / China Citic Bank (中信银行）/ DahSingBank (大新银行）/ DBS (星展银行）/ OCBC Bank etc.
Note after opening an account:
Keep monthly bank statements and water bills, company expenditure bills for back-up use;
If you want to open a private account, you need to bring with your original ID card or passport, living address certificate.
While your company change shareholders or change company name or increase registered capital, etc, must submit the conference records and the documents signed by the accountants to the bank. (if there is a signature keep in the bank, the signature after the change of company names will also be submitted to the bank). Companies with more than one year must submit annual reports, minutes of meetings, and documents signed by accountants to the bank.
For more details, please feel free to get back to me.
Add: Room832-833, Garden Tower Office, No.368 HuanshiDong Rd. Yuexiu District, Guangzhou (Metro Line 5, Taojin Exit A)