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Opening a corporate bank account in Hong Kong with success
10 years of collaboration with esteemed banks such as OCBC, UOB, DBS, Standard Chartered, and Citibank.
What you need to know first about the banking landscape of Hong Kong
Without a doubt, stable regulatory environment, banking privacy, easy of doing transactions and global reputation are key elements international companies look for when registering a Hong Kong bank account.
Below are key insights about Hong Kong banking industry you should know:
Hong Kong unique banking system
The top 4 global financial center
Easy multi-currency transasctions
Unique digital banking landscape
Hong Kong unique banking system
In Hong Kong, the banking system operates on a three-tier structure by the Hong Kong Monetary AUthority (HKMA), comprising of licensed banks, restricted licence banks, and deposit-taking companies. With a vast network of banks, entrepreneurs have various options to open a corporate bank account.
Many top international and respected local banks call Hong Kong home such as HSBC, Hang Seng Bank, Bank of East Asia as well as Bank of China, Citibank, Standard Chartered Bank.
The top 4 global financial center
Hong Kong, along side Hong Kong, the U.S., and the UK, is among the top 4 global financial centers, as per the latest Global Financial Centres Index (GFCI). This position highlights Hong Kong remarkable financial abiltiy to draw in and provide investment worldwilde.
Easy multi-currency transasctions
The option to open a multi-currency account and robust financial servies are what attract many to choose Hong Kong bank. Besides, there are no limitations on receiving funds or conducting international payments.
Unique digital banking landscape
The digital banking sector in Hong Kong (recognized by Hong Kong Monetary Authority) is rapidly growing, with more than 1,2 milliion account opened in 2021. Many of our valued clients choose to open a virtual bank account
Privacy is among Hong Kong top priority for protection. That is why, Hong Kong's banking system offers a high level of privacy and confidentiality to account holders.
What to consider when choosing a bank in Hong Kong ?
When selecting the appropriate bank for your business, it's important to consider several factors:
Estimate your banking volume, transaction limits to decide which bank might be suitable for your requirements
Businesses should consider choosing bank accounts with favorable transfer fees to save costs.
Consider the specific financial services your business may require, such as trade financing, foreign exchange, investment advisory, or wealth management, and ensure the chosen bank can provide these services.
Take note of the minimum balance requirements imposed by the bank for the chosen account to avoid unnecessary fees or penalties.
If your business deals with multiple currencies, ensure that the bank supports the currencies you will be transacting in and offers competitive exchange rates.
Assess the ease of conducting transactions with the bank, including the availability of online banking platforms, mobile applications, and customer support services.
Difficulty of bank account opening for foreignersOpening a corporate bank account in Hong Kong is simple for Hong Kong residents as the goverment holds detailed information of their citizens.
Hoverver, for foreign-owned companies or individuals, the verification is especially difficult as the banks must check to see if the applicant is qualified or not.
Consequently, banks often require more detailed information and follow stricter procedures for their foreign clients.
Types of corporate bank accounts for your Hong Kong company
There are 5 popular options the majority of business onwers choose to open an account for their firms in Hong Kong:
Open a bank account with major Hong Kong Banks
Open a bank account with major Hong Kong Banks such as HSBC, Hang Seng Bank, Bank of East Asia. However, be minful that registering for a Hong Kong account is not easy for foreigners.
Open an account with international Bank
Open an account with international Bank like Citibank, Standard Chartered Bank, Bank of China. This is ideal only for major enterpise with enormus revenue and transaction volume.
Open a digital corporate bank account
Open a digital corporate bank account with digital banks verified by the Hong Kong Monetary Authority (HKMA). A popular choice in recent years for their benefits,
Open an offshore bank account
Open an offshore bank account in other major finaicial center such as Hong Kong, the U.S., etc. This is an ideal choice but the opening time is long and the minimum deposit of 30,000 USD.
Moreover, you have the option to open accounts with reputable payment gateways, such as PayPal and Stripe to enhance transaction capacity and streamline payment processes.
Documents required to open a corporate bank account in Hong Kong
To successfully open a corporate account for your Hong Kong company, the preparation stage is the most important as the documents provided to the bank need to be accurate, transparent, and complete.
The bank will require the following information and documents from foreign entrepreneurs and companies
Having difficulty preparing documents?
Contact our banking expert today!
Proof of Hong Kong company (True copy of Business Registration Certificate, Certificate of Incoporation, etc.)
Proof of identity of directors, shareholders, ultimate beneficial owners (True copy of ID card/passport, residential proof, etc.)
Proof of busines (detalied business plan, sales contract, bank referenc letter, etc)
Additional materials like board resolution, list of signatures, etc.
A credible website demonstrating business activities. This is the bare minimum for opening a company account in Hong Kong for foreigners. Global Link Asia Consulting takes pride in desiging a professional-looking website that ticks all the box of bank requirements FOR FREE.
Our banking experts at Global Link Asia Consulting are proud to:
Offer you assistance in selecting banks with the most favorable fees that align with your specific business needs of the enterprise.
Establish a digitalized robust KYC (Know Your Client) process that guarantees to offer you an accurate opening success rate and guidance on the most suitable bank type for clients even before contractual agreements are finalized.
Our comprehensive support for entrepreneurs includes:
Consult on banks with the best opening and maintenance fees
Consult on the most suitable banks for your business
Access to our advanced KYC procedure
Help you open successfully at least 1 business bank account
Support after account opening
Why you should consider open a digital bank account in Hong Kong?
Nowadays, many businesses setting up a company in Hong Kong, both local and foreign, are acquiring a minimum of two bank accounts, with one being a digital banking option.
Digital banking services have gained prominence for their efficiency, convenience, and flexibility.
With a digital bank account for your Hong Kong company, you can enjoy swift onboarding, seamless transactions, and access to a wide range of banking services at your fingertips. Whether it's managing your finances, making international transfers, or monitoring transactions in real-time.
Discovering this option now or contact us to see if you business models need a neo bank account.
Open a bank account todayWhich is the best choice for international company?
Physical bank accounts
Requirement for an offline bank interview
A chance you can not miss today!
For detailed information, please consult Global Link Asia Consulting's comprehensive guide on how to open a digital bank account for Hong Kong company.
The difference in the way we offer our banking service
As a pioneer with +10 years of experience, our experts have helped many business owners successfully set up and manage their Singapore companies. We take pride in our service and professional support.
Discover why many businesses choose us
| Global Link Asia Consulting | Law company | Other corporate service provide | |
|---|---|---|---|
| Trusted partner with profound local knowledge of each bank and their banking services | |||
| Consultation on various types of bank accounts with an evaluation of success rates from the outset | |||
| Ongoing support throughout the entire process of opening a bank account | |||
| Gurrantee to successfully open at least one account |
Process for opening a Hong Kong corporate bank account
5 easy steps below are all you need to register a company account in Hong Kong. These steps are:
- 1
Understand your needs
- 2
Confirm the service and prepare document
- 3
Submit documents
- 4
Arrange a bank interview
- 5
Follow up until your account approval
Step 1: Understand your needs
Understanding your requirements and assessing the likelihood of success; we then consult you on the most suitable types of banks.
Step 2: Confirm the service and prepare document
Upon determining the services needed, we confirm the details and provide instructions for preparing the required documents.
Step 3: Submit documents
We meticulously review the documents, ensuring they are in optimal condition, and submit the best-prepared version to the bank.
Step 4: Arrange a bank interview
We facilitate the process by scheduling an interview with the bank, providing support throughout the interview process.
Step 5: Follow up until your account approval
We maintain ongoing communication with the bank to ensure a smooth process until your acountng opening success. In cases where the initial attempt is unsuccessful, we extend support for applications with other suitable banks.
Why you should choose Global Link Asia Consulting as your trusted partner in Hong Kong bank account opening
A trusted long-term relationship with our banking partners.
Dedicated support team that answers your questions and guide you through every step of the way
5-star customer service
Technology-driven bank account opening process that is fast-track and streamlined
5.0 / 5.0 reviews
Lucas Duong [...] The banking team is really enthusiastic and experienced; they answered all myquerries and helped me during the interview and get my bank account approved. Highly recommend!
Linda [...] They guaranteed to help me open at least a bank account anh they did. Their commitment to support has helped my company have an extremely good backup plan.
FAQs
The process of registering an account in Hong Kong has become increasingly difficult due to strigent srunity from the bank part. This policy is to prevent fraudulent activites, money laundering. So, especially for non-resident business owner or first-time Hong Kong bank holder, it can be difficult to open a bank account
That is why, proving the credibity of yourself and the business is crucial for a seamless account opening
The process of opening a corporate bank in Hong Kong can take from 2 weeks to as long as 6 months if the process does not rún smoothly.
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