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How to Open a Bank Account in Hong Kong

Updated:2018-9-30 15:38:11    Source:www.tannet-group.comViews:135

How to open a bank account in Hong Kong? Being one of financial centres in the world, Hong Kong is an ideal place for making investment and opening bank accounts for investors. Opening a bank account in Hong Kong is very straightforward, much more so than in the US, UK or Europe.  You can set up different accounts for different purposes. Tannet has maintained close relationship with some local banks, we are glad to help you in this regard.

Advantages of Opening Bank Account in Hong Kong
1. No restriction on foreign exchange remittance, free transfer of funds;
2. Convenience in settlement of international trades;
3. No interest tax with a higher actual revenues of deposits;
4. Free conversion of currencies;
5. Convenient daily account operation and online bank transactions;
6. Convenience in getting trade financing from international banks.

Required Documents
1. Company registration particulars, including Company Registration Certificate, Business Registration Certificate, Articles of Association, etc.
2. Identity certificates of shareholders, directors and signers;
3. Proof of address in the last 3 months;
4. Business transaction particulars, such as orders, purchase and sales invoices, contracts, bills of lading, etc;
5. Registration particulars of affiliated company;
6. Personal and affiliated company’s bank transaction records in the last 3 months.

How to Open a Bank Account in Hong Kong
The procedures and requirements can vary from bank to bank or even branch to branch. Generally the following procedure can be expected:

1. Most banks will require you to make an initial appointment.
2. Following this, a preliminary review is usually conducted.

If the preliminary review is passed, both parties will meet to sign the relevant bank application forms and documents, as well as paying the initial deposit.

Deposit differs according to the bank and is subject to change from time to time. For HSBC, at the time of publication, the initial deposit required to open the account is 10,000HKD—500 HKD of which is deducted for the service charge.

In most cases, banks require the same number of people present as that which forms quorum in a board meeting according to the Articles of Association to satisfy their Know Your Customer (KYC) procedure.

Popular Banks for Expats
Hang Seng Bank, HSBC, OCBC Wing Hang Bank, Bank of China (Hong Kong), China Construction Bank (Asia), Shanghai Commercial Bank are all popular with expats in Hong Kong. What’s more, there are also branches of most major, international banks in the city, although not all offer private banking services, those that do include Bank of America, Citibank, and Deutsche Bank.

Contact Us
If you have further inquires, please do not hesitate to contact Tannet at anytime, anywhere by simply visiting Tannet’s website www.tannet-group.net, or calling Hong Kong hotline at 852-27826888 or China hotline at 86-755-82143512, or emailing to tannet-solution@hotmail.com. You are also welcome to visit our office situated in 16/F, Taiyangdao Bldg 2020, Dongmen Rd South, Luohu, Shenzhen, China.

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