Why choose Hong Kong for your business banking?
Hong Kong is definitely well known for its banking infra-structure. There is no restriction for fund flow into or out of Hong Kong bank accounts. The identity of account holder and transaction information are also subject to very high standard of confidentiality. Comparing with some kind of offshore bank account available in certain country, the benefits include :
Clear location of bank account
The accounts are opened in Hong Kong. But some offshore bank accounts are in cities, such as Shenzhen or small offshore islands. Client may never have the opportunity to visit the bank.
Lower minimum bank account balance
In Hong Kong, the minimum bank account balance can be as low as HKD 3,000. Below which a monthly administrative service fee of around HKD 50 will be charged. However, minimum balance of most offshore bank accounts is around USD 5,000 and corresponding service fee is around USD 50. The difference in service fee is 7 times.
Cash deposit and withdrawal is possible
Client may deposit and withdraw fund by cash or by transfer via any Hong Kong branch office of banks. However, for most offshore bank accounts, only wire transfer is acceptable.
Available to all nationality
In China, foreign banks offer service of offshore banking for foreigners and foreign companies (such as a Hong Kong company), however, in case of a company, banks request that majority of the shareholders are foreigners.
Visiting Hong Kong
According to company’s quorum stated in the Articles of Association, if there is only 1 director, such director must visit bank in person for business account opening meeting.
If there are more than one director, at least two director needs to attend meeting. Other shareholders, directors and bank operator shall verify their identity documents & signatures if not attend meeting in Hong Kong.
Different banks have different requirements for account opening. In general, business plan, address proof and passport copy are required and it will take approximately 7 – 10 working days.
For more information, please contact our Corporate Service Manager.
Preparation for bank account opening
For Shareholder(s), Director(s) and/or Bank Account Operator(s):
- Original passport
- Original residential address proof(issued date in latest 3-month)
- Valid Driver License, Utility Bill, Bank Statement etc.
For Company:
- Incorporation documents (HKCPA Certify True Copies are acceptable)
- Business Proof
- Any invoice, brochure, website, contracts atc. that can help banker understand your business background.
- Business Plan
- Business Plan Template for bank to understand the nature of business.
RMB Trade Settlement Accounts
RMB Trade Settlement scheme launched in Hong Kong since June 2010.
Using Hong Kong company and Hong Kong business bank account can enjoy below :
RMB cash withdraw
- RMB cash withdraw is possible at HK branch;
- No maximum limit for cash withdraw in person;
Send & receive RMB remittance
- Can receive RMB directly in business account;
- Can transfer RMB from Hong Kong business account to Hong Kong personal account;
RMB investment
- Can use the RMB maintained in the account to purchase RMB related investment products;
Business nature and nationality
- All nationality and business nature can enjoy RMB services;
Restrictions
- RMB cannot transfer from Hong Kong personal account to Hong Kong business account;
- RMB transfer between Hong Kong personal account should under same account owner.
- Cannot handle RMB purchase via internet banking;
- RMB only can purchase at branch and need pay handling fee;
