How can we guarantee successful bank account opening?
We think every business is serious, and every company deserve a Hong Kong bank account despite the ‘risk avoidance’ policies of Hong Kong banks.
It’s getting harder to open accounts in Hong Kong banks, since banks in Hong Kong have implemented stringent customer due diligence (CDD) / know your customer (KYC) process for over 5 years, account opening in Hong Kong banks become complex and time consuming:
- Under Anti-money laundering /Counter-terrorist financing (AML/CTF) regime, the banks are required to establish risk-control in their system to identity and cut the financial channel supporting money laundering and terrorist financing.
- Implementation of Automatic Exchange of Financial Information (AEOI) policies including the OECD’s Common Reporting Standard (CRS) and the US’s Foreign Account Tax Compliance Act (FATCA) requires banks in Hong Kong to automatically report their accounts’ information held by tax residents of CRS participating countries or US nationals to their respective tax authorities in an efford to fight againt global tax evasion.
- The countries or territories which are not compliant to those financial disclosure standards are ‘black-listed’, nationals from which directly or indirectly are extrememly difficult to open bank accounts in Hong Kong.
In fact, Hong Kong banks always welcome business but they hate risk. To enhance successful rate of approval, you need assistance of Hong Kong bank account opening from specialists who understand the up-to-date banks’ CDD policy and how it works.
If you have a serious business, let ICA Global Solutions Hong Kong bank account specialists to help.
Option 1 – Buy a ready-made Hong Kong bank account
Occasionally, we encounter owners of existing Hong Kong enterprise who are planning to cease their businesses, some of them want to dissolve their Hong Kong companies while some think their companies and business bank accounts are valuable to others. These companies and bank accounts are deliberately prepared as “off-the-shelf” items which do not bear liability, they are ready for new owners to buy their ownership.
How to obtain the ownership of a ready-made bank accounts from old owner?
The process begins at how a ready-made company is prepared.
The “off-the-shelf” ready-made company is the company being held by nominee directors and shareholders, ensuring that the company does not engage in any business activities, does not bear liability and maintain its statutory status.
Some of the ready-made companies are prepared as “off-the-shelf” right at their incorporation by using nominee, the nominee open bank account for the company, then leave the bank account unused, while some aged ready-made have engaged in business before they are transferred in the hand of nominee directors and shareholders, these companies have opened banks accounts for business transactions, the companies apply for change of the account signatories to the nominee accordingly.
In fact, the banks require the signatory of the account to satisfy their AML/CTF policies, it posts a great deal of difficulty to the true owners sometimes. To overcome this barrier, the nominee must remain as the nominee signatory and director after the transfer.
The transfer process ends when the nominee hand all the bank account documents including bank account number, online banking login & password and ATM card back to the true owner base on their mutual agreement signed.
Option 2 – Apply for a Hong Kong business bank account with assistance
ICA Global Solutions can assist serious business owner like you with the opening of a corporate bank account in Hong Kong. Although it is possible that both onshore (i.e. Hong Kong incorporated) and offshore (i.e. non-Hong Kong) company to apply for it, .
Before apply, please note:
- Offshore company is highly recommended to incorporate a onshore company as a lcoal entity in order to set up an account.
- Some banks are highly favorable to companies possessing a local office address instead of virtual office or corresponding address.
- The banks properly reject applications involving nationals from ‘high-risk’ countries and territories.
- Important! As part of Know Your Customers (KYC) policy, all signatories, major shareholders (usually holding more 20% of the shares) and directors of the company must attend the face-to-face interview with the banks in Hong Kong. The meeting is conducted in English or Chinese, and your performance in the meeting is critical to the application. Take it seriously!
- Important! For offshore companies, certified true copy of documents, notarial and authentication (Apostille) of certificates and translation of documents to English are often required by banks.
- Important! New company without any proof of business must have difficulty in overcome the banks’ KYC.
Companies who wish to open accounts in Hong Kong banks are required to provide documents and proof of business to the banks for consideration, including:
- Residential address proofs, identity documents (e.g. paasport), and recent bank reference letters of directors, major shareholders of the company and bank account signatories.
- Incorporation documents
- Proof of business, including: business plan, organization chat, business contracts and invoices
Your Hong Kong bank account opening assistance is here!
- Our specialists are able to pre-access your application, and offer alternative solutions if the chance to win is low.
- Our account opening specialists are very familiar with Hong Kong KYC policies, and we have close relation with a few of Hong Kong banks.
- Our team members live and work in Hong Kong, we know up-to-date requirements for account opening.
- Our team is able to select the most comfortable banks which have favorable consideration to specific nationality and business models.
- We can book multiple bank interviews during your visiting to Hong Kong to save your time.
- Our company prepare all the documents required by the banks for you before the banks interview in Hong Kong.
- Our teams can assist you to create a set of well-explained documents to describe your company’s activities and source of fund. Usually, our clients need our assistance to finish it.
- Before you attend the meeting, our specialists can share the latest information related to the banker’s questions and suggest the best possible answers.
After the banks interview, the banks usually take 3 weeks to process your application. The application result will be informed to the application via email and post to your Hong Kong corresponding address.
If the application is successful, our team in Hong Kong can assist you to collect all the bank’s account items in Hong Kong such as the security device (some called it ‘token’), letter bearing online banking information, and ATM card. Then, we can send them to you by courier services.
Our team can speak English and Spanish, for enquiy or quotation, feel free to contact us.
This post is also available in Español.