Of the three major financial hubs of the world, Hong Kong is one. Businesses have a great inclination to have their operations here. For this, it is required to have a functioning bank account in the country.
There are several steps and rules to open corporate bank account in Hong Kong.
Before you start let us get to know the factors to be considered when opening an account.
- The reputation of the bank
- Availability of internet banking
- Minimum deposit requirements
- Facilities offered
- Regular charges levied
There are stricter rules imposed presently for opening a fresh business bank account. This is due to strict auditing and risk management policies introduced by the banks in Hong Kong to prevent fraud.
A reputed agency that provides services like employment visa hong kong price also offers service in obtaining sanctions for a corporate bank account. They will be able to help with their business relationship with popular banks.
The documents required:
- Board resolution for opening an account.
- Business formation documents like Certificate of incorporation, and Business registration. A certified true copy is required to be submitted.
- A certified true copy of MOA and AOA of the business.
- Proof of identity which includes Passport, Director’s Id.
- Address proof like property license, bank statements, utility bills in the name of the one opening the account.
- Proof of business like contracts signed, payment invoices, etc.
- A list of signatures of authorized signatories is also required.
- A detailed business plan in case of new companies.
There is also a need for a minimum deposit to be made to open a business bank account. A certificate of Goodwill is also asked for from those companies from outside HK.
Now let us look into why businesses are eager to open an account in Hong Kong. The benefits speak loud.
- It facilitates the settlement of international trade easily.
- Currency conversion is free.
- Daily account operation is very convenient.
- Internet banking is facilitated round the clock.
- It provides for the free transfer of foreign exchange funds.
- There is no interest tax levied on actual revenue from deposits.
- Trade financing from International banks is made easier.
A minimum balance in the range of HK$50,000 to HK$500,000 depending on the bank’s regulations is required to be maintained. There is also a fee charged in case the minimum balance is not maintained.
It is advised to take the help of authorized agencies in this regard so that all rules and regulations are adhered to.