Opening a corporate bank account in Hong Kong is a straightforward process, offering various options from both international and local banks. This guide details the requirements, procedures, and features of corporate bank accounts across major banks in Hong Kong.
Account Opening Requirements
To open a corporate bank account, companies typically need to submit the following documents:
Bank Account Opening Form: Completed and signed by authorized signatories.
Board Resolution Extract: Approving the opening of the bank account.
Certificate of Incorporation: Certified true copy issued by the Companies Registry.
Business Registration Certificate: Certified true copy issued by the Inland Revenue Department.
Articles of Association: Certified true copy.
Director Declaration: Personal particulars of directors and principal shareholders.
Identity Documents: Copy of Hong Kong identity card or passport and proof of residence for directors, authorized signatories, principal shareholders, and beneficial owners.
Specimen Signatures: List of authorized signatories.
Proof of Business: Business plan or audited financial statements.
Organization Chart: Certified copy showing shareholdings and ultimate beneficial owners.
Trust Documents: For trusts, a certified copy of the trust deed detailing trustees, settlers, and beneficiaries.
Other Requirements:
Initial Deposit: An initial minimum deposit is usually required.
Presence in Hong Kong: Most banks require directors, signatories, and principal shareholders to be physically present in Hong Kong, though some allow signing at overseas branches.
Features of Corporate Bank Accounts
Feature | HSBC | Hang Seng Bank | Bank of East Asia |
HK$ Current Account Availability | Yes | Yes | Yes |
Foreign Currency Account Availability | Yes | Yes | Yes |
Initial Deposit | HK$5,000 (HK$ and foreign currency) | HK$50,000 (HK$ and foreign currency) | HK$5,000 (HK$ and foreign currency) |
Average Monthly Balance | HK$500,000 (HK$ and foreign currency) | HK$50,000 (HK$ and foreign currency) | HK$5,000 (HK$ and foreign currency) |
Monthly Fee | HK$75 - HK$150 | HK$150 | HK$50 |
ATM Card Availability | Yes | Yes | Yes |
Default ATM Withdrawal Limit | HK$20,000 | HK$20,000 | HK$20,000 |
Chequebook Facility | Yes (HK$ and US$) | Yes (HK$ and US$) | Yes (HK$ and US$) |
Credit Card Availability | Yes | Yes | Yes |
Internet Banking Facility | Yes | Yes | Yes |
Internet Transfer Limits | HK$500,000 - HK$1 million | HK$500,000 - HK$5 million | HK$50,000 - HK$2 million |
Business Insurance | Yes | Yes | Yes |
Business Loans | Yes | Yes | Yes |
Trade Finance | Yes | Yes | Yes |
Account Setup Fee | HK$100 | HK$100 | HK$150 |
Considerations When Choosing a Bank
When deciding on a bank for your corporate account, consider the following factors:
Bank Reputation: The credibility and reliability of the bank.
Services and Facilities: Range of services offered such as trade financing, business loans, and insurance.
Support Services: Availability of future support like loans or trade financing.
Minimum Deposit Requirements: Initial and ongoing deposit requirements.
Internet Banking: Accessibility and features of online banking.
Monthly Fees: Any applicable monthly maintenance fees.
Opening a corporate bank account in Hong Kong involves careful consideration of your business needs and the services offered by different banks. By understanding the requirements and features, businesses can choose the bank that best suits their needs, ensuring efficient financial management and compliance with local regulations.
Woodburn Accountants & Advisors is one of China’s most trusted business setup advisory firms.
Woodburn Accountants & Advisors is specialized in inbound investment to China and Hong Kong. We focus on eliminating the complexities of corporate services and compliance administration. We help clients with services ranging from trademark registration and company incorporation to the full outsourcing solution for accounting, tax, and human resource services. Our advisory services can be tailor-made based on the companies’ objectives, goals and needs which vary depending on the stage they are at on their journey.
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