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Bank Account Opening |
Banks in Hong Kong may change policy in bank account opening requirements without prior notice. Although we endeavors to keep information update, availability of our service and charges still subject to :
- Final approval of the bank.
- Overseas branch and office network of the bank.
Our company herewith does not take up responsibility of client¡¯s loss due to unsuccessful opening of bank accounts.
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Open Bank Account in Hong Kong
Open Bank or Investment Account in overseas
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Why using banks in Hong Kong ?
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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 :
- No risk of service being terminated - banks offering offshore bank account service may not having formal approval from local government.
- 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 HK$3,000. Below which a monthly administrative service fee of around HK$50 will be charged. However, minimum balance of most offshore bank accounts is around US$5,000 and corresponding service fee is around US$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.
Therefore, most clients are willing to open bank accounts in Hong Kong where he can visit and carry out transaction.
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Who can open bank account ?
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We offer the service of arranging clients to open bank accounts in banks in Hong Kong. Client can be
- Personal individual of any nationality
- Hong Kong registered company ( limited liability, sole proprietorship or partnership )
- Offshore registered company, such as BVI company.
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Which bank to use in Hong Kong ?
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Factors to consider which bank to use include :
- Whether online banking is available;
- Whether online banking can be setup easily;
- Reputation of the bank;
- Future support of the bank.
Recommended banks in Hong Kong
- The Hongkong and Shanghai Banking Corporation Limited (HSBC);
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Key points in selecting which bank to open account.
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Each bank has its own account opening policy and procedure. When similar services are being provided, there are key differences that client should consider before selecting which bank to use :
- Client needs to come to HK to sign account opening documents - some banks can arrange client to sign overseas in client's local city;
- Minimum average bank balance before monthly bank administrative fee can be waived - if the average bank balance falls below certain amount, there will be bank administrative fee. The minimum balance ranges from HK$3,000 to HK$1 million according to different bank;
- Internet banking procedure - banks have similar internet banking function, but, have different security requirement. Some banks allow client to have account balance enquiry in 1st stage of account opening. Then, client needs to go to the bank to activate the 2nd stage (global money transfer function is then activated). This means client needs to come to HK twice in order to have complete internet function. For some banks, client just needs to come once;
- Document and bank charge in opening bank account - some banks request documents be certified by HK CPA and charge some bank fee in opening bank account. This increases the cost to client;
Please specify your need and your city so that we can give more complete advice.
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What type of bank accounts ?
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Standard package of bank accounts include :
- Hong Kong Dollar (HK$) Current Account (cheque book will be available);
- Multi - currency Account (including US$, EURO etc);
Bank accounts can be operated by way of :
- Traditional over the counter when client is in Hong Kong;
- Sending signed instruction form to banks;
- Phone banking;
- Internet banking.
Optional bank account features are L/C acceptance, ATM card etc. Client should state their request clearly but
- Extra service fee may be charged for non-standard bank account opening service.
- Banks may raise additional requirement from client before approving their application.
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How about issuing L/C or / and receiving L/C payment ?
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The bank accounts we mentioned so far is "cash management accounts". This should be the first type of account you opened with a bank. Then, you can open "trade account" for trading purpose - issuing and receiving L/C payment.
Please note that :
- Extra bank charges is required for opening of trade account;
- Client needs to provide sample trade documents (trade agreement, invoices etc) in opening of trade account;
Client should note that as a new client to the bank, it is common for banks to ask for 100% cash / property security to issue L/C.
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What should client prepare for opening bank account ?
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Personal individual |
Hong Kong company |
BVI company |
| Personal Identity |
Passport copy |
Passport copy
of all directors |
Passport copy of
all directors and shareholders |
Company information,
including CI and director minutes |
N/A |
To be prepared by
Company Secretary of the company |
To be prepared by
Company Secretary of the company |
| Address proof (1) |
Address proof |
Required by
some banks |
Required by
some banks |
| Banker¡¯s reference letter (2) |
Required by
some banks |
Required by
some banks |
Required by
some banks |
| Business record / planning (3) |
N/A |
Required by
some banks |
Required by
some banks |
| Certificate of Incumbency (4) |
N/A |
N/A |
Required by
some banks |
| Certificate of Good Standing (5) |
N/A |
N/A |
Required by
some banks |
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(1) Address proof can be any telephone bill, electricity bill, or bank statement showing name and address. Photocopy is required in start of application. Originalis required when client is signing the bank account opening document.
(2) Our firm can provide sample if necessary. Most bank charges for issuance of such reference letter.
(3) Requirement may be exempted if directors can sign documents in Hong Kong. Our firm can provide sample if necessary.
(4) & (5) Requirement maybe exempted by bank depending on bank policy and history of applicant company. Each certificate costs US$150 and not including in service fee.
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For more information about "Bank Account Opening Procedure"
Please refer to [ FAQ - Bank Account in Hong Kong ]
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What is the service fee ?
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Our service fee is :
( not including document certify fee, bank charges, courier fee etc. )
- Personal individual - HK$ 1,000
- Hong Kong company - HK$ 1,000
- BVI company - US$ 200
Documents Certification fee by HKCPA is HK$300
Banks in Hong Kong may charge fee in opening bank accounts, especially for limited company. Banks have to carry out company information search before approving application and this will be charged as disbursement from client. Usually, the charge (around HK$200 for HK company and HK$1,000 for BVI company) need to be paid when application for bank account opening is made.
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How long it takes to open bank accounts ?
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If client can sign documents in Hong Kong, it takes 1 to 5 working days to effective the bank account.
If client cannot sign documents in Hong Kong, It takes around 1 month for the whole process.
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Visiting Hong Kong to open Hong Kong bank account.
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- Bankers have different requirement to meet client in order to open bank account;
- Generally, at least 1 director needs to attend in HK;
- For HSBC, client can visit our Hong Kong office, or China offices to complete this process (witnessing ID doc and signature);
- This service costs extra HK$1,000 fee;
- This service gives client convenience of arranging signature;
- Client still need to fulfil banker's requirement on ID document and business activity proof;
- Availability of this service is subject to the case structure and situation - if client is interested to use this arrangement, please advise and we can comment;
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What document is required - Apostille ?
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Client may open bank account or investment account in different countries (other than in Hong Kong). Those overseas bank and investment institution usually request to know complete information about the company. Moreover, they need those documents be certified by 2 levels :
- notarized by lawyer in Hong Kong first; and then
- apostilled by Court in Hong Kong
This apostille procedure is recognised by most countries as valid document verification.
Documents include :
Identity of client
Information of subject company
- Certficate of Incorporation
- Business Registration Certificate (applicable to HK company only)
- Certificate of Good Standing
- Certificate of Incumbency
- Minutes to open account authorizing signatory
In order to obtain apostille document, client needs to send all original of above listed to us.
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Service fee and time required.
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Service fee per set of apostille document - HK$2,500
Time required is around 5 working days.
In most cases, additional international courier fee will be charged (approximately HK$500) in order to send the documents back to client.
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TEXT ONLY SECTION
AsiaBS - Asia Business Service Limited
- Professional Qualified Accountants (ACCA, HKICPA) in Hong Kong
- providing services of
Hong Kong Company Formation (Form Company), Incorporation, Business Startup, Limited Company and Unlimited Company Formation, Sole Proprietor, Partnership- China Company Formation : Wholly Foreign Owned Enterprise (WFOE) Joint Venture (JV), Representative Office (RO)
- Offshore Company Formation : BVI, Samoa, Seychelles, Marshall Islands
- Company Bank Account opening in Hong Kong : HSBC etc.
- Company Secretary, Nominee Shareholder, Director, Annual Maintenance, Accounting, Auditing, Taxation, Tax filing, Tax planning
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