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Other Services - Bank Account Opening
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Open bank a/c in Hong Kong
Open bank or investment a/c in overseas
Open merchant a/c to receive credit card payment
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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 ¨C banks offering
offshore bank account service may not having
formal approval from local government.
- Clear location of bank account ¨C 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 ¨C 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 ¨C 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. |
| 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;
- Hong Kong
registered company;
- Offshore
registered company, such as BVI company.
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| What is
the service fee ?
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Our service fee is:
- Personal
individual - HK$1,000
- Hong Kong
company - HK$1,000
- BVI company
- US$200
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$1,000 for BVI company) need
to be paid when application for bank account opening
is made.
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| What type
of bank accounts ?
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Standard package
of bank accounts include:
- HK$ 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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| 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 a/c 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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| 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 a/c.
If client cannot sign documents in Hong Kong, It takes around 1 month for the whole process.
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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. |
| What document
is required - Apostille ?
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Client may open bank a/c
or investment a/c 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 a/c authorizing
signatory
In order to obtain
apostille document, client needs to send all original
of above listed to us. |
| 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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| General
information of merchant a/c
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| It
is important to receive credit card payment in
e-commerce. Generally a merchant a/c is required.
Client may apply for merchant a/c via their banks
or payment gateway service companies. Information
required include:
- Company information - registration
documents showing shareholder, director etc.
- Business information -
proving existence of actual business and history.
- Company bank a/c - a company
bank a/c so that the moeny received can be transferred
to.
Generally, below cost may
incur:
- merchant a/c
setup fee;
- monthly maintenance
fee;
- transaction fee;
- money withdrawal
fee (from merchant a/c to company bank a/c);
- exchange difference.
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| Service
providing by PayPal.com
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| PayPal.com provides service similar
to a mechant a/c so that client can
receive credit card payment. The characteristics
are:
- Both Premier a/c and Business a/c can accept
credit card payment;
- With Business a/c, client's business name
can appear in money sender's statement;
- No business record or history verification
is required;
- Just need client's personal credit card to
verify the credibility (within minutes);
- [Buy Now] button, shopping cart etc is available
to facilitate payment process;
If you're ready (company
formed with bank a/c and with personal credit
card on hand), you can click this logo and register
as Premier or Business Account.
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Text
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AsiaBS - Asia Business Service Limited
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Professional qualified accountants - ACCA, HKICPA
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in Hong Kong(HK), China, BVI and Offshore
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providing services of
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Company Formation (form company),
Incorporation, Business start up for Limited and Unlimited
company, Sole Proprietor, Partnership, Wholly Foreign Owned
Enterprise, WFOE, Joint Venture, JV, Representative Office,
RO
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Bank account opening - in Hong Kong - HSBC, Hang Seng Bank etc,
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Company secretary, Nominee shareholder,
director, Annual maintenance, Accounting, Auditing, Taxation,
Tax filing, Tax planning
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