Hong Kong is a world-renowned financial center, its sound financial system and banking institutions and services throughout every street, which optimize the business environment and bring a lot of convenience and opportunities for enterprises at the same time. Many investors go to Hong Kong to invest and to open an account, but each bank has its own requirements and procedures for account opening, and requires different information. Corporate directors and shareholders often go repeatedly back and forth between the corporate and banking because of unfamiliar or incomplete information. Conpak CPA is based in Hong Kong, established good relations of cooperation with the international banks in Hong Kong, we have services of Hong Kong bank account opening, enabling our customers to open an account with cost savings and shorten time.

Why open an account in Hong Kong?

There are many benefits of opening a bank account in Hong Kong. First, Hong Kong has no foreign exchange controls, but there are advanced foreign exchange settlement system and improved financial infrastructure, the funds can be freely allocated; second, the currency can be changed freely in Hong Kong, which is facilitate in the international trade settlement of payment; third, Hong Kong is exempt from tax on interest, the real return on deposits is higher; fourth, it is simple to operate for the Hong Kong bank account, and can open online bank for transactions; fifth, Hong Kong’s financial position is excellent, the applicable legal framework is accordance with the Basel standards, which is benefit for investor financing.

The ways of account opening

At present, the ways of Hong Kong bank account opening include face-to-face account opening, video account opening and witness account opening (QI account opening). Among them, face-to-face account opening refers to shareholders and directors of the company going to the Hong Kong bank for account opening, it can be finished on that day under normal. Video account opening refers to the shareholders and directors of the company to visit the Mainland Branches of Hong Kong banks at the appointed time, open the account with the witness of the staff. It normally takes about 15 working days. So far, Conpak has the attestation qualifications for Citibank, HSBC and Hang Seng Bank. The QI account opening refers to the company’s shareholders and directors visit the Conpak office in Shenzhen or Shanghai for account opening under the witness. It is only 10 working days from QI account opening, which is facilitated in cross-border transactions with customers.

Process and information on account opening

The process of Hong Kong bank account opening is very simple, generally including submitting the application, approving the account number, sending a check book, sending online banking password, confirming the online banking password to start, the service of the first online banking logs in, sending or receiving ATM card and password and other details. Of course, the premise of successful account opening is   the applicant must provide the necessary information, such as:

• Original proof of identity of shareholders and directors

• Original certificate of Business registration

• Original certificate of corporate registration

• Original Articles of Association of the Company

• Company seal

• Statutory register documents

• Directors proof of address

• Proof of business (orders, purchase and sales invoices, contracts, bills of lading, etc.)

• Documents of account opening signed by accountants

At the same time, Conpak remind investors that a company can set up multiple bank accounts in Hong Kong, but all accounts are required to apply for the establishment of the company. After opening the account, investors need to well preserve the bank monthly statement, water bill and other various expenses bills, in order to prepare for inspection or later required.