Bank account opening
All banks operating in Hong Kong are required by the Hong Kong Monetary Authority to conduct Anti-Money Laundering due diligence on all new clients during the account opening process. In summary, the banks are required to gain an understanding of the intended business activity of their clients new Hong Kong Company, to verify the business background of the company's owners and to satisfy themselves that the new account will be used for legitimate business activities.
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Usually it takes up to 6 weeks to open a bank account in Hong Kong depending on which bank the client wishes to apply.
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The banks that we recommend for account opening in Hong Kong are:
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HSBC (Hong Kong and Shanghai Banking Corporation Limited)
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Hang Seng Bank Limited
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DBS Bank (Hong Kong) Limited
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BEA (Bank of East Asia)
An appointment is required for bank account opening. Optigma HK Ltd can help you to make the appointment with the bank for bank account opening. It is advisable to make the appointment at least 10 days before the meeting with the bank officer.
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The following documents must be provided for bank account opening:
1. Original passport and original residential address proof of all the Directors / Shareholders / Ultimate owners of the Company;
2. Business proof includes documents showing that your business is truly operational, such as invoices, contracts, bill of Lading; packing list; Brochure; etc;
It should be noted in cases where the Directors or owners of the new Hong Kong company are not Hong Kong residents, they should provide the bank with details of existing companies owned by themselves in their country of residence in order that the banks can verify the clients business background.
If non-resident Directors or owners do not own an existing business in their country of residence, the banks in Hong Kong may proceed on a case by case basis if the owner provides a business plan and details of their employment history explaining how their employment background is relevant to the new company's intended activity.
Normally, the bank will charge HK$1,000 for Hong Kong Company and HK$10,000 for overseas Company as their service fee for corporate bank account opening.
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Our services include:
1. Arrange the meeting with the bank;
2. Prepare the certified true copies of company documents for bank account opening;
3. Meeting with the banker, accompanied by our colleague; and
4. Follow-up with the bank on outstanding issues in respect of bank account opening.
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Important Notice
Banks in Hong Kong may change policy in bank account opening requirements without prior notice.
Please note that the final decision whether to open a bank account for the company is entirely at the discretion of the bank after they reviewed the business activities and due diligence documents. It cannot be influenced by ourselves and therefore Optigma HK Ltd does not take up the responsibility for any kind of client loss due to unsuccessful bank account opening.
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