A company owner doing business regardless of location including Hong Kong would always feel the importance and advantages of having a valid bank account at a local Hong Kong bank.
With the one-stop business services locally based in Hong Kong, the company incorporation services would include the service of opening a business bank account. A business service with many years of past experience assisting clients to open bank accounts in Hong Kong will mostly be able to provide guidance on the choice of bank for your new Hong Kong company. It is important to choose a bank that can best align with your intended business activities.
Consider the following when preparing to open a Hong Kong bank account for your company: The banking regulations in HK require all banks operating in Hong Kong to meet with any major shareholder owning a relatively large share of the company. Directors are treated the same way.
Only after such a step, the bank will be able to proceed with the new bank account opening. This meeting is official and must be pre-arranged after your company is cleared for incorporation with the Companies Registry in Hong Kong. The bank would normally take one week to complete the pre-approval process.
The steps to open a company bank account in Hong Kong include:
Step 1: Provide the details of your intended business activity of your new Hong Kong company.
Step 2: You will be provided with the contact details and the website of the bank. You will have to submit your application on the website, with the required documents.
Step 3: The bank officials will review your online bank account opening application and may give you a feedback usually in one week. Then you will have to arrange a time for the face-to-face meeting with the bank’s officials.
Step 4: Bring along the original CPA certified true copies of the company incorporation documents when you are going to the bank’s meeting. At the meeting you may have to explain the scope of your business.
Step 5: it may normally take 2-4 weeks. Sometimes it may take longer. The bank will spend this time processing your application should you have been approved for a new bank account. If you do not reside in Hong Kong, during these weeks you won’t have to stay and wait.
Step 6: You will be notified via other contact methods such as emails. In the email, you will be sent your new bank account details. You will be requested to transfer some funds into your new bank account.
Finally, it is essential to ensure you are properly prepared before submitting your account opening application and documents to the bank. When the application submitted is missing some required documents, it may end up having delays, or getting rejected with the bank account opening.