Banking Introductions

Banking Introductions FAQs

1. How can I open corporate bank accounts for my company in Hong Kong?

All banks now undertake increased due diligence – not just when opening accounts but also on a transactional basis. Applications can be complicated and documents often have to be certified or notarised and translated.

We can assist in preparing corporate documents and business questionnaires. However, banks will want to see a solid business background, and a relatively low-risk commercial activity to onboard a resident and non-resident companies and individuals. Companies will need to provide enough supporting business documentation such as business plans, invoices, contracts, letters of intent, etc. to satisfy the bank’s compliance requirements.

We can also advise how to choose the right bank for your company, however, we cannot accept responsibility for the stability or solvency of individual banks. A banking introduction should not be taken as an endorsement of the bank or any guarantee that an account application will be successful.

2. What do I need to prepare for opening a bank account for my company?

For a corporate account you’ll need to provide the following in addition to your proof of identity, residency and wealth:

Companies incorporated in Hong Kong

• Certificate of Incorporation
• Valid Business Registration Certificate
• Incorporation form / latest Annual Return (corporate structure of the company)
• Articles of Association

Offshore companies (Non-Hong Kong companies)

• Certificate of Incorporation
• Memorandum & Articles of Association (constitutions / bye-laws)
• Certificate of Incumbency (corporate structure of the company)
• Certificate of Good Standing (proof of the government fees paid)

All banks now undertake increased due diligence (Anti-money laundering laws, and Know Your Customer requirements).
Basically you need to meet 3 tests to pass KYC.

1. Proof of identity (passport or national identity card)
2. Proof of residency (usually a utility bill or bank statement with your name and residential address)
3. Proof of wealth (to understand where, when and how a client has accumulated wealth)
   

These KYC standards are what banks use in order to satisfy their regulatory compliance. You’ll need to meet the above at most banks in order to allowing them to identify their clients and monitor their transactions.
For overseas or offshore companies, a business connection with Hong Kong is required. For example in the form of local clients, suppliers, partners to justify the reason for account opening. A personal visit is also required.

3. What kind of business proof is required by banks?

Business proof is one of the important items for the KYC processes, including:

• Latest Three Months Bank Statements
• Provisional Sales and Purchase Agreement
• Land Search of the Property (for Property Holding Company only)
• Investment Holding Evidence (for Investment Holding Company only)
• Latest Audited Report of the Company or Intermediate Owners / company with common UBO & same business nature

Other Business Proof

• Invoice
• Website
• Packing List
• Sales Contract
• Leaflet / Brochure
• Confirmed order
• Documentary Credit
• Notice of participation issued by MPF Trustee
• Agreement or communication with potential Buyer or Supplier

4. Any alternatives to bank accounts in Hong Kong?

All companies require a bank account in order to be able to business, but opening accounts is becoming increasingly difficult due to international transparency and anti-money laundering initiatives. Many banks will no longer open accounts for non-resident companies. Others will only open accounts for clients that have solid business proof.

There are alternatives to traditional bank accounts especially for online businesses, bank account that connect electronic platforms such as Paypal and Stripe. These services providers are usually licensed money service operators or electronic money institutions offering receive multiple-currency payments with dedicated instructions, send payments to local and international payees, exchange funds between supported currencies and issue physical and virtual cards to make payments online and in-person. The application can be made online and the accounts can be operated remotely.

Offshore bank accounts are another option for those entities or individuals facing difficulties opening up an account locally. An offshore bank account is a bank account that is off the shores of where you currently live. In other words, it is a foreign bank account located in another jurisdiction.  We have a list of recommended banks in Singapore, Switzerland, Mauritius, Georgia and Macau for international clients.