Hong Kong, an international business hub and a gateway to China for many overseas enterprises, continues to be an attractive destination among foreign investors. In 2017, the World Bank ranked Hong Kong the third best destination for ease of doing business. Opening a bank account in Hong Kong is often a vital first step to establishing business presence in Hong Kong. It is therefore important for foreign investors to understand the procedures and documents required in order to be successful in doing so. Based in Hong Kong, Tannet is glad to help you with bank account opening in Hong Kong.
How to Open a Bank Account in Hong Kong
The procedures and requirements can vary from bank to bank or even branch to branch. Generally the following procedure can be expected:
1. Most banks will require you to make an initial appointment.
2. Following this, a preliminary review is usually conducted.
If the preliminary review is passed, both parties will meet to sign the relevant bank application forms and documents, as well as paying the initial deposit.
Deposit differs according to the bank and is subject to change from time to time. For HSBC, at the time of publication, the initial deposit required to open the account is 10,000HKD—500 HKD of which is deducted for the service charge.
In most cases, banks require the same number of people present as that which forms quorum in a board meeting according to the Articles of Association to satisfy their Know Your Customer (KYC) procedure.
Documents Required for Bank Account Opening
Each bank may adopt their own individual policies, the documents that are generally required are as follows:
1. Company documents: Business Registration Certificate; Certificate of Incorporation; Articles of Association; and NNC1 form.
2. Proof of business: documents required here are less clear, but generally include evidence of the nature of the business, experience in the industry etc. For example, issued/received invoices, business plan description, agreement with suppliers, bank reference letter and website.
3. Personal documents: passport; and residency proof (e.g. utility bill, electricity bill or bank statement which are less than three months old and include your address and your name).
Banks in Hong Kong offer savings, current and multi-currency accounts. You can set up different accounts for different purposes. HSBC, OCBC, Hang Seng, and Standard Chartered are all popular with expats in Hong Kong.
Contact Us
If you have further inquires, please do not hesitate to contact Tannet at anytime, anywhere by simply visiting Tannet’s website english.tannet-group.com, or calling Hong Kong hotline at 852-27826888 or China hotline at 86-755-82143512, or emailing to tannet-solution@hotmail.com. You are also welcome to visit our office situated in 16/F, Taiyangdao Bldg 2020, Dongmen Rd South, Luohu, Shenzhen, China.
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