Bank account opening is demonstrated in the four-step process as below:
Step 1. Collect required documents
Step 2. Submit documents
Step 3. Process on-boarding/Have a meeting with the bank officer
Step 4. Activate bank account
Note that requirements for this process may be varied, depending on your bank of choice.
Setting a corporate bank account is a bit more difficult than that for the basic account.
In addition non-resident enterprises are required to attach additional documents like business proof.
Furthermore, all directors, beneficial owners, and shareholders with no less than 10% or other pre-specified rates of the company shares must attend the interview with the representative of the bank for opening a Hong Kong bank account.
Each bank may set out certain requirements for non-residents to set up a bank account in Hong Kong. However, the complete account opening process in Hong Kong can normally take up to 15 working days.
Hong Kong set out strict anti-money laundering regulations. Under the guidance of the Hong Kong Monetary Authority and in line with international best practice, all banks in Hong Kong need to check due diligence on both new and existing customers to get a better understanding of them.
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