Open corporate bank account in Hong Kong
Tetra Consultants assists our international clients with Hong Kong corporate bank account opening for their newly-established companies. Over the years, we have established working relationships with a wide network of reputable Hong Kong banks with good internet banking facilities.
To open a corporate bank account in Hong Kong, it is mandatory for our international clients to travel for a face-to-face interview in Hong Kong. Our team in Hong Kong will accompany our clients to attend each bank meeting and ensure no communication barrier and seamless process.
Hong Kong companies
After Hong Kong company registration, Tetra Consultants will start the process of Hong Kong corporate bank account opening. Many clients choose to board their Hong Kong businesses with Hong Kong banks due to the stable and efficient banking structures in the country. Unlike Singapore, the overseas profit received through the Hong Kong corporate bank account is not subject to corporate tax. Some of the banks Tetra Consultants work with include Citibank, HSBC, Hang Seng, and DBS Hong Kong.
As your business will be classified as a local company, the corporate bank account opening process is usually straightforward and swift. Coupled with the preparation of a business plan and required due diligence documents, Tetra Consultants expects you to have access to your internet banking within 4 weeks.
Tetra Consultants assists our international clients to open Hong Kong corporate bank accounts for their overseas companies. Tetra Consultants will draft a detailed business plan and prepare in advance all required KYC documents to ensure minimal delay in the engagement. All Hong Kong banks provide excellent internet banking facilities and 24-hour customer support.
See this webpage to find out how Tetra Consultants manages to open each corporate bank account within 4 weeks.
Over the years, Hong Kong banks have become increasingly stricter in their onboarding requirements. As such, some of our international clients may be subject to enhanced diligence checks, to have a local office and employees, or to a higher initial deposit. Nevertheless, our banking team is familiar with the different requirements and expectations of each bank.
What are the benefits of opening a corporate bank account in Hong Kong?
Lower minimum bank account balance
- The minimum bank account balance that is required by Hong Kong banks can be as low as HKD 10,000. If the balance is below the minimum requirement, a monthly service fee can be HKD 100 only. This basically depends on the bank’s policies and regulations. You can find it out by contacting or calling the bank directly.
No tax on interest
- One of the most excellent benefits is no tax on interest earned in the bank account.
Convenient access to bank account
- With the help of internet banking, phone banking, and mobile app, you can easily access your bank account anywhere in the world anytime. Along with this, it is more comfortable to view the transaction advice and the account statements through internet banking and mobile app.
RMB Trade Settlement
- Effective from July 2009, the Hong Kong banks have been permitted to handle RMB (also known as the currency code “CNY”) agreement for cross-border trading with mainland China. The RMB Trade settlement would allow you to settle trade with the designated enterprises of RMB in mainland China. This gives a reduction in the cost of selling and buying RMB, while it gives an option to you for receiving and keeping the RMB trade receipts offshore.
Free capital transfer
- With the world’s most dynamic economy, Hong Kong is driven by the policies of free markets and free trade with no foreign exchange controls. Hence, there is no restriction on the international capital transfer, including transferring dividends or profits to your homeland.
Secure banking system
- The banking industry is significant in Hong Kong, which also is reputed for having high-quality regulations. The identity of the account holder and their transaction information is also subjected to a very high standard of confidentiality. So, you can be sure that your data is in the right hands after opening a business bank account in Hong Kong.
What are the documents required for opening a corporate bank account in Hong Kong?
Here are some of the basic documents commonly needed for every bank:
- A certified copy of the Certificate of Incorporation
- A certified copy of the Articles of Association
- A certified copy of the Business Registration Certificate
- A certified copy of the incorporation form and/or the latest Annual Return
- All 4 registers (of Directors, Members, Significant Controllers, Secretaries)
- Organization Chart
- Share Certificates
- Your passport or Hong Kong identity card (for all directors, shareholders with 10% shares or more, signatories, significant controllers, and UBOs)
- Your address proof – such as bank statements, utility bills, tax letters, driver’s license, etc.(for all directors, shareholders with 10% shares or more, signatories, significant controllers, and UBOs)
- Directors’ experience and CV
- A board of resolution approving the opening of the business bank account in Hong Kong.
- Business Plan in detail
- In addition to the above-mentioned documents, most banks in Hong Kong will require an initial minimum deposit in order to open a bank account.
- Offshore companies that are opening a corporate bank account in Hong Kong will need to submit a Certificate of Incumbency and Certificate of Good Standing in addition to the normal documents.
What is the procedure to open a corporate bank account in Hong Kong with Tetra Consultants?
As part of our Hong Kong company registration service, Tetra Consultants’ banking experts will work with you to make sure that you successfully open your bank account using our experience to prepare your documents for your bank meeting, and make appointments (if necessary) with the banks who we have a good rapport and success rate with. The most prevalent steps that we follow when opening a Hong Kong corporate bank account:
Step 1: Post-registration of a Hong Kong Company
- Once you have completed the steps to register company in Hong Kong, you may start considering one of the Hong Kong banks for a corporate bank account opening.
- If you are still wondering about the process and everything else related to opening a corporate bank account in Hong Kong, it is always advisable to enlist the help of a professional firsthand. Tetra Consultants has outlined the process for you, allowing you to know everything required to open your business account in Hong Kong.
Step 2: Choosing the best banking institution for your business
- Hong Kong is one of the major financial centre, it has a number of international banks and local banks available. But before moving forward, Tetra Consultants’ banking team will first evaluate the nature of your business to make the best choice of a banking institution.
- Tetra Consultants will also take into consideration the type of bank account you require along with additional products and services to be offered by the bank.
- Following this Tetra Consultants will provide you with a list of internationally reputable banks and local banks in Hong Kong which are best suited to your business needs and goals. This list of banks will include information about the important criteria to be considered. For example, the cost of opening a corporate bank account, the range of products and services, aspects of foreign currency control, and others.
- Once our client has made the choice of their banking institution, we will advance our corporate bank account opening services and other steps necessary for your Hong Kong company incorporation.
Step 3: Compilation & preparation of documents
- Given the rate of fraud experienced by multinational banks in recent years, Hong Kong Monetary Authority (HKMA) has strengthened its anti-money laundry measures for banks. Businesses now face more comprehensive compliance checks in the case of opening and using a bank account in Hong Kong. Hence, it is always advisable to get the quality application prepared and the right set of documents to be compiled.
- Tetra Consultants’ banking team is well equipped with the strict auditing and risk management policies followed by the banks in Hong Kong. we will prepare the requisite set of documents and banking application form in such a manner that will result in positive outcomes keeping in mind the strict diligence check conducted by the banks.
Step 4: Adhering to banking requirements
- Even though it is perfectly legal for a company registered outside of Hong Kong to apply for a business bank account in Hong Kong, It is perfectly possible for non-residents to apply for it. However, Hong Kong banks will often be reluctant to open a bank account for a non-resident Hong Kong registered company. Opening a bank account is especially questionable when the owners are from some exotic location known for its lack of transparency.
- To overcome the possibility of getting rejected by the banks in Hong Kong, Tetra Consultants assist clients by providing the nominee director and shareholders services wherein a nominee director or shareholder is appointed by signing an agreement that enlists the terms & conditions of not getting involved with the business. We will ensure that your business is protected by providing “fit and proper” personnel with proven track records.
- So, to fulfill the local mandatory requirements Tetra Consultants is ready to assist as this would certainly make your life easier with banks and leave you more time to focus on business
Step 5: Submission of banking application & interview training
- Once the documents are prepared by our banking team we will move on to submit the first set of documents and the requisite fee for the processing of the application in the bank so chosen by the clients.
- Bank will take note of the application form submitted and perform the initial required due diligence check on the clients and verification of information so provided in the documents. If satisfied with the quality of the application and documents, the bank may further request for an interview to be conducted with the clients for which our team of banking experts will provide you with requisite training.
- Generally, banks in Hong Kong require you to travel to the country for a face-to-face interview. Tetra Consultants will have a representative to accompany you to the meeting. Alternatively, we will also negotiate with the banks to conduct a conference call instead or to request a waiver.
Step 6: Bank Approval & injecting the required minimum capital
- If everything goes well in the interview and the bank is confirmed of the transparency of the proposed business to be conducted in the country you will receive the approval for the corporate account to be opened for your business.
- Once the corporate a corporate account is activated Tetra Consultants will move forward and inject the minimum capital amount as required for furthering the incorporation process of Hong Kong company.
- At this stage, Tetra Consultants will courier the internet banking token and access codes to your preferred address.
Timeline to open corporate bank account
Tetra Consultants aims to secure Hong Kong corporate bank account opening solutions within 4 weeks. This is achieved through a systematic methodology that has worked for us over the years. Regardless of the country of incorporation, Tetra Consultants is confident we will be able to secure corporate bank accounts for our international clients in a reputable Hong Kong bank.
Contact us now for a free consultation. Our team of experts will revert within the next 24 hours.