Are you looking to expand your business into the Asia market? There is a lot that speaks for Hong Kong.
With your Damalion expert by your side, you don’t have to visit Hong Kong when opening your bank account. We can help you in this aspect. Thanks to our connections and expertise, it is possible to open a bank account remotely provided that you (the client) meet specific requirements.
As one of the prominent financial centers in the world, Hong Kong has a beneficial and satisfactory infrastructure for doing business and making investments. Starting a business in Hong Kong requires company incorporation, and in general, opening a bank account in Hong Kong is one of the main requirements for incorporating companies and doing business in Hong Kong.
Although its good reputation allows foreigners to open a bank account in Hong Kong, foreigners need to understand the procedures and documents required to be successful in doing so, but first, why open a bank account in Hong Kong?
Advantages of opening a corporate bank account in Hong Kong
- One of the biggest advantages of having a Hong Kong business account is that interest is tax-free, which in turn enables entrepreneurs to reap the maximum advantage of their savings account.
- Also, there is no restriction on foreign exchange remittance and transfer of funds
- There is convenience in the settlement of international trades and in getting trade financing from international banks
- Also, no restriction on the conversion of currencies
As the industry is so popular and flourishes, Hong Kong has a solid economy that attracts businesses to want to participate and pursue investment opportunities, and this reputation extends to the banks, which are high-profile and known to be safe for money storage.
Additionally, Hong Kong banks offer many online options which make it easy to manage and maintain an account from anywhere in the world.
Setting up a corporate bank account for your business in Hong Kong
The process of opening a business bank account in Hong Kong typically takes just a few weeks. And this can be done by everyone, regardless of resident or non-resident.
Here are the steps involved:
- Choose the appropriate bank: choosing the right bank can be based on several criteria, such as the bank’s presence in other countries, online and mobile services, and bank fees.
- Prepare and submit all necessary documents to the bank for due diligence
- Wait for bank approval and activate the bank account
Required documents to open a corporate bank account in Hong Kong
The documents needed to open a corporate bank account in Hong Kong are the following:
- ID documents for directors and shareholders
- A resolution by the board of directors, authorizing the opening of the bank account and giving one person permission to handle the application with the bank
- Official company documents, such as articles of association.
- Proof of address for directors and shareholders, such as utility bills
- A valid visa
- A business plan, clarifying the nature of the business and defining projections for expenses and revenues for the next 12 months.
Some of the documents required will need to be certified by a public notary, accountant, or lawyer.
Note that the requirements for this process may differ, depending on the selected bank.
Also, due to global anti-money laundry involved, many banks have become more strict in selecting their clients, in addition to obligating the KYC procedure.
Open a business bank account in hong kong without visiting Hong Kong
When opening a corporate bank account in Hong Kong, a personal interview with the bank’s representative is possibly compulsory. All directors, beneficial owners, and shareholders with no less than 10% or other pre-specified rates of the company shares must partake.
As a new client, the registration process and requirements to start a bank account in Hong Kong might be confusing, but with your Damalion expert by your side, it’ll be a straightforward process, just contact your Damalion expert now to open your corporate bank account in Hong Kong.
