Hong Kong Banking
Hong Kong banking is more evolved and more complex than other banks in the World. Hong Kong is considered the financial center of the World and therefore Hong Kong Banks are a little different than others in the World.
Opening a Bank Account in Hong Kong: Is It Hard
Hong Kong is a large international financial center integrated with a developed bank network and effectively transparent regulations. The reputation of Hong Kong banking is well known. According to HKMA reports, Hong Kong has more than 70 of the world’s 100 largest banks, and about 30 multinational banks have their regional headquarters in Hong Kong.
Many foreign and non-resident companies, especially start-ups, often encounter some difficulties when trying to open a bank account here. Common problems are:
· Due diligence procedure in Hong Kong
· Face to face appointment, especially around Hong Kong banking holidays.
· Long wait for bank approval
· In addition, each bank may apply different criteria when assessing the adequacy of a case.
Applicants may be denied access to open an account in a Hong Kong bank due to nationality or business activities. If you want to learn more about these reasons, then keep reading.
Please Understand The Procedure Before Opening A Bank Account
Applicants find it difficult as they do not have the knowledge for Hong Kong banking or to open a bank account. There are many things to consider when opening a bank account, especially in reputable offshore banking countries such as Hong Kong and Singapore.
There are four steps in opening a bank account:
· Gathering required documents
· Submit the document
· Recruitment process / Interview with bank officials
· Activate your bank account, you can do this step via Hong Kong virtual banking
Please note that the requirements for this transaction may vary depending on the selected Hong Kong banking rules.
Setting Up a Corporate Bank Account
Setting up a corporate bank account is a little more difficult than setting up a basic account. In addition to knowing the obligations of Hong Kong banking, non-resident companies need to attach additional documents, such as a business certificate.
In addition, all directors, beneficiaries and shareholders holding 10% or more of the company’s shares or other predetermined percentages must attend a meeting with a bank representative to open a Hongkong bank account. Each of the Hong Kong largest banks may set specific requirements for non-residents to open a bank account in Hong Kong.
Open a remote bank account in Hong Kong
Some say foreigners cannot open bank accounts remotely in Hong Kong. In fact, foreign customers may have several ways to open a bank account in Hong Kong. They can choose almost anything from the list of Hong Kong Banks.
However, the direct visit requirements to open a Hong Kong bank account create difficulties and inconveniences for foreigners. All applicants (and directors of affiliated companies) wishing to open a bank account in Hong Kong must attend the application interview in Hong Kong.
However, it is still possible to open a bank account remotely with Hong Kong banking if the person is following these solutions;
Non-residents may choose “branch apps” as a viable solution to minimize complexity. They can find international banks based in Hong Kong (eg HSBC). This process has become more difficult since the Hong Kong banking crisis.
This way, they can visit their main bank, meet all required documents, and then come to Hong Kong to complete the final steps of the opening process. Please note that only some banks offer this option and each branch has its own policy on this.
It is therefore recommended that you contact your preferred bank or trusted bank referral to find out about this option at your local bank branch. This is a crucial step for Hong Kong banking applications.
How To Open A Bank Account For A Hong Kong Company
If you are planning to start a company in Hong Kong and are wondering how difficult it is to open a bank account there, we recommend considering an offshore bank account. Instead, you can open a bank account in another country. Due to its reputation, Hong Kong companies are generally welcomed in most foreign countries and can easily open a bank account.
Most of the offshore Hong Kong banking enjoys a good relationship with Hong Kong’s extensive network of both local and international banks. Their knowledgeable local financial experts are always available to assist Hong Kong companies in opening bank accounts.
These companies are proud to be one of the best support teams for opening a bank account in Hong Kong. We will serve our customers with a “one-time fee for multi-bank support”. With the Premium Banking Package, customers can apply for up to 5 banks or until the account is successfully opened, whichever comes first. This is why Hong Kong private banking is more useful than using just one bank.
If registration with the first selected bank fails, the company will continue to support its customers with other eligible options in Singapore, BVI, Belize and other jurisdictions. Finding an offshore bank account for a Hong Kong company is also an effective solution.