HONG KONG COMPANY BANK ACCOUNT
Establishing a Corporate Bank Account in Hong Kong
We can help you open a corporate bank account with one of the largest international bank in Hong Kong:
FULL range of banking services offered by this bank:
- Minimum deposit USD300 and USD1300 for Hong Kong company and offshore company respectively
- Internet Banking / Telephone Banking
- Requires bankers' references letter
The Bank Account in HK:
Here is a short description of how the bank account is to be opened and how it is operated.
Bank Account Opening
The client has to bring the blank account opening forms we will provide to any branch of the BANK where he lives together with his passport .
The client then signs the account opening form before the presence of the staff from the BANK. After the client sign the document, the staff will co-sign the document or put a chop witnessing the client's signature next to the client's signature.
At the same time, the staff from the BANK will make a photocopy of the client's passport and put a chop and sign on the passport photocopy to certify that the photocopy is a true copy of the original passport (only the pages showing the holder's particulars are photocopied).
The client gets back the account opening form and sends it to our HK office and we will submit it to the Bank.
Note the client does not have to fill out the form before signing it. Also, in some cases, the witnessing bank will send the documents back to the BANK directly.
Please note that the bank now requires at least one director or shareholder present personally in the branch in Hong Kong for the opening of bank account for the purpose of due diligence.
Operation of Bank Account
Once the bank is up and running, the client can operate the account in the following ways:
(1) Issuing checks to settle bills;
(2) TT money out of the account to other accounts in and outside Hong Kong
(3) Receiving money from other parties in and outside Hong Kong in any currency.
As to TT, the client will have to fill out the TT form and send them directly to the BANK. Of course, the client can send the TT form to us and we will forward them to the BANK.
The client can apply for internet banking facility and telephone banking facility for the bank account so as to enable them to operate the bank account over the phone or through Internet. However, the director who has control and who will actually use internet banking facility, will have to pick up the password personally. If the internet banking facility is up and running, the client can transfer or wire money out of the bank account to other parties.
Therefore, if the client wants the internet banking facility be set up under his own name, then he will have to come to Hong Kong to pick up the password. Otherwise, we can help the client apply and set up the internet banking facility under the name of the nominee director from HK. After this is set up, we will then forward the password to the client. Of course, we will not open the envelope containing the password and we certainly don't want to be involved in the operation of the bank account.
As we act as nominee directors, our signatures will also appear in the bank account opening form, however, we will not be the authorized signatories and we therefore will not have any control over the account.
For your information, the BANK recently launched a partly functioning internet banking facility. It is called partly because client can only transfer money between different accounts (checking, HKD saving and foreign currency saving accounts) through internet. That is, transfer to third party is not allowed. For this facility, the BANK can send the password directly to the client.
As a side note, the BANK requires a initial deposit of US$300 for the account, therefore you will have to wire the deposit with the incorporation fees.
Also available from Hong Kong:
Hong Kong Corporate Bank Account Setup Fees
For Hong Kong companies registered through us, we charge only US$300. Also, the bank requires the whole set of incorporation documents be certified by accounting firm. We can arrange this for a fee of US$100. Total total cost for setting up a corporate bank account therefore is USD400.
For company not incorporated through us or incorporated in other countries, our fes starts from USD525.