Hong Kong corporate bank account
Healy Consultants assists our Clients with the opening of a corporate bank account in Hong Kong. It is possible for both locally-incorporated and foreign (i.e. non-Hong Kong) companies to open a corporate/offshore bank account in Hong Kong.
Hong Kong offshore/corporate banking options
- Hong Kong is one of the leading countries in terms of banking and it is ranked 4th in the Global Financial Centres Index in 2016. The country has over 71 of the world’s biggest international banks and a FX volume of US$274.6 billion daily;
- The banks do not require foreign companies to possess a local entity in order to set up an account. However, the Hong Kong Monetary Authority requires each signatory, shareholder and director to go through an hour face-to-face interview, which is a part of AML/CFT obligations;
- International banks we recommend include: i) HSBC, ii) DBS, iii) Citibank iv) BNP Paribas, v) Deutsche Bank and vi) United Overseas Bank. Out of these many international banks available, HSBC is the most highly-recommended because of the multi-currency account that the bank provides;
- Local banks in Hong Kong recommended by Healy Consultants include i) Bank of East Asia ii) Dah Sing Bank iii) Hang Seng Bank.
Hong Kong offshore banking for foreign companies
- Due to the country’s reputation as a well-established financial hub, many multinationals choose to open offshore bank accounts in Hong Kong;
- However, it has become increasingly difficult to open an offshore banking account in Hong Kong because of legislations such as FATCA, which increases the risk taken by the banks when they take on foreign clients;
- The required documents are: i) a business plan with details on the company’s product and services ii) examples of contracts and invoices generated by and for the newly-incorporated company to support the offshore account application iii) recent proof of address of the bank signatories (in English) to accompany the application, iv) notarized passport and address proof copies of bank signatories and v) a bank reference letter for the bank signatories.
- Hong Kong banks continue to tighten corporate bank account opening procedures, their internal compliance departments completing more thorough due diligence of Clients. Consequently, applicants should expect the bank account approval period to take up to 4 weeks;
Corporate banking for local companies
- For Hong Kong companies that wish to open a corporate banking account, the required documents are typically: i) notarized residential proofs and identity documents of directors in English, ii) certified business registration certificate and iii) notarized business address proofs in English;
- The estimated time period for approval of Client’s corporate bank account will be around 4 weeks.
Legal considerations and FX control
- Hong Kong is under the AML/CFT regime, which requires banks to comply with the legal and supervisory requirements set to establish safe financial systems and regulations to avoid and identify money laundering and terrorist financing;
- Hong Kong is compliant to the Foreign Account Tax Compliance Act, FATCA. Banks and other financial organizations are obliged to report information on financial accounts held directly or indirectly by US people;
- The Hong Kong government imposes no limitation on the inflow or outflow of funds for remittance of profits, debt services, capital, capital gains and returns on intellectual property or imported inputs. The currency used is Hong Kong Dollar, which is pegged to US dollar. Hong Kong Money Authority has set the upper and lower guaranteed limit (US$1:HK7.75-7.85) since 18 May 2005.
Healy Consultants Banking Services
- Healy Consultants will be pleased to assist our Client with opening an offshore/corporate bank account in Hong Kong. Please contact our Firm at +65 6735 0120 or email us at firstname.lastname@example.org for more information.
- To find out more about the procedure, do check out the following account opening process page.