Opening a corporate account has never been easy as the banks have to make meticulous checks to make sure that working with you is not going to be a headache or a major scandal, and this is one of the reasons why many business owners prefer payment system solutions to open accounts without too much hassle. However, if you prefer ordinary banks, solutions still exist – and in this post, we will look at Hong Kong, a major financial hub in Asia and one of the global leaders in corporate banking.
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You can also book a session with our specialist to discuss your situation and find the best option possible. An ideal jurisdiction for opening a corporate account simply does not exist: it is always a tailored solution that will match your needs and preferences, and we will help you find it free of charge after we analyze all the details of your business. And if you want to help us with opening a corporate account for your company (which is usually done online nowadays), we are ready to help you at a reasonable fee.
Opening an Account: Stage of Documents Preparation
If you want to open a corporate account in Hong Kong, the stage of document preparation should be treated very carefully and meticulously. This is a respectable midshore jurisdiction, and your documents will be submitted to thorough checks before the bank decides to onboard you, so all the documents should be in perfect order. Our specialists will double-check them before submission.
Let’s look at the forms to be completed.
Bank account opening form
- Fill out all the fields in English.
- This is a mandatory document.
- You can engage our experts to fill out the form for you on a paid basis to make sure it will not be rejected due to a minor inaccuracy.
Mandate
- This document is submitted by a partnership, trust, or private entrepreneur.
- The mandate confirms that the Resolution of the meeting of shareholders/managers that you submit (where the official decision to open a business account in Hong Kong is made) is valid and takes effect from the date specified therein.
Application for banking services
- This document is very important, and you should fill it out very carefully.
- It provides a list of banking products and services that your legal entity wants to receive. Make sure you mention all the items to avoid problems later on.
Documents for an Offshore Company
Offshore companies have always been treated with suspicion by respected banks, and the Standard Chartered Bank in Hong Kong is no exception. It simply means that your documents should be in perfect order in this case. If you come from a risky jurisdiction, or the structure of your company seems too complex, or there are other suspicious signs (like attempts to conceal the real beneficial owner), you have every chance of being asked to provide additional documents or even turned down.
Here are the documents to be submitted if you want to open a corporate account with Hong Kong’s Standard Chartered Bank:
- Memorandum and Articles of Association
- Certificate of Incorporation
- Business plan and evidence of the fact that you conduct real business
- Certificate of Incumbency
Documents to be submitted by the applicant:
- A bank statement for each company director and shareholder
- Passports of 2 directors, principal shareholders, and all business account managers
- A completed Know-Your-Customer form
Let’s look at the contents of each document.
Certificate of Incorporation
This is a document that proves that the offshore company really exists, it is a legal entity, and it complies with legal deadlines while it is conducting business activities.
Certificate of Incumbency
This is a document that provides information on the directors, managers, and shareholders of the offshore company.
Memorandum and Articles of Association
This document lists the rights and obligations of the directors and shareholders of the offshore company and contains the details of the company organization and the rules and principles of management.
Business Plan
The business plan of your offshore company should contain the following information:
- Company name
- Business activity it engages in
- The market it primarily targets
- Professional experience in business
- Main reason why you want to open a business account with the Standard Chartered Bank in Hong Kong
- The purposes of business account use, the form of your company incorporation, and the number of transactions a year
- The revenue you expect to obtain during the first year of conducting business activities in Hong Kong
- Funds you will use to launch your business
- The main states and business partners with which you will cooperate using your bank account
- Contact information and correspondence address
You will also need to provide the statements of the company directors’ and shareholders’ accounts (these should not be older than 3 months).
Here are some important points to take into account by offshore company holders:
- The bank may change its requirements at any time, and it often requests statements rather than letters of recommendation from another bank.
- It is easier to provide a statement than a bank recommendation.
- If you have a business account in a high-ranking jurisdiction (for example, Switzerland), it is highly recommended to get a statement from such a bank.
Conclusion
These are not all requirements you will have to meet, but these surely give you an idea of what it takes to open a business account in Hong Kong. We highly recommend clicking on the above link to book a session with our experts to discover the updated Hong Kong bank requirements, make sure Hong Kong is the right jurisdiction for your business, and get our recommendations if it is not. Book a session now!
