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SMEs are an integral part of the economy of today and tomorrow. Banks support your business at all stages of your journey. Intershores's mission Is to provide you with a better and banking experience aiming to provide you with the information you need to ensure that the process of setting up your company bank account goes as soon as possible.
This message divided into 3 parts: 1. the usual process of account opening in Hong Kong. 2. the information banks usually need 3. FQA for startups
Usual Process of Account Opening in Hong Kong. The process usually contains with 5 steps:
1. Book Your Appointment. You need to provide some basic company information in order to book your appointment.
2. Receive an Email Confirmation Appointment. The confirmation containing a checklist of full documents needed.
3. Attend Account Opening Appointment. The bank wants to understand your business better so that they can offer the best range of solutions and fulfill their due diligence requirement at the same time.
4. Receive a Follow up Email. An email reminder requesting any outstanding or further documents or information.
5. Activating Your Account. When your application has been processed successfully, you will receive an SMS and a welcome information by courier depending on the respective bank’s practice.
Usual Information/ Documents Required The better the bank understand your business, the better they can provide you with the right solutions to support your business, and more importantly protect you from financial crime. The following key areas are usually needed by banks:
1. Identity Documents 2. Source of Wealth 3. Source of Funds 4. Purpose of Account Opening in Hong Kong
1. Identity Documents The identity document that you need to provide will depend on the country or region of incorporation as well as the shareholding and directorship structure. For a Hong Kong incorporated limited company, you would need to provide:
- Business registration certificate - Certificate of incorporation - Articles of association - Identity documents of key controllers
2. Source of Wealth It is important to understand the origins of the funding that supports your business. For a start up, it is likely to come from the owner. The evidence of wealth could include some of these :
- Personal bank statement - Salary proof - Estate proof - One-off income
For an established business, these documents will be needed: - audited reports - company bank statements
3. Source of Funds To learn more about your company's banking needs, the bank also wants to understand your company's day-to-day operating cash flow, including where your company's funds come from:
- What is the amount? - Are they from your buyers? - From which country? - Through what payment method?
4. Purpose of Opening a Bank Account in Hong Kong If you are an overseas enterprises, the bank wants to know the purpose of setting up a business banking account in Hong Kong.
- Are you a sourcing or purchasing arm? - Is the company a branch office expanding into Hong Kong office or Asia.
FAQ for Start-ups Q: We are new to Hong Kong and I have heard it is hard to for overseas company open bank accounts in Hong Kong. A: Many companies come to expand their businesses in an international financial centre like Hong Kong. Banks would like to learn more about your business so that they could provide the most suitable banking support to you. Their usual question includes:
- What is the nature of your existing business overseas? - What is the relationship between your overseas business and the new Hong Kong entity? - What is the purpose of setting up a business banking account in Hong Kong
Q: Banks ask for a lot of documents? A: Banks recognize that start-ups are in a very different stage to an established business. Banks understand getting the required documents for account opening may cause you some inconvenience and appreciates your patience. The better banks understand your business, the better they can provide you with the right solutions to support your business growth and more importantly protect you from financial crime.
Q: Virgin start-ups don't have much documentation A: In order for the bank to have a holistic view of your business plan, banks encourage you to share more about your expertise and professional background. For example, if you are a digital start-up, you can provide information of award in open competition or participation in incubator and accelerated programmes.
Team at INTERSHORES has several years of corporate services experiences and has been assisting valuable clients' to open accounts successfully. Please contact us for your banking needs.
Whatsapp : (852) 6499 4686 Phone : (852) 2186 6936 Email : info@intershores.hk
Disclaimer: Whilst reasonable care has been taken in provision of information above, it does not constitute legal or other professional advice. INTERSHORES does not accept any responsibility, legal or otherwise, for any error omission and accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, readers are advised to take appropriate professional advice before committing themselves to any involvement in jurisdictions, vehicles or practice.
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