Content
Taipei
TEL:+886-2-2557-5607
Taichung
TEL:+886-4-2320-2793
Shanghai
TEL:+86 21-6090-4391
Shenzhen
TEL:+86 755-83176807
Opening an account with an overseas bank means a bank account opened by a bank other than the country.
The client prefers to open an account in Hong Kong or Singapore, and the account opening behavior is not controlled by the foreign exchange agency.
For example, Taiwan OBU, China offshore accounts, Hong Kong, Singapore, and other regional banks opened accounts, this is called overseas bank account opening, also referred to as overseas account opening.
Account opening in Hong Kong and Singapore should pay attention to local account opening conditions.
Opening an account with an overseas bank means a bank account opened by a bank other than the country.
The client prefers to open an account in Hong Kong or Singapore, and the account opening behavior is not controlled by the foreign exchange agency. For example, Taiwan OBU, China offshore accounts, Hong Kong, Singapore, and other regional banks opened accounts, this is called overseas bank account opening, also referred to as overseas account opening. Account opening in Hong Kong and Singapore should pay attention to local account opening conditions.
I.Overseas (Offshore) Company Hong Kong Business Banking Account
Hong Kong bank account is equivalent to an account opened in an overseas bank. After the establishment of an overseas company, an overseas company is required to open an account.
At present, many companies choose to open a commercial wealth management bank account in Hong Kong for capital operation. It increases the requirement of Hong Kong bank account opening. Hong Kong is one of the international financial centers in Asia.
- Not only are international financial institutions/big banks gathered here, but Hong Kong accounts for the following characteristics:
- No Tax Doubts:
Foreign companies opening accounts in Hong Kong does not involve Hong Kong local tax laws and do not need to pay taxes. - Foreign Exchange Is Not Regulated:
The wealth management account opened in Hong Kong does not sell foreign exchange control/ freedom of funds transfer. - Customer Data Confidentiality:
Opening an account in Hong Kong, the confidentiality of customer information is high unless illegal activities are involved. - International Banking / Financial Institutions:
Hong Kong is one of the international financial centers, major financial institutions / international banks such as HSBC, Citibank, Standard Chartered Bank, etc., and major Taiwan-funded banks also have branches here. Attracting many multinational companies to open accounts in Hong Kong.
As one of the primary choices for the capital and finance of major international companies, the requirements for opening an account in Hong Kong are more stringent, the conditions for review are relatively strict, and the threshold is high. If you want to open an account in Hong Kong, it is recommended to ask an experienced secretarial company first. Providing assistance to open an account in Hong Kong can increase the chances of passing the review.
- Suitable for international trade operations:
Convenient for international trade settlement, supports various international currencies and can be exchanged at any time, including US dollars, EUR, GBP, HKD, RMB, AUD, CAD, CHF, DKK, JPY, NOK, NZD, SEK and SGD.
- International Banking / Financial Institutions:
Major financial institutions/international banks in Hong Kong such as HSBC, Citibank, Standard Chartered Bank, and Taiwan-funded banks have branches.
- Foreign Exchange Is Not Regulated:
The wealth management account opened in Hong Kong does not sell foreign exchange control/ freedom of funds transfer.
- Customer Data Confidentiality:
Opening an account in Hong Kong, the confidentiality of customer information is high unless illegal activities are involved.
As one of the primary choices for the capital and finance of major international companies, the requirements for opening an account in Hong Kong are more stringent, the conditions for review are relatively strict, and the threshold is high. If you want to open an account in Hong Kong, it is recommended to ask an experienced secretarial company first. Providing assistance to open an account in Hong Kong can increase the chances of passing the review.
II.Documents to be prepared for opening a bank account in Hong Kong
Although Hong Kong banks have free foreign exchange, the review when opening a Hong Kong corporate bank account will also be more rigorous. In addition, the relevant international anti-money laundering regulations are becoming more and more perfect. Before opening an account, it is necessary to prepare relevant documents to ensure account opening. The probability of success, the basic documents that need to be prepared are as follows:
- Original documents of the company (license, certificate of directors and shareholders, articles of association, register of directors and shares).
- Director’s identity document (passport, identity card), entry certificate.
- Proof of address of directors and shareholders (within three months).
- Company operating plan.
- Company background structure diagram.
- 2-3 sets of company business certification documents.(such as contracts/orders…)
III.How to open a Hong Kong bank account? What are the account opening process?
- 1.Assistance in preparing Hong Kong account opening documents: It is necessary to determine the required documents and information and ensure that these documents and information are organized. Seeking the assistance of a professional service company can help in preparing the account opening documents to ensure compliance with the bank’s requirements.
- 2. Submission of bank pre-assessment documents: Before submitting the account opening application, it is necessary to submit pre-assessment documents to the chosen bank. These documents may include the company registration certificate, identification documents of directors and shareholders, company articles of association, business plan, company operational reports, etc. The types and requirements of documents may vary depending on the bank.
- 3. Bank pre-assessment notification: The bank will conduct a review upon receiving the pre-assessment documents. If your application meets the bank’s criteria, the bank will issue a pre-assessment notification to you.
- 4. Appointment of account opening time: After receiving the pre-assessment notification, it is necessary to schedule an appointment with the bank for the account opening.
- 5. In-person or video account opening: Depending on the bank’s requirements, it may be necessary for directors to personally visit the bank for in-person account opening, or some banks may accept video account opening.
Different banks may have different account opening conditions and thresholds. Some may require a certain minimum deposit or a certain level of business transactions with the bank. These conditions may also change periodically. It is recommended to confirm the details in advance to avoid wasting a trip if the responsible person goes to the bank without meeting the requirements.
IV.Major banks in Hong Kong
DBS Bank
DBS Bank (Hong Kong) Limited is a licensed bank incorporated in Hong Kong. It is a subsidiary of DBS Bank headquartered in Singapore and it is also the seventh-largest bank in Hong Kong by total assets.
Standard Chartered Bank
Standard Chartered Bank established its first branch in Shanghai in 1858. It is an old British investment bank. Hong Kong is the largest of the Standard Chartered Group Market.
HSBC Bank
HSBC is a wholly owned subsidiary of HSBC, the largest bank in Hong Kong, and operates branches and offices throughout the Indo-Pacific region, and in other countries around the world.
Hang Seng Bank
It is a Hong Kong commercial bank founded on March 3, 1933. It provides diversified banking and account opening services. It was once one of the major Chinese banks in Hong Kong and became a member of the HSBC Group after 1965.
Citibank
Citibank came to Shanghai, China in 1902 and opened its first branch. It was also the first overseas branch operated by Citibank in Asia. Now, Citibank has become one of the largest foreign banks in China, providing a wide range of financial products and services to the broadest customer base.
OCBC Wing Hang Bank
Formerly Wing Hang Bank Limited, it is a licensed bank in Hong Kong. In terms of total assets, it is the eighth largest bank in Hong Kong. In July 2014, Wing Hang Bank became a subsidiary of OCBC Bank of China in Singapore.
BEA Bank
Founded in 1918 and registered in Hong Kong, the company is a leading Hong Kong financial services group that provides customers with innovative and value-added banking services and is one of the largest foreign banks in the Mainland.
| DBS Bank DBS Bank (Hong Kong) Limited is a licensed bank incorporated in Hong Kong. It is a subsidiary of DBS Bank headquartered in Singapore and it is also the seventh-largest bank in Hong Kong by total assets. | Standard Chartered Bank |
| HSBC Bank HSBC is a wholly owned subsidiary of HSBC, the largest bank in Hong Kong, and operates branches and offices throughout the Indo-Pacific region, and in other countries around the world. | Hang Seng Bank It is a Hong Kong commercial bank founded on March 3, 1933. It provides diversified banking and account opening services. It was once one of the major Chinese banks in Hong Kong and became a member of the HSBC Group after 1965. |
| Citibank Citibank came to Shanghai, China in 1902 and opened its first branch. It was also the first overseas branch operated by Citibank in Asia. Now, Citibank has become one of the largest foreign banks in China, providing a wide range of financial products and services to the broadest customer base. | OCBC Wing Hang Bank Formerly Wing Hang Bank Limited, it is a licensed bank in Hong Kong. In terms of total assets, it is the eighth largest bank in Hong Kong. In July 2014, Wing Hang Bank became a subsidiary of OCBC Bank of China in Singapore. |
| BEA Bank Founded in 1918 and registered in Hong Kong, the company is a leading Hong Kong financial services group that provides customers with innovative and value-added banking services and is one of the largest foreign banks in the Mainland. |