- Corporate Account in Hong Kong. Main Advantages of the Bank
- What Are the Benefits of Opening a Corporate Account in Hong Kong?
- Who Can Open a Corporate Account in Hong Kong?
- Schedule of Rates
- Opening and Maintenance Rates for a Corporate Bank Account in Hong Kong
- Foreign Currency Transfers
- How Can I Open a Corporate Bank Account in Hong Kong?
- Basic Set of Documents for Opening a Corporate Bank Account in Hong Kong
Opening a corporate account for a business (company) in Hong Kong is not exactly easy. Financial institutions have high standards. Compliance requirements get tougher every year. But when you succeed in opening a corporate account in Hong Kong, you will see a lot of distinct advantages.
This statement is true for all customers of the financial institution, but those doing business in the East Asian region can enjoy special opportunities. If your business interests are related to India, and your company is registered in this jurisdiction, you will clearly appreciate our special offer, a corporate bank account in Hong Kong. Make sure to consider it in the first place.
Hong Kong is a recognized East Asian financial center with an exceptionally high concentration of banks and well-developed businesses. Should you wish to open a bank account in Hong Kong, be that corporate or personal, you might keep in mind the ever
Taking this into consideration you may be tempted to open a corporate bank account in Hong Kong without thinking much about the reputation of the financial institution. But this decision would be wrong even if the procedure of opening a bank account in Hong Kong is successful. If you are counting on a long-term presence in Hong Kong and seek stability, predictability and reliability, you should not accept dubious offers when someone says they are ready to open an account quickly and on the cheap, which could be easier. It is definitely not worth it. Especially when there is such a value-for-money special offer for opening a corporate account in Hong Kong for a company (business) of Indian origin.
We are ready to handle all administrative procedures, help you prepare the necessary documents and support you at all stages of the project. If you are interested in details and would like to discuss any questions you might have, please feel free to contact the experts of International Wealth at firstname.lastname@example.org to arrange an individual consultation.
Corporate Account in Hong Kong. Main Advantages of the Bank
The financial institution providing the service of opening a corporate account for business, first of all, embodies reliability, security and time-proven reputation. It is not unimportant that the bank supports business ties between India and Hong Kong. Therefore, if the client’s interests go beyond Hong Kong, it makes sense to open a corporate account in Hong Kong with this bank.
Main advantages of the financial institution (bank in Hong Kong):
- India’s largest private bank.
- Consolidated assets exceed 193.57 billion USD.
- Subsidiaries in Canada and Great Britain. Branches in Bahrain, China, Dubai, Hong Kong, Singapore, South Africa, USA. Representative offices in Bangladesh, Nepal, Indonesia, Malaysia, UAE.
- Official license from Hong Kong Monetary Authority.
- Treasury operations in Hong Kong.
- Correspondent accounts in USD and HKD.
- Member of USD CHATS (interbank payment system).
- Service provider for cross-border payments (RTGS platform).
What Are the Benefits of Opening a Corporate Account in Hong Kong?
Strictly speaking, the financial institution is not exclusively Hong Kong-based. But its Indian origin is an obvious advantage for those customers who wish to open a corporate account in Hong Kong. So we think we have every right to call this bank a Hong Kong bank, even though it does not match the exact definition.
Advantages for the customer wishing to open a corporate account with a bank in Hong Kong:
- Access to your account via online banking.
- Maximum possible data security given today’s reality.
- Effective customer support in English.
- Just a single visit to the bank in Hong Kong.
Online banking features:
- Check your account statements.
- Make payments using Net Banking.
- Transfer funds.
- Open deposits.
- Pay your bills.
- Purchase insurance policies.
- Make tax payments.
- Order checkbooks.
- Track your payment transactions.
- Enjoy other financial and/or non-financial services.
Who Can Open a Corporate Account in Hong Kong?
The vast majority of Hong Kong banks are hesitant when it comes to working with international companies and non-resident business persons whose business is not transparent enough for them. The bank in Hong Kong whose services we offer most readily works with customers who run or plan to run a business in India (East Asian region).
Factors that have positive influence on the bank’s decision in Hong Kong regarding potential cooperation:
- The company wishes to establish/enhance/expand their business presence in India.
- There are documented plans that the corporate account with a bank in Hong Kong will be used for purchases in India.
- There are plans to establish export channels to/from India.
- The company is shipping the goods via Indian ports or logistics facilities registered in India.
- The company is engaged in e-commerce (if related to the sale of Indian goods).
- The company is registered in India but based in Hong Kong or Mainland China.
Important note. We will provide comprehensive assistance in preparation of the necessary documents and their submission for verification to the bank in Hong Kong as well as in filling in the forms. We will inform you about the set of documents required for opening a corporate bank account in Hong Kong. We will also advise you on how to reduce the level of risk in the eyes of the bank if you wish to open a corporate account in Hong Kong. A typical move would be to redomicile your company to a less risky jurisdiction.
Therefore, all customers who wish to open a corporate account with a bank in Hong Kong should have confirmed business contacts in India. This will significantly accelerate the organizational procedures.
Attributes that the bank in Hong Kong regards as extra advantages:
- Business relations with Indian customers, suppliers or buyers.
- Use of warehouses / ports in India.
- Payments to / from India.
- Cooperation with Indian companies / business persons.
- Shareholders / founders of the company are tax residents or citizens of India.
- The company previously had (or now has) a corporate account with another bank in India.
- Technical and/or operational support for your business is provided by companies and businesses incorporated in India.
- The company uses letters of credit from Indian banks.
Schedule of Rates
The bank in Hong Kong offers its customers convenient and business-friendly terms of cooperation. If necessary, you can receive a timely consultation or technical support. Services provided by the bank in Hong Kong fully cover the needs of almost any company, so your cooperation with this financial institution will definitely be advantageous and promising.
Currencies in which you can open a corporate account with the bank in Hong Kong:
- U.S. Dollars (USD).
- Hong Kong Dollars (HKD).
- Chinese Yuan (RMB).
Minimum account balance (one of the three options):
- 10,000 HKD.
- 1,500 USD.
- 10,000 RMB.
Please note that if a payment is made in the currency that is not supported, it will be converted at the current exchange rate.
Currencies for opening deposit accounts with the bank in Hong Kong:
What else to consider when opening a corporate account with a bank in Hong Kong:
- The opportunity to open a personal account is available for Indian clients only. This option is also available to shareholders and beneficial owners of companies who have opened an account with the bank in Hong Kong.
- Corporate accounts allow making/receiving payments, issuing cheque books, conducting currency exchange transactions.
- Business savings accounts are also available to the customers. The minimum amount is 1,000 USD, 1,000 GBP, 200,000 JPY, 2,000 AUD, 2,000 CAD, 2,000 RMB/CNY, 1,000 CHF, 10,000 HKD.
- Banking services for business do not involve the issuance of plastic cards (cheque books are used instead).
- Remote opening of a corporate account is possible for Indian clients only.
Opening and Maintenance Rates for a Corporate Bank Account in Hong Kong
The rates are rather friendly, there are no extra charges for the status. Will these rates be good for your business? We can only tell that after we study your case. But if your priority is the balance of opportunities, then the idea of opening a corporate account with the bank in Hong Kong should definitely be recognized as a good one.
Corporate account fees:
- Platinum account opening is 3,000 USD, annual maintenance is 3,000 USD.
- Gold account opening is 2,000 USD, annual maintenance is 2,000 USD.
- Silver account opening is 1,000 USD, annual maintenance is 1,000 USD.
When opening an account, the customer will need to make the first deposit to activate the account in the amount as follows:
- For an HKD account, 10,000 HKD.
- For a USD account, 1,500 USD.
- For an RMB account, 10,000 RMB.
Please note that these amounts are actually minimum balances. If the amount kept in the account with the bank in Hong Kong goes down, the company will be obliged to pay monthly fines.
Foreign Currency Transfers
Having opened a corporate account with the bank in Hong Kong, a foreign company will get access to the service of foreign currency transfers. This is a modern platform for direct processing of currency transfers and SWIFT payments. It is possible to add the beneficiaries online, make currency conversions and make payments in a real-time mode.
Conversion is done using the funds kept in the current account. Source currencies are USD, EUR, GBP, HKD. Target currencies are USD, EUR, CBP, HK, INR, AUD, SGD, CAD, JPY. At the same time, customers can transfer funds in the target currency to the beneficiaries all over the world via SWIFT.
Important note. Make sure to take into account the restrictions in force. Standard transaction limit is 100,000 USD. The limit for cross-currency transfers is 250,000 USD.
How Can I Open a Corporate Bank Account in Hong Kong?
The standard regulations stipulate that any company wishing to open a corporate account in Hong Kong must comply with the two mandatory conditions below.
- Financial statements of the company (for 6 months at least).
- Business relations with Indian companies.
The procedure for opening a corporate account with the bank in Hong Kong is as follows:
- Email your request to our experts.
- Tell us what services you need. If your request can be fulfilled, we will send you an invoice for our services (from 3999 EUR) which you can pay in any convenient way.
- Our experts will draw up a list of documents you will need to collect.
- You will fill out the forms which we will then hand over to the bank.
Basic Set of Documents for Opening a Corporate Bank Account in Hong Kong:
Dear readers, please note that the list of necessary documents will largely depend both on the form of business organization and on where your company is registered. Sole Proprietorship / Partnership will require a slightly different list. Therefore, we recommend you not to trust dubious sources and use the information provided by the experts of our portal.
What documents should be prepared to open a corporate account with the bank in Hong Kong? These are the basic requirements for a company registered abroad. The bank may request additional documents. * means important additional conditions.
- Business Registration Certificate;
- Certificate of Registration of Oversea Company;
- Certificate of Incorporation;
- The latest Memorandum and Articles of Association / Applicable Constituent Documents;
- Minutes / Resolution of the Board of Directors on opening an account and appointing authorized signatories;
- For a company with a corporate shareholder, Director’s declaration incorporating an ownership*.
- Certificate of Incumbency, issued by the registered agent within the last 6 months*.
- Complete set of documents from two directors and all beneficial owners of the company in Hong Kong*.
- A set of documents from all authorized signatories*.
- Documented information on directors, beneficial owners and authorized signatories (common for all)*.
- A stand-alone certificate relating to the Foreign Account Tax Compliance Act (FATCA).
Please note that if you wish to open a corporate account with the bank in Hong Kong, you will need to provide documentary proof that your business is related to India.
It is not easy to determine the exact timeframe for opening a corporate account with the bank in Hong Kong. The reason for this is the complicated situation in the international arena. Normally the procedure takes a few days, but it may take a little longer.