Opening a Corporate Account with OCBC Wing Hang Bank in Hong Kong

Opening a corporate account with any bank in Hong Kong is a feasible task, but the risk of refusal is really high. Therefore, offshore businesses with registration in Hong Kong often have to compromise and use financial institutions outside Hong Kong as opening a corporate account in Singapore, for instance, is somewhat easier, just like in numerous offshore jurisdictions you can choose from.

But we often see a situation when opening a corporate account in Hong Kong (if the company is also registered in Hong Kong!) is a much more profitable option. In this case, it will be considerably more difficult to achieve the goal, as we have stated before. But with our help, you will definitely manage to open a corporate account with Hong Kong OCBC Wing Hang Bank. 

Invest in a good basis for your business at the start and get long-term benefits!

History and Present

OCBC Wing Hang Bank is a branch of the Singapore-based OCBC bank. It is one of the leaders in the corporate financial services sector and ranks as one of the TOP 10 banks in terms of assets. Wing Hang Bank was founded in Guangzhou in 1937 and opened its first branch in Macau in 1941. In the summer of 2014, Wing Hang Bank became a subsidiary of Singapore-based financial corporation Oversea-Chinese Banking Corporation Limited (OCBC) and was renamed OCBC Wing Hang Bank.

Today OCBC Wing Hang Bank offers a wide range of banking and other financial services, including insurance, brokerage and asset management.  In 2011 and 2012, OCBC Bank was recognized the strongest bank in the world by Bloomberg Markets. At the moment, it is considered the best bank in Singapore and it received the highest rating from Moody’s (Aa1). In 2016 and 2017, OCBC was recognized the best bank in Asia for SMEs.

Why OCBC Wing Hang Bank?

OCBC Wing Hang Bank pays special attention to the corporate sector – small and medium-sized businesses. The range of solutions and services offered is exceptionally wide – soft loans for business, trade finance, money transfer services, insurance, asset management services and much more.

The advantages of opening a corporate account with OCBC Wing Hang Bank:

• Account management from anywhere in the world
• Extensive possibilities of online banking
• Business Telematic Banking option with additional services for corporate/offshore business
• Debit cards for business (free – in many ATMs in Hong Kong, Macau, and mainland China)
• Possibility of opening profitable deposits
• The expanded package of services focused on investment protection and capital management
• The corporate account in the Hong Kong OCBC Wing Hang Bank allows working with 15 base currencies (AUD, CAD, CHF, DKK, EUR, HKD, GBP, JPY, NOK, CNY, SGD, SEK, THB, USD)
• Consolidated bank statement
• Additional protective mechanisms (e.g. dual-approval function)

Documents Required to Open an Account with Hong Kong OCBC Wing Hang Bank

Many “experts” provide a certain set of documents on their Internet resources, claiming that it is enough to submit them to easily open a corporate account for a company in Hong Kong. At the same time, they forget about a critical circumstance: the place of the offshore company incorporation. The package of documents will differ depending on whether the company is registered in Hong Kong or in an offshore jurisdiction. We provide both options, but please keep in mind the differences in requirements.

The set of documents for opening an account with Hong Kong OCBC Wing Hang Bank (for a company registered in Hong Kong):

• Certificate of Registration
• Certificate of Incorporation
• Memorandum and Articles of Association
• Minutes/Resolution of the Board of Directors to open an account and appoint any authorized persons
• (for Hong Kong companies having a corporate shareholder) Director’s declaration including a property chart indicating the name of the company/business country of incorporation, % of ownership of the shares for each intermediate holding company
• Documents for the director(s) and beneficial owners (provided there is no permanent Hong Kong identity card or Hong Kong citizen status): photo ID, proof of citizenship, proof of registration/residence address
• Documents for signatories (provided that there is no permanent Hong Kong ID or Hong Kong citizenship status): identity documents with a photo of the holder, proof of citizenship
• Documents for all company officials in Hong Kong (directors, authorized signatories, beneficiaries): name, type and number of ID, nationality, date of birth
• Certificate relating to the US Foreign Account Tax Compliance Act (FATCA)

Set of documents required to open an account with the Hong Kong OCBC Wing Hang Bank (an offshore company in Hong Kong, registration outside the jurisdiction):

• Certificate of Business Registration
• Certificate of Foreign Company Incorporation 
• Certificate of Incorporation
• Memorandum and Articles of Association or authorized constitutional documents
• Minutes/Resolution of the Board of Directors to open an account and appoint any authorized signatories.
• (for a company with a corporate shareholder) Director’s declaration including an ownership scheme showing the company name, country of incorporation, % of ownership of the shares for each intermediate holding company
• Certificate of Non-Conviction issued by a registered agent within 6 months or a comparable company report issued within the same period
• Documents required from the director(s) and all beneficial owners (provided there is no permanent Hong Kong ID or Hong Kong citizen status): photo ID, proof of citizenship (valid international passport), proof of registration/residence address
• Documents of all signatories (provided that there is no permanent Hong Kong ID or Hong Kong citizen status): photo ID, proof of citizenship (valid foreign passport)
• Documented information on all directors, authorized signatories and beneficial owners: name, type and number of the identity document, citizenship, date of birth
• Certificate relating to the US Foreign Account Tax Compliance Act (FATCA)

Account Maintenance Rates of OCBC Wing Hang Bank in Hong Kong

If the account was opened successfully, you will become a client of a stable and respected bank which will provide comprehensive support to your business. Many of our readers fear that servicing in such a bank will be too expensive and ask us to find a more “affordable” option.

We would like to reassure you that the rates charged by OCBC Wing Hang Bank in Hong Kong are quite affordable, especially if we look at similar indicators of European and American financial institutions. And the comparison with offshore banks is inappropriate in principle due to a significant difference in the account status, reliability and security.

The main rates charged by OCBC Wing Hang Bank in Hong Kong (in the case of an offshore company):

• the company search fee – HKD 150
• initial deposit – HKD 50,000
• annual account maintenance fee – HKD 800
• the commission with the average daily total balance below HKD 100,000 – HKD 500 a month
• security devices that provide a higher degree of protection for online transactions – free of charge (for the first two devices), HKD 100 (for each subsequent one)

Opening a Corporate Account with OCBC Wing Hang Bank in Hong Kong

The main details of the procedure are listed below. Please note that opening an account with Wing Hang Bank in Hong Kong may differ in some details from the standard scheme. Therefore, we recommend that you check all the details with the experts of the International Wealth portal.

Opening an account with the Hong Kong OCBC Wing Hang Bank (standard scheme):

• Sending a written request for cooperation (e-mail info@offshore-pro.info, alternative communication channels).
• Discussion of the project at an online individual consultation. You will tell us about your wishes and requirements related to opening a corporate account for the company with OCBC Wing Hang Bank (Hong Kong) and disclose the main details of your case (confidentiality is guaranteed). We analyze the case and assess the level of complexity and the probability of failure.
• Payment of the invoice. If you are satisfied with our terms and conditions and we make sure that your order to open a corporate account with OCBC Wing Hang Bank is feasible (no insurmountable difficulties detected), you will be requested to pay the invoice (available options). The minimum amount is 2000 USD, but it may increase if the bank in Hong Kong requests additional documents or additional administrative work is required.
• Waiting. At this stage, all we have to do is wait. If an account with a bank in Hong Kong is opened as planned, it will take about 4-6 weeks. If there are any issues, we will contact you immediately and discuss the next steps.

Items to pay attention to when you open an account with OCBC Wing Hang Bank (Hong Kong):

• We transfer the documents to the bank by ourselves. The deadline for application consideration is no more than 2 weeks.
• OCBC Wing Hang Bank (Hong Kong) may request additional information from the potential client.
• If the application has been pre-approved, you will receive an invitation to Hong Kong for a final interview.
• In certain cases (not always), you can get keys and other documents to manage your new account on the same day.
• Generally, the term of opening an account with OCBC Wing Hang Bank ranges from 4 to 6 weeks (starting from the date on which we submit the documents for preliminary review).
• All banks in Hong Kong conduct a multilevel check of customers when they open an account (and OCBC Wing Hang Bank is not an exception), and you should be carefully prepared for that.
• The possibility of opening a corporate account with a Hong Kong bank if the company is registered in another jurisdiction remains an exception to the rules.
• If there is a nominal shareholder/director in the company structure, the attempt to open a corporate account with the bank will end in failure in 99% of cases.
• The same applies to an offshore company with a closed register of shareholders.
• Knowledge of English at a minimum level is highly desirable.
• Opening a bank account for a company that does not conduct real business is almost impossible.
• The presence of a real substance will really help you open a corporate account with the Hong Kong OCBC Wing Hang Bank.

The Cost of Opening a Corporate Account with OCBC Wing Hang Bank in Hong Kong

The client’s costs depend on two factors – the jurisdiction of the company’s incorporation and the agent servicing the company (this can be done by experts of the International Wealth portal or a third-party intermediary). The total amount will equal 2000 USD or $3,000 (note that actual costs may be higher).

The basic list of services required to open a corporate account with Hong Kong OCBC Wing Hang Bank:

• Consultations on the choice of the jurisdiction (this is Hong Kong in our case, but we are ready to offer interesting alternatives to you) and a specific bank.
• Agreement on a set of documents with the bank.
• Certification of the prepared package of documents by a certified accountant in Hong Kong (CPA).
• Assistance in the preparation of documents (legal justification) which will be able to confirm that you have a real business or are planning to open it.
• Organization of an interview with a bank employee (if necessary – with the participation of our specialists).
• Advice on the practical use of a corporate account with OCBC Wing Hang Bank (Hong Kong).
• Interaction with the bank and coordination of the necessary information and documents from the moment of filing an application with the bank up to account activation.

If you have any questions, we will be happy to answer them, so do not hesitate to contact us.