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    InternationalWealth.info

    The biggest portal about international asset protection and diversification

    +507 848 3045
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    +372 5 489 53 37
    +381 6911 12327
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    Main page » Services and products
    May 25, 2022

    Cost:

    3500 USD

    Personal and Corporate Account at Citibank Hong Kong Branch with One or Two Visits to Hong Kong

    Opening a corporate account with a Hong Kong bank (a branch of Citibank or any other bank) involves certain issues, typically resulting in a rather high risk of being turned down. The situation with natural persons is even more complicated. 

    Opening a personal account with any bank in Hong Kong has become a challenge with many unknowns, and the likelihood of success is not that high. This is especially true if we talk about a complex service that implies the opening of both accounts (personal and corporate ones). But we are glad to say that we can offer such a service to our customers!

    Citibank Hong Kong

    Citibank Hong Kong Terms and Conditions

    Given the complexity of banking, one would expect a financial institution to make extremely high demands on potential customers, but this is not the case. Citibank (a Hong Kong branch) sets rather modest requirements, but this works only if you entrust the opening of a personal and corporate account with Citibank in Hong Kong to our experts. Please take this into consideration and do not make any avoidable mistakes.

    Look at this if you are interested in opening a personal and corporate account in Hong Kong at a branch of Citibank:

    • The full list of “positive” countries often changes. Therefore, check out the situation with the resident status (you can request the help of experts from the International Wealth portal) before applying to open an account in Hong Kong at a branch of Citibank.
    • The recommended confirmation format is an official bank statement or a utility bill. Other documents are also suitable if they clearly indicate the country of residence along with your photo. Documents must be no older than 3 months, drawn up in English or supplemented with a notarized translation.
    • Opening a personal account along with a corporate one is an optional service. But it is only available to company officials (director or shareholder).
    • An additional condition for opening a personal account with the Hong Kong bank Citibank is a deposit in the amount of USD 200,000. The alternative is a multi-year life insurance savings plan (see below for the benefits of this option).
    • It is mandatory to describe the company’s real business in Hong Kong when you open an account. Please note that a) documentary evidence will be required b) verification is not formal but is, in fact, rather rigorous.

    Citibank Hong Kong branch requirement for keeping accounts:

    • You need to have commercial documents for each transaction.
    • You have to remove those who are under international/American sanctions from the list of your customers and suppliers. Failure to do so will make it very difficult to open a personal/corporate account.
    • If your company has been active for more than a year and a half, the bank may request a financial (audit) report to ensure that the company meets the requirements of local laws in Hong Kong.

    The insurance premium payable to open an account with Citibank (a branch in Hong Kong) is beneficial to both parties. The Bank receives certain guarantees that you will remain a law-abiding client for the duration of the insurance plan. You significantly reduce the risk that the account will be suddenly closed/blocked.

    Additional benefits of insurance when you open a personal account in Hong Kong with Citibank:

    • A small percentage is charged on the premium amount.
    • Interest may accrue during the term of the plan (interest capitalization), as well as on a monthly/annual basis.
    • You additionally receive “free” life insurance.
    • You can specify the beneficiaries.
    • You can extend the plan if you want.
    • You can renew your insurance plan.
    • The plan can be bequeathed to your heirs.
    sign
    FOREIGN ACCOUNTS SETUP
    FREE EXPERT CONSULTATION

    with seasoned professionals on international
    banking and where it is best to open
    non-resident corporate accounts.

    with seasoned professionals on international banking and where it is best to open non-resident corporate accounts.

    We’ll contact you in 10 minutes

    1
    1

    We’ll contact you in 10 minutes

    Service Details

    They will vary slightly depending on how many visits to Hong Kong you are planning, but the overall sequence of steps to open an account will remain the same. Our experts are always in touch with portal customers and are ready to provide them with any assistance. You can find options for communication with us in the corresponding section of the website.

    Recommended procedure:

    • Forwarding of documents. We will prepare some documents for you before submitting an application to Citibank to open an account, and you will have to send some other documents to us by e-mail (constituent documents, personal data, etc.).
    • Verification and approval of documents. When this stage is over, we will once again check the list of the bank’s official requirements. If necessary, we will prepare the missing documents or request them from you.
    • Transmission of documents to Citibank (Hong Kong branch). Your case will be handled by an individual bank employee, and preliminary verification takes no more than 7 business days.
    • Discussion of the date and time of the visit to Citibank (Hong Kong branch).
    • Additional consultation with the client. Before visiting Hong Kong, we will once again discuss all the points and possible questions in the interview and the best answers to them.
    • Visit to Hong Kong. Our Hong Kong partner will accompany you during your visit to the bank. The list of formalities includes submitting applications to open both accounts, another interview with a Citibank employee, processing all documents, and signing the papers. 
    Notice blue

    If you are planning to make just one visit, you will need to conclude an additional insurance contract (if there are two visits, you can do this later). The total time required to complete all formalities is approximately 2-4 hours. If you are planning to return to Hong Kong, it will take no more than 2 hours (usually less).

    • Proof of accounts. If you expect a follow-up visit, it should be scheduled in 3-4 weeks. The exact time will be communicated by the bank manager via your chosen communication channel. Once the confirmation has been received, you will once again fly to Hong Kong and complete all formalities.
    Notice blue

    You will discuss the period during which you need to deposit funds into your personal account with a bank employee. It is usually set at 1-2 weeks.

    • Corporate address in Hong Kong. This item is mandatory. It should be provided to you by an intermediary with whom you are already working. If you trust us, you will be able to use an additional service that provides a corporate address (we charge USD 350 per year, while the prices set by other intermediaries are usually slightly higher).
    • Correspondence address in Hong Kong. There are no restrictions here, which means that you can specify your address or use ours.
    Notice blue

    After you confirm the fact of opening both accounts, all documents and the debit card are sent to the address specified by you. After that, you only need to sign the receipt form and return it to the bank. You will then receive an email with your PIN code!

    In fact, the service we provide is unique as we have been working with Citibank (Hong Kong branch) for a long time and we can predict many points related to organizational requirements, the list of questions and potential pitfalls.

    We also note that we offer a comprehensive service for opening a personal and corporate account in the Hong Kong Citibank and accompany the client at all organizational stages. This approach significantly decreases the risk of failure and reduces time and cost.

    The cost of opening a personal and corporate account in the Hong Kong Citibank:

    • USD 1,500 – opening a personal account
    • USD 2,000 – opening a corporate account for a company in Hong Kong registered and/or serviced by us
    • From USD 3,000 – opening a corporate account for a company in Hong Kong (registered and serviced by another agent)

    If you have any questions, we will be happy to answer them (e-mail info@offshore-pro.info).

    Open a Corporate Investment Account in Hong Kong

    How to choose a foreign bank to open an account?

    You will need to take into account many factors – from the bank’s reputation and financial performance to the possibility of opening an account remotely. However, it is not a fact that the bank you liked will also choose you as its customer since all banks carefully check customers nowadays and few of them are ready to cooperate with problem jurisdictions. Therefore, get the support of professional consultants to increase your chances of opening an account with the best bank for you.

    How do I open a bank account in Hong Kong?

    Opening an account with a Hong Kong bank is a complicated process. They are very serious about their reputation and would not open an account for a customer they see for the first time. There are many requirements for a bank in Hong Kong to open an account for you, and they are particularly difficult for young companies to meet. Therefore, if you need an account in Hong Kong, be sure to get the support of professionals who will help you avoid rejection and save your nerves and time.

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