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To Open a HK Bank Account, You Need to Know These

Since April 1 this year, Hong Kong government priced up for Hong Kong company registrations. Many people could successfully open their Hong Kong companies before this date. When it comes to Hong Kong company bank accounts opening, it has become hard since long ago. So what can we do? Which requirements shall we prepare for? Let’s see details below.

 

Basics about accounts opening

 

1. Proofs of address

Banks will ask for bills issued in 3 months with the applicant’s name and address on them. Such bills include water bills, electricity bills, bank bills, insurance bills, mobile bills, and letters from the government, etc.

 

2. Unified signatures

Make sure to sign all documents by yourself. Banks will check if the signatures are unified on each document when you apply for other services.

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3. Proofs of business transaction

Banks will ask for documents of proof to ensure the applicants are in real need of business transactions. These proofs can be the company’s contracts, receipts, bills, vouchers and invoices.

 

If the company hasn’t dealed any transaction yet, these proofs can be individual’s certificate of deposit, bank account statement, etc.

 

4. Minimum account opening threshold

Each banks have their own threshold requirements, ranging from HKD $ 5,000-10,000.

 

Documents required

 

Generally, documents below are required by most banks:

o    Passport

o    Some cash as the deposit (HKD $10,000 or equivalent RMB)

o    Bills with the applicant’s address and name (not all the banks will require the bills, but it is better to prepare in advance)

o    Company’s basic documents (Business Registration, Certificate of Incorporation, Incorporation Form, etc)

o    Proofs of business transaction

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Requirements of account opening

 

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Opening threshold: HKD $1,000

Monthly charges: Minimum balance is HKD $10,000. A charge (HKD $60 per month) will occur if balance is lower than the threshold. It starts from the 3rd month.

Card issue procedure: normally, the bank card will be sent after 4 working days (applicants in mainland will need to wait for 1 month to receive, while the time for Guangdong applicants is 2-3 weeks). The applicant can also go collect the card at the bank.

Account frozen: if no transactions made in 2 years.

 

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Opening threshold: HKD $10,000

Monthly charges: daily minimum balance HKD $10,000. A charge (HKD $100 per month) will occur if balance is lower than the threshold.

Card issue procedure: 1 week for Hong Kong applicants; 3-4 weeks for mainland applicants.

Account frozen: a notification letter will be received by the account holder if no transactions made in 10 months. It will be frozen after the 12th month.

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Monthly charges: daily minimum balance HKD $5,000. A charge (HKD $50 per month) will occur if balance is lower than the threshold.

Card issue procedure: The applicant can go collect the bank card at the bank. Express service takes 1 month to the mainland.

Account frozen: no transactions made in 8 months to 2 years according to the different account types.

 

Tips:

Identity and address documents are the fundamental requirements. Other documents (e.g. bank bills and salary bills) may also be required when account opens.

 

Temporary bank cards can be provided to applicants by some HSBC branches. But they are not safe thus not recommended. If you are really in urgent need, the headquarter in Central and the branch in Mong Kok have sufficient ones.

 

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Opening threshold: no requirements

Monthly charges:

Ordinary accounts: daily minimum balance HKD $10,000. A charge (HKD $400 per month) will occur if balance is lower than the threshold

VIP accounts: daily minimum balance HKD $1 million. A charge (HKD $500 per month) will occur if balance is lower than the threshold

Card issue procedure: normally, the bank card will be sent after 3 working days.

Account frozen: if no transactions made in 1 years. Call the bank’s hotline to activate.

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Opening threshold: HKD $5,000 to 10,000 according to the account type.

Monthly charges:

Ordinary HKD $ accounts: no requirements.

Simplified multiple accounts (HK, foreign currency, investment): daily minimum balance HKD $5,000. Under the threshold will be charged HKD $50 per month.

Multiple accounts (cheque): daily minimum balance HKD $10,000. Under the threshold will be charged HKD $60 per month.

Card issue procedure: Get the card immediately or wait 2-3 weeks for mainland applicants to receive the card.

Account frozen: no transactions in 2 years.

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Opening threshold: HKD $50,000

Monthly charges:

daily minimum balance HKD $100,000. Under the threshold will be charged HKD $500 per month.

Card issue procedure: 3-4 weeks.

 

Want to open a Hong Kong company and Hong Kong company bank account? HiTouch can help!

o    Register Hong Kong company and get FREE bank reservation service!

o    Professional Hong Kong company bank accounts opening, open the accounts at 99% passing rate with rich bank resources!

 

Contact us to know more!

 

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