When talking about opening a bank account for new business in HK, some people might have an impression that the whole process is pretty arduous and the success rate is poor, especially for those foreign entrepreneurs. With our 19 years of experience, here comes how our team can make the entire registration journey much more efficient with practical advice and initiatives.
 

 

HK has topped the global ranking on banking and financial infrastructure for its secured monetary system, well-established legal regime and free currency exchange circulation (especially when compared with other mainland cities), and that’s why many entrepreneurs have picked HK as their base in Asia, although the bank account approval process could be more rigorous somehow compare to other offshore jurisdictions, provided that the reputation of HK’s financial regulatory system is much stronger.

 

While the assessment rules of international banks are tightened to prevent illegal operations, working with an experienced advisor could increase the success rate in opening a bank account. Let's dive deeper. 

 

What Makes a Consultant Important?

Not only will a competent consultant tell you what documents are needed beforehand, but s/he will also review your documents and provide practical suggestions to facilitate your application. Based on each client's background and needs (i.e. business nature, passport country, residence country, buyer & supplier background, etc.), the consultant will suggest the most suitable bank(s) for your business since s/he knows which bank fits best as some business natures are more favourable to certain banks. Or how to enhance your prepared documents to fit the banks’ particular requirements.

After the official documents are submitted and the appointment with bankers is confirmed, the consultant will then notify you so you can meet with the banks virtually or physically (some banks now offer virtual meetings to cater to applicants who can't make it in person due to travel restrictions), and pick up the registered company materials (e.g. business registration certificate). In short, a knowledgeable consultant will give precise insights and skillful planning to clients so their businesses can be set up in the most efficient way.

 

How Consultant Makes a Difference?

Many clients are extremely concerned if they could open a bank account remotely due to COVID -related travel restrictions, here’s how we’ll help at different start-up stages:

  • ​1. Company incorporation stage:  After receiving your company details and ID proofs, our consultants will prepare a set of registration documents for you to sign (even when you’re abroad) and then we'll submit to the relevant Government departments. Most importantly, during this whole time, you do NOT have to be in HK.
     
  • 2. Bank account opening stage: To save your hassles, our team will manage the appointments with your preferred banks so you don’t need to run around the city and queue up at bank branches to get their bank account services. Some of our bank partners can even offer our clients pre-screening to let you know whether your provided documents are sufficient for the bank appointment / assessment. This privilege is very important so you can be well prepared for the appointments and the success rate can be maximised.

We fully understand that each client’s case background is different and some banks could be more suitable for certain businesses. For instance, some banks might require all Director(s) and Shareholder(s) to be present to the meeting, whilst some banks only need half of them to show up. That’s why we put a lot of resources into expanding our HK as well as global banking partner network over the years. Know the different banks’ account requirements and gain more tipsWe work closely with HSBC, OCBC Wing Hang Bank, China Citic Bank, Standard Chartered Bank, Hang Seng Bank, DBS, Dah Sing Bank and different overseas banks, for which we believe you will find your best option to operate your business here. You can also check out an interesting article from our client Mr. Jens Krämer on how he opened his bank account with HSBC via BRIDGES.

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If you want to have more information or need any assistance in opening a bank account, don't hesitate to shoot us an email at info@bridges.hk or call us at +852 2159 9666 and enjoy your exciting business journey with us. 

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It's incredibly crucial to choose the bank that fits your venture in HK best, so your business can enjoy the superb and secured banking system of HK. If you are about to open a corporate bank account, this article is for you to get prepared so you can make things right and put your corporate bank account to work ASAP.

 

BRIDGES Bank Partners

Our team’s 19 years of experience working with numerous leading banks have got us honourable recognitions and partnership awards throughout the years. We're committed to strengthening the relationships with different partners for the utmost benefit and convenience to our clients. Some of our partners could even meet the clients at BRIDGES Centre to save our clients’ time. Take a look at the list of our dependable bank partners.

*Due to the travel restrictions of COVID-19 around the worldHSBC allows clients to sign the paperwork at its overseas branches; OCBC Wing Hang allows clients to sign the paperwork at its branches in China; DBS HK also offers remote account opening if the client can sign the paperwork with the witness of the Notary, provide Notarisation of passport and address proof.  

Our offshore bank partners include BlueOrange powered by Baltikums Bank, ABC Banking Corporation, Meinl Bank AG, CIM Bank, Euro Pacific Bank, Rietumu Banka, etc.

We also work closely with a few renowned online finance platforms including Currenxie, Airwallex, Statrys. To learn more, go check out "Bank Account Alternatives to Run Business".
 

What to Prepare for the Appointment?

To help you get prepared for the appointments after our bookings with banks are confirmed, we will provide a tailored document list for you to present your business with solid proof to the bankers. Our consultant will also review your documents and provide practical suggestions before the meeting.

Here’s a general document list:

> Certificate of Incorporation
> Memorandum and Articles of Association / Articles of Association
> Business Registration Certificate
> HKID Card / Passport of Principles or Directors
> Residential Proof of Principles or Directors (e.g. personal bank statement, driving license or public utility bill issued within the past 3 months)
> Business Proof (e.g. trading invoice, bill of lading, payment record, contract / agreement)   
> Business Plan (e.g. what kind of business nature, what is the source of fund, etc.)
> Company Chop

*The above is the required documents applied to major circumstances, for some cases, the bank might need additional documents. 

If you have any questions regarding the company incorporation or opening a bank account in HK, send us an email at info@bridges.hk or call +852 2159 9666. We will ensure your start-up needs are being well taken care of whenever and wherever.

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With the pandemic turmoil of the European and American economy, many global businessmen have pivoted to explore further in Asian countries. Among the different choices, Hong Kong is always the one winning entrepreneurs’ hearts. Wanna know the reasons behind?!
 

 

Easy Procedure

Forming a HK limited company is very straightforward, especially if you're doing it with a professional service provider. BRIDGES team has served countless start-ups and SMEs in setting up their company with our all-in-one package (no hidden costs at all) for 19 years. Let us share a few tips and you will find establishing your own company has never been easier.

 

STEP 1: Collecting the required documents (please refer to the list below) for registration at the HK Companies Registry :

There are 2 types of Required Documents:

Type I. If the Director / Shareholder is an individual:

> Copy of all Directors & Shareholders’ passports / HKID

> Copy of all Directors & Shareholders’ addresses proof

* The Director & Shareholder can be the same person, which means it only takes 1 person to complete the process.

Type II. If the Director / Shareholder is a corporation:

> Copy of Business Registration (BR) Certificate

> Copy of all Directors’ passports

> Copy of  registered office’s address proof

> Articles of Association

> Meeting minutes of agreeing to appoint Directors / Shareholders for this Company

* If the Director is a corporation, it is required to appoint at least one individual Director to comply with the new Companies Ordinance. 

 

STEP 2: Pay and go!

Once your incorporation payment is confirmed, we will get on preparing the Government paperwork for you to sign.

 

STEP 3: Submitting your signed documents to Government :

Even if you are aboard, we will help submit all signed application documentations to the Government for swift processing. In fact, by the time you reach this step, you are already halfway through setting up your own company.  Our team would get it all done for you, like approaching different Government departments to file the required paperwork. For a ready-made (shelf) company, it takes around 2 working days to process; for an all-new company, it would take around 1 week or less to process.

 

STEP 4: Opening bank account :

You may ask: ‘How can I finish all company setup and bank account opening procedures as I'm stuck at my place?’ The good news is BRIDGES is now able to provide remote incorporation. From business consultation to business set-up, everything can be settled via the Internet. For bank account opening, indeed many traditional banks require physical presence and it usually takes a one-month appointment in advance. However, now with the pandemic, you might consider utilising fintech platforms to facilitate your business transaction especially if you are trading in multiple currencies.

The three reliable bank account alternatives in HK (BRIDGES' business partners) - AirwallexStatrys and Currenxie - do not require the physical presence of applicants and offer more than 10 different currencies. For more details, please refer to "
Traditional Bank Account Alternatives to Run Business".

 

Bank Account Opening Preparation

The assessment criteria of international banking are getting stricter, including HK’s banking and financial system. Therefore, a thorough preparation before the bank appointment always helps. If you managed to fly to HK, we will help arrange an appointment with bankers in advance on your behalf. What’s more, sets of the certified true copy are included in our package already for presenting to the bankers. Before the appointment, our experienced specialists will advise you of the documents needed to prepare (e.g. passport copy, residential address proof, business plan, business proofs, etc.), so that the whole process could be sped up and the situation of missed documents is minimised. Some banks can even offer our clients pre-screening to let you know whether your provided documents are sufficient for the bank appointment. In general, the assessment time will be around 2 - 4 weeks provided that all required supporting documents are submitted to the bank for review. We work closely with HSBC, Hang Seng Bank, DBS, OCBC Wing Hang Bank, China Citic Bank, etc. and we will guide you through to smooth out the whole process.

 

Favourable Taxation in HK

HK is famous for having a rather simple and low tax regime. There are two main taxes: Corporate Profits Tax (16.5%) and Personal Salaries Tax (15%), and there is no dividend tax in HK. Generally after 18 months of your limited company incorporated, you will receive the 1st Profits Tax Return. When your company is in good hands like us where there is an in-house Accounting Team able to assist your business with all accounting work, audit arrangement and getting prepared for local tax compliance, you can rest assured that all these essential functions will be handled properly and timely in a legitimate way.

 

HK Incorporation vs. Singapore Incorporation

Both HK and Singapore are popular jurisdictions in Asia for international businessmen. However, forming a Singapore company requires foreign entrepreneurs to partner up with a local Singapore citizen, while there is no limit on the nationality of the director(s) in setting up a HK company.  It means no matter what your nationality is, you can freely form your own company in HK without the need to include a HK citizen as your company’s stakeholder, giving you more flexibility in the company structure.

 

How HK Serves as a Stepping Stone into China?

For expats who want to set foot in China, they have to set up a special type of entity named Wholly Foreign Owned Enterprise (WFOE) according to the China policy. From our experience, if you own a Hong Kong limited company as a shareholding company, it would be way more beneficial to use it informing your WFOE due to the close economic partnership between HK and Mainland China i.e. under The Closer Economic Partnership Arrangement (CEPA). Not to mention financing in HK is much more accessible than in China, and all major international banks are located in HK, leading to a high standard system in terms of technology and security. In contrary to China, there are no restrictions or approvals needed to receive or transfer funds / foreign currencies in HK as you might know.

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If you have any further questions on setting up your own company, please feel free to email our company incorporation team, at info@bridges.hk to know more about our practical advice. 

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