Hong Kong is a special administrative region of China, an ideal location to access Chinese manufacturers to trade worldwide or […]Read more
Open bank account in Hong Kong
Hong Kong is a top-rated jurisdiction for doing business which has developed into one of the most affluent banking sectors in the world. This country has branches of the largest international banks, including Asia-Pacific banks. Hong Kong offers more than 200 banks that process a large volume of international transactions on a daily basis. The banking sector plays a significant role in the country’s economy.
Overseas companies and individuals who wish to open a bank account in Hong Kong are required to visit the local bank for compliance procedure. Compared to other countries, AML/KYC checks are rather complicated. As a result, it takes 4-6 week before a bank accepts or declines a potential client. However, many service providers are willing to assist overseas clients with opening a bank account, help with documentation and refer to a particular bank to facilitate the account opening procedure.
Companies and individuals with Hong Kong bank account enjoy numerous financial and investment benefits from its Hong Kong banking products that are not possible elsewhere in the world. Hong Kong is a stable financial center thanks to its monetary authorities that are responsible for securing and stabilization of its currency.
With minimum deposit requirements Hong Kong banks are popular among private clients. Besides, Hong Kong does not have a foreign exchange controls.
What type of accounts is it possible to open in Hong Kong?
Banks in Hong Kong offer all traditional and modern banking services as in other countries. Current and saving accounts can be opened only by licensed banks of Hong Kong (currently there are more than 150 licensed banks in the country). Among other financial products are credit and debit card, investment portfolio, family office services, asset management, inheritance advice, portfolio management, gold banking, precious stones, etc. Many services can be merged into one holding account that will cut certain banking expenses. Hong Kong banks operate with many world currencies, including USD, renminbi and HK dollars to name a few.
What are the requirements for opening a bank account in Hong Kong?
It should be taken into account that personal meeting with a bank officer is always required if you are an overseas client. A bank conducts AML/KYC check and verifies client’s documents. Usually banks request the following documents:
- Passport or ID;
- Proof of residence, including utility bill, bank statement, driver’s license;
- Copies of three contracts and matching invoices signed by the beneficiary to show that the account holder has experience in conducting business;
- Documents confirming that the beneficiary is related to the company.
All documents should be in English or accompanied by notarized translation into English.
An applicant shall describe the business nature that the company conducts or will conduct in Hong Kong showing relevant evidence.
Due to strict anti-money laundering procedure, banks usually consider each applicant for 4-6 weeks.
What are the major banks in Hong Kong?
There are several international banks in Hong Kong that have a major presence in the country:
- ANZ Hong Kong
It is one of the largest Australian banks by market capitalisation which has a strong presence in Hong Kong. ANZ Hong Kong is a full service bank offering its banking products to companies and individuals.
- RBC Hong Kong
It is a branch of the Royal Bank of Canada which is top-ranked for the amount of deposits, revenues and market capitalization.
- UBS Hong Kong
UBS Hong Kong is a well-known licensed bank in Hong Kong with its headquarters in Switzerland. Its products include corporate finance services, foreign exchange, fixed income products, etc.
- Wing Lung Bank
It is one of the oldest Chinese banks with over 50 branches in Hong Kong, Mainland China, Macau and overseas. Its products include deposits, corporate banking, wealth management, etc.
- Shanghai Commercial Bank Hong Kong
This bank is one of the most well-known local Chinese banks in Hong Kong. The banking services include deposits, loans, credit cards, wealth management, securities trading, etc.
- OCBC Wing Hang Bank
OCBC Wing Hang Bank is a bank with headquarters in Honk Kong and one of the largest in the country. It is a full service bank with such products as retail banking, corporate banking, treasury services, etc.
Other well-known international banks in Hong Kong are Barclays Hong Kong, Lloyds Bank Hong Kong, ING Bank Hong Kong, Deutsche Bank Hong Kong, Credit Suisse Hong Kong, BNP Paribas Hong Kong, etc.
How can I close an account in Hong Kong?
If you want to close your account in Hong Kong, it can be easily done online. You need to make sure that you paid all outstanding amounts to your bank and thereafter transfer your funds to your other bank. Finally, your account is closed.