You would probably agree that Hong Kong’s banking system is one of the best in the world [1]. Out of the 100 top banks in the world, 77 of them have operations in Hong Kong. The banking system is well regulated and monitored. It has a strong capital base and there are no foreign exchange controls in the city. Most, if not all, banks provide multi-currency account and you can convert Hong Kong dollars into any other currencies without hassle.
However, there are two sides to every story. Opening a company bank account in Hong Kong is not easy for many foreigners. Apart from the standard document list, bankers are reluctant to explain the type of supporting documents needed for bank opening. Hence, there are rumors online that foreigners cannot open a corporate account in Hong Kong. In fact, bank account opening has nothing to do with your nationality, business size or the amount of your deposit. It is all about being well prepared – “How and What to prepare?”
Why should I hire a local expert for bank account opening in Hong Kong?
A local expert can suggest the most suitable bank which fits your business model. Different banks can have different preference on business nature, nationality, targeted jurisdictions.
- For example, some banks are conservative. They only take a certain type of business. Some are more aggressive and they welcome all type of business.
- Another example, some small banks prefer customers to have a physical office in Hong Kong while big banks like HSBC, Bank of China, and OCBC, does not mind virtual office address.
- Banks with good performance in your country does not necessarily mean they provide good service in Hong Kong. Some banks take 2 weeks to approve an account. Some can take 2 to 3 months.
Only experienced incorporation agent can give you an instant update of the banking practice in Hong Kong. Get Started HK can advise you in advance so you can make a correct decision. Different company incorporation agent may provide different types of bank support service. However, not all services are useful for foreigners.
A good company service provider does not only tell you the type of documents to be prepared. If certain documents are not available, they will also provide you with practical advice in preparing or finding alternatives.
Get Started HK Bank Support Service: How does it work?
After you open the company, you can leave banking arrangements with Get Started HK. You just need to be in Hong Kong in-person to complete the account opening process. Below is a sample of our premium pack incorporation process.
1. Incorporation Process.
Once payment arrives our account, we shall send you draft incorporation documents for review within 3 business hours. After you confirm the documents, we will submit to the government for registration. The certificate of incorporation will then be ready in 12 hours.
2. Bank Opening Process.
Under the additional bank support pack, we can connect you with our designated bankers. Bankers can review your company documents in advance. Once banker confirms all documents are sufficient, we will fix the appointment date. You can then fly to HK to meet with bankers. The interview only takes around an hour. Hence, customers just need to be in HK for 1 day.
If you prefer to arrange a bank appointment yourself, you can refer to our previous article “Business Bank Account Opening in HK: Everything you need to know”. If you have more questions, you can contact us at info@getstarted.hk.
References
[1] Competitiveness Rankings. (n.d.). Retrieved July 11, 2019, from http://reports.weforum.org/global-competitiveness-index-2017-2018/competitiveness-rankings/
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