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Bank Account Opening

I. Introduction

Today companies can choose from several international and local banks for opening a corporate bank account in Hong Kong. SMEs account for a large percentage of companies in Hong Kong and are a significant customer base for banks. Excellent cash management facilities, Internet banking that helps keep track of money movements, trade financing, short term and long term loans are the key finance requirements of any enterprise. All major banks in Hong Kong, local and international alike, have designed products and services to address these needs.

Opening a corporate bank account is a relatively simple and straightforward procedure. However, before you can open an account with a particular bank, it is important to be aware of what your banking needs are, so that you can match those needs with what each bank offers.

II.Corporate Bank Account Features of Major Hong Kong Banks

Local Banks

Feature	HSBC	Hang Seng Bank	Bank of East Asia
HK$ current account availability.	Yes.	Yes.	Yes.
Foreign currency account availability.	Yes.	Yes.	Yes.
Initial deposit.	For HK$ current account: HK$5,000. For foreign currency account: HK$5,000 or equivalent.	For HK$ current account: HK$50,000. For foreign currency account: HK$50,000 or equivalent.	For HK$ current account: HK$5,000. For foreign currency account: HK$5,000 or equivalent.
Average monthly balance.	For HK$ current account (Business Vantage): HK$500,000. For foreign currency account (Business Vantage): HK$500,000 or equivalent.	For HK$ current account: HK$50,000. For foreign currency account: HK$50,000 or equivalent.	For HK$ current account: HK$5,000. For foreign currency account: HK$5,000 or equivalent.
Monthly fee payable in the absence of average monthly balance.	For HK$100,000-HK$500,000: HK$75. For < HK$100,000: HK$150.	HK$150.	HK$50.
ATM card availability.	Yes.	Yes.	Yes.
Default ATM withdrawal limit per day.	HK$20,000.	HK$20,000.	HK$20,000.
Chequebook facility.	Yes for HK$ and US$.	Yes for HK$ and US$.	Yes for HK$ and US$.
Credit card availability.	Yes.	Yes.	Yes.
Internet banking facility for enquiries, local payments, trade transactions, fund transfers, check status of issued cheques etc.	Yes.	Yes.	Yes.
Unlimited internet transfer subject to account funds availability.	No. For non-designated account: HK$500,000. For designated account: HK$1million.	No. For non-designated account: HK$500,000. For designated account: HK$5million.	No. For non-designated account: HK$50,000. For designated account: HK$2million.
Business insurance.	Yes.	Yes.	Yes.
Business loans.	Yes.	Yes.	Yes.
Trade finance.	Yes.	Yes.	Yes.
Accounts Payable Services: Cashier’s order, DD, TT, auto pay outs, etc.	Yes.	Yes.	Yes.
Accounts Receivable Services: Incoming TT, bill payment services, auto pay ins, etc.	Yes.	Yes.	Yes.
Account setup fee.	HK$100.	HK$100.	HK$150.

International Banks

Feature	Bank of China	Citibank	Standard Chartered Bank
HK$ current account availability.	Yes.	Yes.	Yes.
Foreign currency account availability.	Yes.	Yes.	Yes.
Initial deposit.	For HK$ current account: None. For foreign currency account: None.	For HK$ current account: HK$10,000. For foreign currency account: HK$10,000 or equivalent.	For HK$ current account: HK$1,000. For foreign currency account: US$200 or equivalent.
Average monthly balance.	For HK$ current account: None. For foreign currency account: None.	For HK$ current account: HK$10,000. For foreign currency account: HK$10,000 or equivalent.	For HK$ current account: HK$10,000. For foreign currency account: HK$10,000 or equivalent.
Monthly fee payable in the absence of average monthly balance.	None.	HK$400.	HK$100.
ATM card availability.	Yes.	Yes.	Yes.
Default ATM withdrawal limit per day.	HK$10,000.	HK$20,000.	HK$20,000.
Chequebook facility.	Yes for HK$ and US$.	Yes, for HK$ and US$.	Yes, for HK$ and US$.
Credit card availability.	Yes.	Yes.	Yes.
Internet banking facility for enquiries, local payments, trade transactions, fund transfers, check status of issued cheques etc.	Yes.	Yes.	Yes.
Unlimited internet transfer subject to account funds availability.	No. For non-designated account: HK$2million. For designated account: Unlimited.	Info not available.	No. For non-designated account: HK$100,000. For designated account: HK$500,000.
Business insurance.	Yes.	Yes.	Yes.
Business loans.	Yes.	Yes.	Yes.
Trade finance.	Yes.	Yes.	Yes.
Accounts Payable Services: Cashier’s order, DD, TT, auto pay outs, etc.	Yes.	Yes.	Yes.
Accounts Receivable Services: Incoming TT, bill payment services, auto pay ins, etc.	Yes.	Yes.	Yes.
Account setup fee.	None.	None.	None.

Note that the information presented here is for general guidance only.

III. The Different Types of HK Bank Accounts

1. Hong kong dollar saving account;
2. Foreign currency saving account (including all the top popular currencies);

3. Hong kong dollar current account;
4. Letter of credit (l/c) account. the above-mentioned three accounts can receive l/c but the l/c account is required if you want to open l/c for your business payment.

IV.Who Should Go To The Bank For The Account Opening ?

1. The eligible shareholders should go
all the shareholders whose shares are more than 10% (including 10%) are eligible to sign the bank documents personally at the bank or the designated place before the bank managers if a bank account is being opened. all the shareholders are welcome to be present.

2. The eligible directors should go

two third of corporate directors whose shares are more than 10% (including 10%) must go to bank personally for opening the bank account. all the directors are welcome to be present.

3. The eligible appointed account managers
if the shareholders or directors appoint anyone else to manage the bank account and sign for and on behalf of the company, the person should also go himself and sign the documents for bank account opening.

V. The Documents Required
1. Original copy of identity certificate of directors (identity certificate, hk & macau passport or passport which issued by original country where the holder belongs to )
2. Original copy of business license
3. Original copy of certificate of incorporation
4. Original copy of memorandums and articles of association
5. Certified true copies prepared and signed by cpa
6. The cash deposited in the new account
7. Residential address prove (water, electricity or phone bills in the latest three month)
8. Business transaction records & business plan (some banks need it)

9. Clients should need to pay the name search fees to bank with hongkong company and the company which registered at overseas.

VI.Contact Information of Webond

Tel1: (86.20) 38888181； Tel2: (86.20) 38888980; (You can inquire in English)

E-mail: webondco@gmail.com

QQ: 2850700767 Website: http://www.webond.org/

Address: Room 3305, RenFeng Building, No.490, TianHe Road, Tianhe District, Guangzhou, China

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