Generally, Hong Kong banks require the following documents for submission when opening a business bank account:

• A certified copy of Articles of Association of the company;
• Board resolution copy supporting the creation of a business bank account;
• Certified copy of the business’ Certificate of Incorporation from the Companies Registry and Business Registration Certificate from the Inland Revenue Department;
• Copy of passport or Hong Kong ID, proof of residence, such as bank statements, utility bills, or driving license, and if applicable, evidence of alias or former name for each director, authorized signatories, and principal shareholders, besides beneficial holders of corporate shares;
• Corporate company shareholders must submit a certified copy of the organization chart showing the fraction of shareholdings possessed by each person and the final beneficial company owners;
• Details of ultimate beneficial owners, if any, for company nominee shareholders;
• Director declaration providing the personal details of principal shareholders and directors;
• Duly filled-up bank account form signed by official signatories per the company’s board resolution;
• For trusts that are ultimate beneficiaries, they must submit a formal copy of the declaration of trust or trust deed with information on the settlers, trustees, and beneficiaries;
• List of sample signatures of official signatories; and,
• Evidence of trade, like a business plan, industry membership, audited profit-and-loss statement, or latest tax return.

These copies submitted to the bank must be authenticated by the company secretary, CPA, bank, or attorney. In addition, most financial institutions require a minimum opening deposit to open a business bank account in Hong Kong.

For offshore companies, they will also need to present a Certificate of Good Standing and Certificate of Incumbency. Note that almost all Hong Kong banks follow due diligence processes meticulously and demand the presence of principal directors, account signatories, and stockholders at the opening of the business bank account.

On the other hand, some banks make exceptions to this rule. These cases often require signing the documents at any of the bank’s foreign branches with a witness.

Before opening a business bank account in Hong Kong, the company must first go through company registration and incorporation. Hence, this is the first step since the documents required by the bank are gathered through this process.

A preliminary appointment with the chosen bank is set when this step is completed. During the appointment, the bank officer interviews the business representative to ensure the company’s existence, know the line of business, and check whether the business plan is viable.

The bank’s preliminary evaluation follows this step. Upon the bank’s approval, the next step is signing all relevant papers, submitting the application form, and making the initial deposit. This step is followed by the application going through a bank department review.

The bank will then notify the business of the result of the review. The commercial bank account is opened once the reviewed application gets an endorsement. Next, the bank will start monitoring the business bank account in keeping with compliance protocols. The business bank account can be closed if the benchmarks are not observed.

Aside from deciding what type of business bank account is offered by Hong Kong banks perfectly meets your needs, certain factors need to be taken into account.

This aspect stands best considered, especially by those paying in cash. After all, these firms often withdraw funds through an ATM or from a branch location. Thankfully, even checking accounts offer access to many ATMs these days. And when using the bank’s ATM network, there are no fees.

Three main financial institution types can fairly be called banks. These are the usual brick-and-mortar banks, credit unions, and online banks; however, each one offers a unique array of benefits and disadvantages. On the other hand, considering the bank’s standing is also essential as it can give firms peace of mind, which is among the most critical services a bank can offer.

Like most financial products, various fees are charged on checking accounts to access money. In addition, standard fees exist for ATM use, overdrafts, monthly maintenance or service, and NSF or non-sufficient withdrawals. Naturally, responsibly managing a business bank account can prevent these fees, besides maintaining the required bank account balance. Still, it is best to go for banks with minimal costs and requirements.

Best practice dictates that businesses should verify if the prospective bank is covered by the deposit insurance scheme of the Hong Kong Monetary Authority.

Like anywhere else in the world, deposit rates vary among various currencies, types of bank accounts, amount of deposit, and periods. So, comparing prospective banks offering on this is a wise move.

Many bank accounts demand the maintenance of a specific balance to avoid charges.

Choosing the proper checking account considers mobile features offered by the bank. Try finding a bank with its mobile app and choosing to put it on hold or lock the ATM card. This feature is beneficial in the event of loss as it can prevent anyone from using it.

Meanwhile, online banking offers convenience; hence, highly preferred by many people. So, it’s best to verify if online banking is provided by the prospective bank, besides finding out if there is a cost linked to this access.

PREMIA TNC offers a stress-free way to open a business bank account in Hong Kong. It is a fact that opening a bank account in Hong Kong is difficult. As a rule, banks demand that every organizational head personally come to complete bank account opening procedures.

This requirement is even more challenging with the ongoing pandemic. Still, this rule is imposed to fight illegal activities, compelling almost every nation to set rigid bank compliance rules. As a result, banks bear the responsibility of knowing their clients and watching over their transactions.

With the possibility of being heavily fined for any problem that may arise from clients, banks are starting to see business accounts of small or medium enterprises as risky. Thus, banks are no longer as keen as before to offer easy opening and processing of business bank accounts.

To sidestep this hurdle, PREMIA TNC enters the picture. As a segment of company secretarial services offered in Hong Kong, our experts work to ensure the successful opening of business bank account of clients. Using our skill in preparing documents for a bank meeting and making appointments, we take pride in our list of clients successfully opening their business bank accounts in Hong Kong.

We even offer a free consultation to answer any question a potential client may have, besides discussing other business matters within the scope of our services.

Catering to those thinking of starting a business in Hong Kong and even those with an existing registered company, PREMIA TNC offers company secretarial services. From regulatory reporting to communicating with shareholders and legal bodies, we help businesses stay compliant in Hong Kong, as well as assisting with corporate secretarial matters, which include:

• Application or Renewal for Business Registration
• Filing of Company’s Annual Return
• Provision of Company Secretary Services
• Provision of Register Office Services
• Bank Account Opening Services
• Maintenance of Statutory records
• Arrange Annual General Meetings and Board Meetings to Deal with Relevant Corporate Decisions
• Share Transfer or Share Allotment
• Change of Company Name or Adding Branch Business Name
• Merger and Acquisitions
• Company Deregistration and Liquidation
• Restoration of Struck off or Deregistered Companies