Hong Kong Implementing Automatic Exchange of Information Agreement
Hong Kong is an international financial center, which is well known for its famous banking infrastructure. There is no restriction for money flow into or out of Hong Kong bank accounts, and the identity of account beneficiary and transaction information are also subject to very high standard of confidentiality.
More than 140 licensed banks in Hong Kong are able to offer a professional business and personal banking services to you. If you are looking to open a business bank account for your business in Hong Kong bank system , Here i will share with you guys a hints and tips to guide you how to open a bank account in Hong Kong.
According to Hong Kong Bank Ordinance, due diligence investigation duties to each clients should be conducted, each bank will review your business background based on KYC ( Know Your Client) obligation. That means you need to provide sufficient business documents related to your business, otherwise bank may probably deny your application if they didn’t obtain details about your business.
In Hong Kong, There’s no exchange controls or restrictions on fund flow, in order to prevent any illegal transaction and criminal activities risks, all banks in Hong Kong implement very strict process control to each customers.
Bank will reject your application if your business involved in following factors.
1, Company name contains Fund(s), Finance, Capital, Charity, Mineral, Oil, Share(s), any words related to financial industry.
2, Company’s business involved in Broker dealers, Security exchanges, Insurance, any business related to financial industry. ( of course you will be warm welcome if you have relative business license )
3, Director and shareholder of the company comes from high risk countries.
4, Doing business with high risk countries.
5, Can not provide sufficient documents to prove your business background.
The following documents should be provided when you decide to open a business bank account in Hong Kong.
1, Hong Kong Company’s documents, which including belows
(1)Certificate of Incorporation,
(2)Certificate of Business Registration,
(3)NNC1 Form ( or NAR1 Form ),
(4)Article of Association,
2, Address proof, such as bank statements or utility bills which contains your name, address and issuing date.
3, Business background proof, such as
(1)Contract and Invoice from supplier,
(2)Contract and invoice to Client,
(3)Transportation documents,
(4)Business card,
(5)Product catalog and website.
Any of these documents can prove you are doing business.
4, Passport of Director(s) & Shareholder(s). Please take note all director and shareholders owning more than 10% shares must be present at the bank.
Friendly advices for client already opened bank account in Hong Kong
1, Always keep your account active, the balance of your account should be more than minimum balance.
2, Take good care of any documents related to your business, for example
(1)Company’s financial report and accounting records. ( This is the best evidence for Anti-money laundering investigation )
(2)Company’s going-concerned documents. ( Certificate of business registration, NAR1 Form )
3, Do not doing business with high risk countries.
4, Close your account in time, always keep good credit in the bank.
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