Open HK Corporate Bank Account
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Proper preparation for your 1st Corporate Account Application
The simpler the banking service, the better, especially for entrepreneurs who want to devote their time to business development. Some SME Owner use their own personal bank accounts for business activities, and they find it inconvenient to manage an additional separate Corporate bank account. However, the use of personal accounts for commercial purposes, such as making payments to suppliers, and the account owner’s failure to properly answer questions about the transaction may cause banks to be concerned.
In fact, opening a Corporate account for a business should be considered as one of the important to-do items for opening a company. We encourage you to check the account opening eligibility and required supporting documents to prepare properly for the business account application process.
Is your company eligible to open a business account?
Banks will review each business account application and require different supporting documents from each applicant according to the business nature of different companies. A few examples are listed below:
Situation 1: I just started a business. As a start-up, our company can provide rather limited business records. Does this mean I cannot open a business account?
Setting up a company is not easy, especially for start-ups with limited resources. At present, there are also many types of bank wealth management accounts specially tailored for start-ups in the market.
Banks want to be able to understand the nature of different companies, so showing the bank the proof of the company’s business will help the bank to understand the business of the company more clearly.
Generally, entrepreneurs can provide business documentation such as sales contracts, supplier invoices, lease agreements (either a stamped lease or a virtual office lease agreement) to show that the company has been operating an actual business.
SME entrepreneurs can also share more information about their expertise and relevant background details with the bank to make the application process smoother. For example, if the applicant is running a technology innovation company, he/she can provide relevant industry experience, such as proof of previous work in the electronic technology industry, award record, or proof of participation in open competitions or industry accelerator programs.
Situation 2: My company is located overseas and is currently planning to expand the company’s business to Hong Kong. As an overseas company, I have heard that Hong Kong has very strict laws to prevent financial crime, which makes opening a bank account complicated.
Hong Kong has always been an international business hub, where many multinational companies operate. The major banks in Hong Kong are experienced in providing services to overseas companies, and at the same time attach great importance to the prevention of financial crime.
In view of this, banks need to understand the purpose of overseas companies opening business accounts in Hong Kong in order to work closely with the government and regulators to prevent financial crime from happening.
If the company already has a bank account in another overseas bank, the applicant can bring the latest bank statement. With a good track record at another bank, the account opening process is expected to be simplified.
In addition, banks will require company shareholders or directors to visit a local bank branch or an overseas bank branch in person to confirm their identity, depending on the type of company. Below is a list of several frequently asked questions during the interview process. Applicants can refer to them as preparations to show that they have a good understanding of the business.
Details about your business such as industry, business model and products/services offered.
What is the expected annual sales turnover?
Which country does the company do business with?
Why do companies need to open a business account in Hong Kong?
The supporting documents required for account opening will vary depending on the applicant’s company type and business nature. Please note that the following summary of the list of documents is for reference only. If necessary, the bank may request additional supplementary documents.
- Certificate of Incorporation (CI)
- Valid Business Registration Certificate (BR)
- Valid Certificate of Incumbency (COI) (For Oversea Company)
- Memorandum & Articles of Association (M&A) / Articles of Association (A&A)
- Identity Document of Director and Shareholder -For HK permanent citizen, please submit ID copy / For PRC, please submit 國內身份証、通行証、護照/ For other countries, please submit passport
- Residential address proof of Director and Shareholder- we accept electricity / gas / phone bill / bank statement issued within the last 3 months, except management fee bill
- Tenancy Agreement/Address Proof for Company’s principal place of business, Management Office (if the address is different than Registered address / Registered address is using Company Secretary office)
- Related Corporation’s Certificate of Incorporation (CI)
- Related Corporation’s Valid Business Registration Certificate (BR)
- 2 Completed sets Trading Document Contracts, Invoices, Quotation, Purchase agreement between buyers and suppliers
- For each set Trading Document, please also include Delivery documents, packing list (e.g. bill of lading, airway bill) and payment record (e.g. cheque voucher, bank transfer record)
- Latest 3 months’ personal bank statement of Director, Shareholder
- Latest 3 months Existing Corporate account bank statement
- Audited Financial Report within 18 Months
- Company Website, Facebook/ Instagram page OR Online Platform screen Capture 、Facebook/Instagram
- Director, Shareholder’s CV
Our experienced experts are ready in here to provide comprehensive advice to you. We have the whole team here to manage your particular start-up and company maintenance needs including Registered Office Address, Company Secretary, etc.
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