Bank Account Opening Service

Opening a Bank Account

As one of financial centers in the world, Hong Kong is an ideal place for making investment and opening bank accounts for investors. However, banks have different requirements on the formalities for and necessary information on opening accounts. A company’s director may have to spend additional time in making enquiries to the bank for this as he may fail to provide necessary information or is unfamiliar with the procedures for bank account opening, which may cause a waste of time for them.

Conpak has established a strong business relationship with Hong Kong’s international banks and courteously provide bank account opening service in Hong Kong. We will handle for enterprises the formalities for opening bank accounts with international banks in Hong Kong and assist them in making appointments with banks and the preparation for relevant documents needed, depending on the actual circumstances of such enterprise . The documents needed may include certified documents from accountants (issued by certified public accountants of Hong Kong), business licenses, director’s declarations and minutes of the board of directors.

Benefits of opening bank accounts in Hong Kong

• No restriction on foreign exchange remittance, free transfer of funds
• Convenience in settlement of international trades
• No interest tax with a higher actual revenues of deposits
• Free conversion of currencies
• Convenient daily account operation and online bank transactions
• Convenience in getting trade financing from international banks

What documents required?

• Original copies of identification documents of shareholders and directors
• Original copy of Business Registration Certificate
• Original copy of articles of association of the company
• Common seal
• Statutory documents for incorporation
• Proof of the directors’ addresses
• Business evidence, such as purchase orders , invoices for sales and purchase, contracts, bills of lading
• Document for opening a bank account signed by an accountant

How to open a bank account?

• By visiting a bank of Hong Kong in person
• By video account opening
• Under witness(By QI)

Take HSBC as an example:

• By visiting HSBC in person: the shareholders and the directors visit HSBC in person. Under normal circumstances, the formality for opening a bank account can be completed on the same day
• By video account opening: the shareholders and the directors visit a HSBC branch in the mainland China after making an appointment in advance. A bank account would be opened under the witness of a branch staff member. It takes about 15 working days.
• By QI: the shareholders and the directors visit the offices of Conpak located in Shenzhen or Shanghai and apply for account opening witness service. It takes about 10 working days.

Procedures for opening a bank account

• Submit a bank account opening application
• Assign a bank account number
• Deliver a cheque Book
• Deliver passwords for online banking
• Activate online banking password
• First time online banking registration service
• Deliver or obtain ATM card and password

Comparison of charges and fees for main banking services in Hong Kong

Names of Bank	Opening deposits(HKD)	Management fees(HKD)	Fees for Inward Remittance(HKD)	Fees for Outward Remittance(HKD)	Fees for Letters of Credit(HKD)
HSBC	5,000	A fee of $ 50 will be charged per month if monthly balance is lower than $25,000; No management fee will be charged if monthly balance is higher than $ 25,000	55	80-200	Postal fee: 260; Telegraph fee: 200
Hang Seng Bank	5,000	Introduced by Conpak: N/A; Not introduced by Conpak: A fee of $180 will be charged per month if monthly balance is lower than 50,000; No management fee will be charged if monthly balance is higher than $ 50,000.	Overseas:50 Hong Kong:10	80-260	200 + Postal fee + Overseas banking fee
BOC(Hong Kong)	N/A	N/A	20	200	500 + Postal fee
SCB	5,000	A fee of $150 will be charged per month if the balance for previous 6 months is lower than $ 50,000	24.75-55	120-300	Postal fee: USD25; Telegraph fee: USD25
Citibank	200,000	A fee of USD50 will be charged per month if monthly balance is lower than $ 200,000	USD100	70-140	USD100
BEA	5,000	A fee of $ 50 will be charged per month if monthly balance is lower than $ 5,000; No management fee will be charged if monthly balance is higher than $ 5,000; A fee of $ 100 will be charged per 6 months if the balance of the dormant account is lower than $ 2,000	N/A	200	0.125% of collection amount + Postal fee; Telegraph fee: 120
NCB	N/A	A fee of $ 60 will be charged per month if monthly balance is lower than $ 5,000; A fee of $ 100 will be charged per 6 months if the balance of the dormant account is lower than $ 2,000	55	100-180	0.25% of collection amount

Notes:
1.The currency and amounts mentioned above are in Hong Kong Dollar (HKD) unless otherwise specified;
2.The information collected as of November 2011 is for reference only. The actual charges and fees are quoted by the bank concerned at the time when an account is opened.

For more information about Bank Account Opening Service, please contact our professionals, and we will provide you with free advisory.