In recent years, with the rapid development of international trade and the increasing frequency of overseas capital flows, many entrepreneurs choose to
set up Hong Kong companies and use convenient Hong Kong banks to expand overseas markets.
However, against the backdrop of the growing demand for opening a business bank account in Hong Kong, many HK banks have tightened the opening requirements and substantially increased the review threshold, resulting in the surging difficulties in applying for the business bank accounts in Hong Kong.
The main reasons for the difficulties in opening an account are as follows:
First, opening procedures and documents could be extremely cumbersome and difficult without a detailed guidance.
Opening an account in Hong Kong is a complicated process with long-time waiting, and many additional documents are required to be submitted, which are very inconvenient for China mainland and overseas customers. Especially when they choose to drop by one of the banks without a detailed guidance based on their business mode and practical situation ahead of time.
Second, international anti-money laundering and anti-terrorist restrictions.
Since the aggravation of the flow of foreign capital, many criminal groups are also get involved to conduct criminal activities. In order to assist in fighting international crimes, banks have to follow the international anti-money laundering money counter-terrorism requirements and require stricter internal compliance audit, or even simply avoid income contribute less customers, to reduce the risk of the banks themselves.
Third, the self-cost control of the bank itself.
Many small and medium-sized enterprises have registered Hong Kong companies just to take advantage of Hong Kong's financial system to receiving payments, which only leaving thin benefits for the banks themselves. High costs to managing and maintaining an account have pushed the banks to conduct a strict survey on the client’s business backgrounds, resulting in an extremely low passing rate.
Fourth, strict control policies supported by the local government.
The Hong Kong monetary authority issued more strict regulations than before, and banks need to cooperate with the government to shoulder regulatory responsibility to avoid tax evasion and capital flight.
Banks will be responsible for tax evasion and capital flight. So Banks must raise the threshold to avoid their own risk.
It is precisely these above four reasons that make it extremely difficult to open an account in Hong Kong banks, so it is very important to choose a professional and efficient agency.
High quality agency services will greatly improve your opening success rate, for example, we will use our professional guidance and banking resources to ensure that your account can be successfully opened in Hong Kong.
We will provide professional advice to customers and let customers know their own situation and help to prepare for the opening of accounts.
Here we have compiled some relevant information about Citi bank account in detail, so that you can clearly understand the bank account opening and lay a solid foundation for the successful opening of the bank account.
Documents for opening the bank account:
Directors and Shareholders’ personal document:
Passport original / ID
Hong Kong Visa
HK Entry white note
Living address
Hong Kong company document:
Business Registration Certificate (BR)
Certificate of Incorporation (CI)
Article of Association (A&A)
NNC1 & NAR1
Instrument of Transfer
Business proof document:
Business license
Invoice
Contract
Bill of Lading
Bank Charges:
Charge for account information checking: HKD 600 (the day of opening the bank account)
Instant deposit: HKD 5000 (after opening the bank account)
Monthly minimum deposit: HKD 5000
