Open an account in Hong Kong in 2020

Open an account in Hong Kong in 2020

Hong Kong is considered one of the most preferred jurisdictions for registering international business. A banking system of this jurisdiction is flourishing and is distinguished by reliability and respectability. These reasons are decisive for entrepreneurs, who intend to establish a company in Hong Kong and open an account with a Hong Kong bank.

Advantages of the Hong Kong banking sector

Entrepreneurs, who intend to open an account with a foreign bank, often stop their choice in Hong Kong.

What are the main reasons for this decision?

  • A stable economic situation;
  • A developed banking sector;
  • This jurisdiction is among the 10 world financial leaders;
  • No currency control;
  • A high level of confidentiality;
  • A favorable tariff policy;
  • A remote account management.

Local banks provide an opportunity to open an account in Hong Kong for both a resident and a non-resident, in a local or foreign currency. Actively used the online banking. A customer account information is protected by a bank secrecy.

Changes in the policy of Hong Kong banks to customers implies the following:
  • All banks in this jurisdiction verify banking operations as a part of the AML/CTF policy.

Please note: It is very difficult for a non-resident to open an account with a Hong Kong bank independently. YB Case experts will provide assistance in selecting the best bank, professional support in preparing a package of documents for opening an account, and qualified advice on opening an account with a Hong Kong bank.

A selection of a bank division

We draw your attention: you can open an account with banks in Georgia only for a local company, or for a company, whose director is a resident of Georgia.

  • To open an account with HSBC in Hong Kong. This financial institution has been operating since 1985. It is considered the largest Hong Kong bank and may issue Hong Kong dollars. It is possible to open a multi-currency account with HSBC.

You do not need an initial deposit to open an account with HSBC. A consideration of your application takes 2-3 weeks.

  • To open an account with Bank of East Asia. A bank was opened in 1918. It is the third largest Hong Kong bank and the largest independent local bank.

To open an account with Bank of East Asia, you need to a deposit of 1150 EUR

A bank commission for opening an account is 45 EUR

We emphasize the attention of our customers: it is possible to open an account with Bank of East Asia only with a personal visit.

Timing of the application is 4-6 weeks

  • An account opening with Bank of China, Hong Kong. This financial institution is Hong Kong’s second largest commercial banking group. It has permission from the Hong Kong Monetary Authority to issue banknotes (Hong Kong dollar).
IMPORTANT

opening an account with Bank of China is possible only with a personal visit

There are no requirements for an initial deposit. A commission for opening an account is 140 EUR

Timing of the application is3-4 weeks

  • To open a bank account with Chong Hing Bank. This bank was founded in 1948. It has 39 branches.

There are no requirements for an initial deposit. A bank commission for opening an account is 260 EUR. The application is considered by the bank managers for 2-3 weeks.

  • An account opening with Standard Chartered. The year of foundation of this financial institution is considered to be 1859. It is authorized to issue banknotes.
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Opening an account with Standard Chartered is possible only in person

The application is reviewed by the bank management for 3 weeks.

  • To apply to open an account with China CITIC Bank International. It is one of the largest licensed Hong Kong banks.

An account opening with China CITIC Bank International is possible only with a visit.

Timing of the application is2-3 weeks

  • An account opening with Wing Lung Bank. A bank was founded in 1933. It is one of the oldest Chinese banks. It provides deposits, loans, currency exchange, online banking and asset management. It is authorized to issue banknotes.

We emphasize your attention: opening an account with Wing Lung Bank is possible only with a personal visit.

A bank commission for opening an account is 230 EUR. Timing of the application is 3 weeks.

  • To open an account with OCBC (Shenzhen, China). A bank is one of the 50 best global financial institutions according to Global Finance and has more than 100 offices. You are given the opportunity to open an account for a Hong Kong LTD with OCBC, as well as on English LTD, partnerships, BVI.

A commission for opening an account is 130 EUR. A consideration of your application takes from 1 month.

Please note: you can open an account remotely with OCBC Bank.

Our team offers qualified assistance in opening accounts with foreign banks, as well as support from competent advisor in registering foreign companies. You can learn more about the list of our services by calling us through the contacts on the site.

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