Open an account in Hong Kong in 2021

Open an account in Hong Kong in 2021

Considered one of the most suitable jurisdictions for registering an international business, Hong Kong has a well-developed banking system. Its reliability has always been a decisive factor for entrepreneurs seeking to establish a company in Hong Kong or open an account with a Hong Kong bank.

What are the main advantages of Hong Kong?

  • Stable economic situation;
  • Developed banking sector;
  • No currency controls;
  • Confidentiality;
  • Flexible tariff policy;
  • Remote account management.

You can open an account in Hong Kong for both resident and non-resident clients. Accounts can be opened in a local or foreign currency. Information about a customer account is confidential and fully protected.

The recent changes in Hong Kong banks’ customer policy imply that:

  • All banks in this jurisdiction must verify banking operations as part of the AML/CTF policy.

Important: Non-residents may find it very difficult to open an account with a Hong Kong bank. If you need assistance in selecting a suitable bank and preparing the required documents, please consider contacting YB Case. Our experts will be happy to provide you with qualified advice on opening an account with a Hong Kong bank.

Let’s see what banks in Hong Kong are the most suitable for opening an account.

Opening an Account with HSBC

Operating since 1985, HSBC is considered the largest banking institution in Hong Kong. It has a license to issue Hong Kong dollars and provides its clients with an opportunity to open a multi-currency account with HSBC.

Opening an account with HSBC does not require making an initial deposit. Reviewing an application takes 2 to 3 weeks.

Opening an Account with the Bank of East Asia

Established in 1918, it is the third largest Hong Kong bank and the largest independent bank.

Opening an account with the Bank of East Asia requires making a deposit of 1150 EUR. A fee for opening an account is 45 EUR

Important: It is possible to open an account with the Bank of East Asia by only paying a personal visit.

Reviewing an application takes from 4 to 6 weeks

Opening an Account with the Bank of China, Hong Kong.

Being the second largest commercial banking group, it has the Hong Kong Monetary Authority’s license to issue the Hong Kong dollar.

IMPORTANT: Opening an account with the Bank of China is possible by paying a personal visit

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

Reviewing an application takes from 3 to 4 weeks

Opening an Account with the Chong Hing Bank

Founded in 1948, this bank has 39 branches. There is no requirement for an initial deposit. A bank commission for opening an account is 260 EUR.

Reviewing an application takes from 2 to 3 weeks.

Opening an Account with Standard Chartered

Established in 1859, this banking institution is authorized to issue banknotes. Opening an account with Standard Chartered requires being physically present.

Reviewing an application takes up to 3 weeks.

Opening an Account with China CITIC Bank International

Also one of the largest licensed Hong Kong banks. Opening an account with China CITIC Bank requires being physically present.

Reviewing an application takes from 2 to 3 weeks

Opening an Account with Wing Lung Bank

Founded in 1933, it is one of the oldest Chinese banks. It provides deposit, loan, currency exchange, online banking and asset management services. It is also authorized to issue banknotes.

Important: Opening an account with Wing Lung Bank requires being physically present.

A fee for opening an account is 230 EUR.

Reviewing an application takes up to 3 weeks.

Opening an Account with the OCBC Bank (Shenzhen, China)

Ranked as one of the 50 best global financial institutions by Global Finance, it has more than 100 branches all over the world. Opening an account with OCBC is possible for Hong Kong LTDs, English LTDs, partnerships and BVIs.

A fee for opening an account is 130 EUR.

Reviewing an application takes up to 1 month.

Important: You can open an account with the OCBC Bank remotely .

Looking for assistance in opening accounts with foreign banks? Need assistance in registering foreign companies? Why not contact YB Case?

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