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Why is it so complicated to open a corporate bank account in Hong Kong?
Just got your Certificate of Incorporation and Business Registration Certificate? Congrats, you are now officially able to open a corporate bank account! Unfortunately, this may not be as simple as you might be thinking, particularly if you are not an HK resident
The requirements for opening such an account in Hong Kong differ greatly from those overseas.
Indeed, the Hong Kong Monetary Authority (HKMA), in charge of monetary and banking stability, puts a lot of pressure on banks to avoid issues with money.
Due of course, to the impact such activity could cause on the local economy and worldwide reputation of Hong Kong’s banking system.
That explains why banks are asking so many questions. Regrettably, it also means that if one bank just refused to open an account for your newly incorporated company, the bank right across the street may come to the same conclusion.
However, it is possible to maximize your chances of getting approval by understanding bank expectations and preparing for your meeting with them accordingly. Orbis answers the most commonly asked questions and provides you with a few tips as follows:
A) Who needs to attend the Bank meeting?
- At least 2 directors of the company, if not all, should attend the meeting in person and even every shareholder (or legal representative for a corporate body) for certain banks
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