Banking and e-Wallet
When considering a place to open a bank account, Hong Kong would come into your mind. The reason is obvious— the city’s reputable and solid banking system outweigh other cities. The sophisticated yet robust banking sector in Hong Kong laid a reliable and leading cornerstone for foreign enterprises. They provide a wide range of banking services that put client’s safety as the first priority. This guarantees a secure protection of your assets and a friendly banking experience in Hong Kong. Before setting up a bank account, you should incorporate your business beforehand as those incorporate documents are required to open a bank account. Your identity and residential proof are required for bankers to understand the beneficial owners’ background in compliance with the anti-money laundering regulations. If you wish to open a bank account remotely, corporate e-wallet may be what you are looking for. There are plenty of e-wallets available online, which equips you with online payment and transfers. These platforms also allow you to remit or receive bank wire payment globally.
1. Is it a must for my Hong Kong Company to maintain a company bank account?
No, it is not necessary to maintain a company bank account. Companies can be used for investment holding purpose. Your Hong Kong Company do not have any statutory obligation to have a company bank account in Hong Kong or outside Hong Kong.
2. Can I open a bank account outside Hong Kong?
Yes, you can open you Hong Kong company bank account in any jurisdictions. If you need our recommendation, feel free to send us an email at info@cheapincorp.com.
3. What are the requirements to open a bank account?
You must establish your Hong Kong Company before you can start the account opening applications at the banks.
4. What are the supporting documents required from the bank?
You will need to provide your company documents and supporting documents to show your business potential and/or your experience in the industry. For example, you can show your previous employment history and your overseas company information.
5. Does the bank require a physical visit to open a bank account?
Some banks in Hong Kong or outside provide remote account openings. Contact us at info@cheapincorp.com for more information.
6. Can I open a multi-currency account for my company?
Yes, banks can provide you with the multi-currency account which covers the major currencies such as EUR, USD, GBP, HKD and CNY.
7. What is the amount of initial deposit?
Banks in Hong Kong usually require an initial deposit of HK$10,000.
8. Can I get a debit card or credit card from the banks?
Yes, you can get an ATM card after the bank account is opened. During the bank account opening process, you can inform the bank that you will need a credit card. The bank will provide a suitable solution.
9. Do banks in Hong Kong provide online banking service?
Yes, all the banks in Hong Kong shall provide you with an online banking option. You will get your access after the bank account is successfully opened.
10. What are the bank account opening fees?
Different banks may have slightly different bank charges. For example, HSBC charges an account opening fee of around HK$1500.
11. Is there any monthly service fee for my bank account in Hong Kong?
Most of banks in Hong Kong encourages customers to keep the monthly balance above HK$50,000 or equivalent currencies. In case your bank balance falls below the threshold balance, the banks may charge a monthly fee of around HK$200.
12. What are the popular corporate banking options in Hong Kong?
HSBC, Bank of China, Standard Chartered, OCBC Wing Hang, DBS Bank are some popular options for corporate banking.
13. How do I choose my banks in Hong Kong?
Most of our customers choose HSBC and OCBC. From our observation, their banking policies have become more user friendly for both local citizens and foreigners since early 2020.
14. How can I update the changes of company structure to the banks?
After you change your company structure, you should inform your bank by filling in specified bank forms and attach the government official documents.
15. Are there any restrictions on the nationalities of directors and shareholders?
From our observation, banks are quite reluctant to open bank accounts for the UN-sanctioned countries below.
- Afghanistan
- Central African Republic
- Democratic Republic of the Congo
- Democratic People’s Republic of Korea
- Iran
- Iraq
- ISIL and Al-Qaida
- Lebanon
- Libya
- Mali
- Somalia
- South Sudan
- Sudan
- Yemen
16. What are the options other than traditional bank account?
E-Wallet platforms are very popular these days. They can be opened remotely and they are regulated by the HK government. Here are two good examples, i.e. Currenxie.com and OFX.com (Its parent company is a listed company in Australia). They can help customers to remit and receive payment globally.
17. What is an e-Wallet?
An e-Wallet is an online payment platform. They can help corporate customers to send and receive local and international payments. Your company will be given a designated account number and swift code.
18. Are e-Wallets regulated in Hong Kong?
Yes. E-wallets are regulated by the Hong Kong Government. They hold a Money Service Operator license.
19. What is the major difference between traditional banks and e-wallets?
Both traditional banks and e-wallets can provide service to receive and remit payments globally. One major difference is that e-wallet cannot provide you with loan facilities, investment service, or cheque books.
20. Can I connect my corporate e-Wallet with Paypal or Stripe?
Yes. Most corporate e-wallet in HK can be linked with a corporate Paypal, Stripe, eBay, Amazon and Shopify account. For details, you can have a look at this link and we can also connect you with a designated officer at OFX platform.
21. Can I open my corporate e-Wallet remotely?
Yes, you can open a Corporate e-wallet account completely online.
