Our incorporation fees include guidance for one corporate bank account opening but HK banks now require that all directors show up at the bank for the necessary meeting.
Should you require assistance to set up additional bank account appointments we can do so for HKD500 for one additional bank or HKD1,000 for 3 additional banks.
Moreover, Hong Kong banks have become more demanding recently; you may refer to our two articles on the subject here and here. The decision to even agree to meet with the customer of newly incorporated companies depends on many different criteria and as a result, we at LCCS are unable to tell you in advance which banks are more likely to approve your application.
In addition, note the bank requires the company to be incorporated before even considering to arrange an appointment. Hence, you should not request to arrange a meeting with the bank before the incorporation process is completed. It is also not recommended to make an appointment before you know your schedule since it will be difficult to reschedule an appointment.
Considering the above, once the company is duly incorporated, we will help you to make an appointment with the bank of your choice according to your travel schedule, and will send you the final list of documents you will need to prepare beforehand. But before we try to arrange the meeting, as our fee only includes one coordination procedure, please investigate thoroughly. Also, be sure to inform us of the following information which the bank will likely request:
- Business Nature – Please explain in detail the nature of your business (sector and activity e.g. trading medical device between China and the US)
- Estimated Annual Turnover
- Overseas Connections – Is your company related to any listed companies overseas or in Mainland China?
Finally, please understand that we have no authority over the banks. We cannot guarantee your application will be accepted as the final decision on approval is entirely in the hands of your chosen bank. We will therefore not be liable if you are unable to open a corporate bank account.
For LCCS customers who are unable to open an account with a local bank. We can also offer alternative banks in Switzerland and Singapore upon request. Both accept to open non-resident accounts for HK Companies.
Bank’s Usual Terms and Conditions:
For information on bank charges, please contact the banks you are interested in directly. Bank charges frequently change and as a result, we cannot keep updated records for each and every bank.
You do not need to deposit an amount of capital when opening a bank account, but banks usually require the deposit of a minimum amount some of which can be declared as capital and the balance as cash advance. For example, HSBC now requires a deposit of HKD 10,000. Moreover, now banks usually charge opening fees which the initial deposit should cover.
During the appointment with the bank for account opening, you can apply for standard banking facilities such as cheque book, credit card, and internet banking, directly through the bank (no need to ask us). For credit card, you will be required to place a deposit to secure the credit card limit.
Regarding accounts held by Specified US Persons, HK banks are required to report financial assets owned by United States persons to the United States tax authorities (Foreign Account Tax Compliance Act -FACTA). This includes accounts held by U.S. citizens and U.S. residents, certain corporations or partnerships created or organized in the United States, as well as accounts held by certain passive entities with shareholders who are U.S. citizens or U.S. residents.
For more information on account opening in Hong Kong check out our article on this subject here.
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