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Opening an account for company from Hong Kong in 2020

Registering a Hong Kong company is a good option for those, who want to take their business to the Chinese economic market. Accordingly, entrepreneurs have a question about where and under what conditions they can open an account for a company from Hong Kong.

IQD Consulting experts have prepared a brief information on jurisdictions, where you can open an account for a Hong Kong company.

Opening an account in Hong Kong

Having established a business in Hong Kong, you will have an opportunity to open an account here. Hong Kong is a jurisdiction, that takes seriously the issue of opening an account for a local company. A large role will be played by a residency of the founder and director of an enterprise.

Having studied a financial sector of Hong Kong, it can be noted, that there is a fairly wide selection of financial institutions, ready for cooperation. We would like to draw your attention to the following banks, where you can open an account for a company from Hong Kong:

It belongs to a large Chinese holding Yuexiu Group and provides a wide range of modern financial services. When deciding to issue an account with Chong Hing Bank, we focus on the fact, that this bank requires a personal presence of the beneficiary, and we also recommend you to familiarize yourself with the following tariffs:

  • Opening an account costs 260 EUR;
  • No fixed monthly fee;
  • The initial deposit is not required.

It is the 3 largest bank of jurisdiction and serves customers throughout China, as well as the United States and the United Kingdom. Those, who intend to open a corporate account with Bank of East Asia, should get acquainted with the fees of a financial institution:

  • Opening an account costs 45 EUR;
  • A fixed monthly fee is 18 EUR;
  • The initial deposit is 1,150 EUR.

One of the three banking institutions of the ATS and has an authority to issue banknotes. For those, who would like to open an account with CMB Wing Lung Bank, a wide range of financial services will be provided. Bank charges:

  • A fee for opening an account is 230 EUR;
  • A monthly maintenance fee (if the account balance is 5 800 EUR) is 24 EUR.

It is among the 50 best banks in the world. Along with consumer finance, it provides brokerage services and insurance. If you decide to open an account for a company from Hong Kong with OCBC Wing Hang, you should familiarize yourself with such tariffs:

  • Opening an account costs 140 EUR;
  • A monthly banking service is 1,85 EUR.

Also, like CMB Wing Lung Bank, it is one of 3 banks, that are allowed to issue banknotes. It has representative offices in more than 50 countries of the world. Entrepreneurs, who want to open a corporate account with Standard Chartered Bank, need to know, that when opening an account, 1000 EUR must be paid.

In case when you decide to open an account with a bank in Hong Kong, you should consult with a specialized lawyer. Our expert are ready to provide you with a more extensive list of possible options for banks and provide legal support in opening a corporate account in Hong Kong.

Opening an account in jurisdictions outside Hong Kong

Opening an account for a Hong Kong company directly with Hong Kong banks can be difficult. Therefore, IQD Consulting specialists can also offer you possible options in the following jurisdictions:

China

Those, who decide to open an account for a Hong Kong company in China may be interested in the following banks:

DBS Mainland NRA Branch

It is a subsidiary of DBS, one of the leading financial services groups in Asia. When deciding to open an account for a Hong Kong company with DBS Mainland NRA Branch, pay attention to the fees:

  • Opening an account is free of charge;
  • Crediting funds into account is free of charge.

HSBC Mainland NRA Branch

When opening an account for a company with HSBC Mainland NRA Branch, an entrepreneur needs to know, that the amount of funds crediting to an account is not limited, but:

  • A standard limit per day is $500,000;
  • Opening an account is free.

For a more detailed list of banks and information on how to open an account for a Hong Kong company in China, contact our staff at the contacts, listed on the site.

Read also:

Australia

We can help you to open an account for a Hong Kong enterprise with Australian banks, which include:

Westpac bank

  • It is one of the most famous banks in Australia and New Zealand;
  • It provides a complete confidentiality and a wide range of financial services.

National Australian Bank

  • One of Australia’s largest financial institutions and banks;
  • It takes 17th position in the list of the largest banks in the world in terms of the amount of capital raised;
  • It provides a full range of financial services.

Kazakhstan

Opening an account in Kazakhstan for a company from Hong Kong can be a good alternative for entrepreneurs. A list of existing banks of this jurisdiction consists of more than 20 institutions, including:

Forte Bank

  • A largest Kazakhstan bank;
  • A member of the International Interbank Payment Systems S.W.I.F.T. and REUTERS;
  • offers a wide range of services.

Alfa Bank

  • A subsidiary of a large-scale commercial bank in Russia - Alfa Bank.

Turkey

A banking industry accounts for 88% of Turkey’s financial sector. There are about 50 existing banks, three of which are state-owned. We want to pay attention to possible options for banks, in which there is a possibility of opening an account in Turkey for a Hong Kong company:

Ziraat bankası

  • One of the oldest Turkish banks;
  • There is an English-speaking staff;
  • It provides an opportunity to open an account for foreign companies.

Albaraka

  • A financial institution with 66% of foreign ownership;
  • Actively cooperates with banks in more than 80 countries;
  • It provides a wide range of services for corporate clients.

Singapore

Today, there are about 117 foreign banks and 6 local banks in Singapore. Along with the rest, an opportunity to open an account in Singapore is provided in the following banks:

OCBC

There is an opportunity to open a corporate account with OCBC for foreign non-resident companies in one of the major world currencies.

Maybank Singapore

  • It is the 4th largest bank in Southeast Asia in terms of assets;
  • It provides a variety of financial services, taking into account the latest technological advances in a banking sector.

The list of jurisdictions outside of Hong Kong, in which it is possible to open an account for a Hong Kong enterprise can also be supplemented by countries, such as:

  • Spain;
  • Cape Verde;
  • Germany;
  • Malaysia.
Legal aid

As you can see, there are options to open an account for a company from Hong Kong, not only in Hong Kong. We have provided a list of Hong Kong banks and jurisdictions, where you can open an account for a Hong Kong firm. We also want to emphasize, that our specialists can help you to open an account for a Hong Kong enterprise in the EU payment system.

In order to start cooperation with IQD Consulting, call us at the contacts, listed on the site, or leave a request in the form below.

  • The information outlined in the article is actual at the time of its publication.
  • Please refer to our specialists for checking possible solutions for your business.
  • Still have any questions?

    Fill out the form or contact us as you find convenient. Our experts will help you resolve the issue.

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