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How to open a bank account in Macau in 2020

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Opening an account in Macau in 2020

The benefits of opening an account in this jurisdiction are the following:

  • A developed banking infrastructure;
  • A stable economic situation;
  • The ability to open a multi-currency account;
  • A high level of online banking functionality;
  • A wide range of banking services.
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Macau is a financial center with 27 licensed banks. If you are intended to open a business in this jurisdiction, then you must know how to open a corporate account with a Macau bank.

For this purpose, you need to familiarize yourself with our article, and request for advice on business account opening in Macau from qualified IQD Consulting experts.

Documents for opening an account in Macau

First of all, in order to open an account for a company in Macau, you must prepare the package of necessary documents for the selected bank. Each financial institution has the right to request:

  • ID card of directors and authorized personnel (a passport or other documents that can officially confirm your identity);
  • A confirmation of the presence of a local office;
  • A certificate of company registration;
  • A tax return from the Department of Financial Services;
  • You also need a personal visit to the bank, in order to approve the application for opening a bank account in Macau.

We want to draw your attention to the fact that IQD Consulting experts can provide you with qualified assistance in the preparation of necessary documents.

Read also:
Banking Services

When opening a corporate account in Macau, you can take an advantage from the following services:

  • Multi-currency account;
  • Online banking in English;
  • Corporate cards: with the possibility of withdrawal of funds through the terminal or receiving directly from the bank, in case, when the limit amounts on the card are exceeded.
How to choose a Macau bank

Before opening an account in the name of a company in Macau, please take a closer look at existing local institutions. When choosing a bank, you must pay attention to the following characteristics:

  1. What is the size of the bank;
  2. For what types of clients it provides the services (for private/corporate/institutional clients or HNWI);
  3. Whether English-language services are offered;
  4. Is there access to online banking;
  5. What are the terms of service.

We want to present you 3 banks that are currently active in Macau:

  • Bank of China. If you decide to open an account with a Bank of China (the largest bank by assets in Macau), you will enjoy a full package of services (loans/bank guarantees/online banking/multi-currency account opening). Macau has the largest subsidiary of the Bank of China;
  • ICBC. It is Macau's 3rd largest bank. Those, who are intended to open an account with ICBC will have an opportunity to use a wide range of services, including investment banking, trade finance, cash management and other additional services;
  • Tai Fung Bank. It is a leading bank in Macau, providing a standard package of financial products.
IQD CONSULTING ASSISTANCE

IQD Consulting specialists are ready to provide you with comprehensive support services in setting up a Macau company and personal advice on how to open a bank account in Macau.

If you have additional questions, please call our office using the contacts listed on the site.

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