Among businessmen engaged in foreign trade, opening a Hong Kong bank account has become popular. There are some advantages of opening a HK bank account, such as no foreign exchange control, better exchange rate, and lower tax rate. However, it is difficult to open a HK bank account now, and people will face some problems in the process.
Let’s see how to deal with the problems
in opening a HK bank account!
Why is it difficult to open a HK bank account?
1
Strict Banking Regulation
As a matter of fact, the big banks were fined for failing to do a good job in anti-money laundering, so they begin to set higher requirements for customer qualifications, and banks will strengthen the account regulations year by year.
2
Demand is exceeding supply.
The demand for taking money out of the country and foreign exchange has been increasing, especially in the past three years. More and more people from the mainland choose to open bank accounts in Hong Kong. However, banks in Hong Kong have limited manpower, so opening HK bank accounts becomes slower and more difficult.
According to statistics from Hong Kong Monetary Authority, the average number of enterprise accounts opened by Hong Kong retail banks every month is about 10,000, of which 60% to 70% are small and medium-sized enterprises and start-ups, and the average number of enterprise accounts for overseas small and medium-sized enterprises and start-ups every month is about 2,000.
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HACOS Comment:
The current situation that the demand for opening HK bank accounts exceeds its supply will continue for a long time. It is difficult for individuals to open a bank account in Hong Kong, and they will even face a lot of inequality clauses. For example, some banks require people to buy insurance products if they want to open a bank account, and people are not allowed to open bank accounts if their don’t meet the requirements of the banks.
3
Upgraded Audit
Compared with the past situation, the audit mechanism upgrades and becomes more strict. Opening HK bank accounts now should undergo several audits by customer managers, executives and approval departments. Hong Kong has strong legal awareness, and anyone who attempts to use fake documents to open a bank account will take legal responsibility.
Available banks to open your HK bank accounts
Since the outbreak of the epidemic, the big banks have tightened their policies and improved the threshold of opening bank accounts, which makes some people fail to open their bank accounts in Hong Kong.
However, people can still open HK bank accounts as long as they prepare all the application materials in advance.
In order to help you open HK bank accounts successfully, HACOS will recommend you some banks. You can open HK bank accounts without going to Hong Kong, and it’s convenient to open bank accounts through video.
HSBC
The Hongkong and Shanghai Banking Corporation Limited (HSBC), the largest foreign bank in Hong Kong, currently has more than 700 branches and offices in the Asia-pacific region.
Advantages of HSBC
1.It is quick and convenient to make or receive payments through the online bank.
2.You can use mobile phone to log on the online bank and make payment at any time, and it’s clear to know your company’s cash flow.
3.It provides flexible foreign exchange service, and you can change money freely.
Foreign currency that can be accepted: USD, GBP, CAD, AUD, JPY, NZD, EUR, SGD, CHF, RMB, THB and so on.
4.The enterprise accounts have high security and reliability, so the privacy can be protected well.
5.HSBC has great reputation, which is beneficial to trade financing and helps enterprises build their brands.
Good News
HACOS provides customers with the fast channel to open HK bank account. Directors and shareholders don’t need to go to Hong Kong, and they can choose to open accounts and be verified through video in its branches in Beijing, Shanghai, Guangzhou and Shenzhen.
NRA
Non-Resident Account(NRA) is also a good choice, and it means registering a overseas enterprise and using it to open a enterprise account. NRA is often used to receive payment, transfer foreign currency and avoid taxation reasonably.
Advantages of NRA
1.NRA is a domestic foreign currency deposit account with less foreign exchange control.
2.NRA can can save enterprise costs.
3.NRA can meet various requirements of customers, and the payment includes collection and credit.
Electronic Bank
If you are a new start-up company and do not have many business documents to provide, or you want to quickly have tools to make and receive payments, you can choose to open an e-bank account. Electronic bank accounts have lower costs, and its operation is quick and simple.
Choose HACOS to Help You
1.You can open your bank accounts in short time.
HACOS has more than 10 years' experience in account opening. After signing the contract, the special offshore product service department is responsible for account opening. We will examine the materials in the early stage of account opening, so it will shorten the time of examination by the bank in the later stage.
2.HACOS provides professional teams for you.
Professional staff with more than 10 years‘ experience will help you solve problems in the whole process and give you timely feedback.
3.You can open your bank accounts with a high successful rate.
4.HACOS provides good after-sales service and help you maintain the bank account.
HACOS has long-term cooperation with many Hong Kong banks. You can open the HK bank accounts without going to Hong Kong, which helps you save money and time.
Attention!
Hong Kong companies have to do auditing every year! If Hong Kong companies forget to do auditing, they will be fined or their HK bank accounts will even be closed. Therefore, it’s important to do auditing in time!
HACOS focuses on business services and has professional teams.
If you want to know more, please free to contact our consultants or leave your message.
