While some people fail their Hong Kong bank account applications, again and again. 100 people from different countries successfully passed the applications with the help of Best Eastern.
We compare and see there are two main reasons contributing to the differences：
1.Insufficient documents
2.Choosing a wrong bank
Here, we base on our experience to give a guide on preparing documents and choosing a right bank for a Hong Kong bank account.
Basic Requirements for HK Bank Accounts
Requirements are different from banks to banks, here we give a list of basic requirements which banks always asked for in our past cases.
1.Proofs of Address
Bills issued in 3 months with the applicant's name and address on them. Such bills include water bills, electricity bills, bank bills, insurance bills, mobile bills, and letters from the government, etc.
2.Unified signatures
Make sure to sign all documents by yourself. Banks will check if the signatures are unified on each document when you apply for other services.
3.Proofs of business transaction
Banks will ask for documents of proof to ensure the applicants are in real need of business transactions. These proofs can be the company's contracts, receipts, bills, vouchers, and invoices.
4.Account opening threshold
Each bank has their own threshold requirements, ranging from HKD $ 5,000-10,000.
Documents Requirements
Generally, documents below are required by most banks:
· Passport
· Cash as the deposit (HKD $10,000 or equivalent RMB)
· Bills with the applicant's address and name (not all the banks will require the bills, but it is better to prepare in advance)
· Company's basic documents (Business Registration, Certificate of Incorporation, Incorporation Form, etc)
· Proofs of business transaction
Now we start to talk about choosing banks. Below are three banks we recommend to you after balancing factors like the likelihoods of success, monthly charges, the function of accounts, transaction limitations etc.
Applying for the bank accounts of these banks, you will not be so hard but faster to get it compared to others.
Bank Requirements List
Opening threshold: HKD $5,000 to 10,000 according to the account type.
Account type:
Integrated Business Solutions Account:
Total relationship balance HKD $5,000. Under the threshold will be charged HKD $200 per month.
Savings Account:
A choice of 11 deposit currencies to facilitate your international trading activities.
Current Account:
It includes HKD, USD, Renminbi Current Account: USD Current Account is with a minimum opening balance of HKD2,000 or its equivalent.
Time Deposit Account:
A choice of 12 deposit currencies, the minimum deposit amount is HKD10,000 or 1,000 units in foreign currency.
Card issue procedure: Get the card immediately or wait 2-3 weeks for mainland applicants to receive the card.
Account type:Business bank account, a choice of 15 deposit currencies.
Opening threshold: HKD $10,000.
Monthly charges: daily minimum balance HKD $50,000. Under the threshold will be charged HKD $150 per month.
Card issue procedure: 3-4 weeks.
Account type:
· HKD Current / Savings Account
· USD Current Account
· Multi-currency Savings Account
Monthly minimum balance: No requirements
Monthly charges: HKD $150 service fees
Annual charges: HKD $5000 bank account fees
It's too limited to give more details here, feel free to contact our consultants for a further inquiring.
For other banks like HSBC and Citibank are very popular, especially they are convenient to deal with different currencies transactions, but we don't recommend here.
Because some bank accounts of HSBC were blacklisted by the government before, now they set up very strict investigation to check the applicants' documents.
Our Suggestions
Owned by the same group with HSBC, Hang Seng Bank will be a better choice, both for personal accounts and business accounts, some people even get their accounts the same day after the interview.
When you successfully make an appointment and need to go to HK for an interview, don't forget the following:
ReminderDetail makes you succeed
· Both business or personal certificates are required to take the original ones.
· All certificates are in the period of validity.
· Make your Hong Kong visa before the appointment.
· Have a clear reason for opening a Hong Kong bank account.
· Have a long-term plan for your business, you may need to tell your expectation on the business revenue.
