Banking in Hong Kong
Recent forum posts
I run a UK business and my fellow Director is an Indian National (I am a British citizen).We now want to launch our company in India and I am struggling to make any progress with the Indian High Commission. Can anyone help me with the process. I have twice visited the commission in London and wasted hours of time due to their complete lack of organisation.I will appreciate any help to make
Total Posts: 9 Last post by Mohammed020
Hi There!I was looking to bring in a skincare range from America to sell in UK, what legal procedures do I need to abide by? ie. licensinglaws, testing etc
Total Posts: 6 Last post by Jpm
Banking in Hong Kong
Opening a bank account
Hong Kong has hundreds of licensed banks that represent the interests of 32 foreign countries. There are three types of banks in Hong Kong: Licensed Banks, Restricted Licence Banks (RLB) and Deposit Taking Companies (DTC). Only licensed banks can operate current and savings accounts. Saving accounts can be in US dollars, renminbi or in Hong Kong dollars.
Some retail banks provide downloadable account opening forms on their websites. The criteria for opening an account vary from bank to bank. However, the standard documents required to open a savings or current account are:
- Hong Kong Identification Card or passport
- Proof of Hong Kong address or address in home country
- Application form
Telephone and e-banking are popular in Hong Kong and are usually free of charge.
Automated teller machines (ATMs) are plentiful. In addition to withdrawing cash, there are ATM machines available where you can pay bills, deposit cheques and deposit cash.
You may be issued with a cheque book when you open a bank account, but it is important to note that cheques are not widely accepted by retailers in Hong Kong.
In order to register for a credit card, you must provide the following information:
- Proof of salary or salary statements for the last three months
- Proof of address in Hong Kong
- Proof of Hong Kong ID or passport
Before applying to open a company bank account, it is essential to have already completed the registration and incorporation of your company. In order to facilitate the process, it is advisable to contact your local bank to get a checklist of the documents you will need.
Banks tend to require a minimum deposit to open an account, which may be as little as HK $2, 000 (US$ 57). The procedure is normally very straightforward, but obviously all banks reserve the right to ask for any further information if they require it.
Organisations that can assist with Banking
Business Banking advice Advice on which type of bank account would best suit your business. Help making payments – and getting paid.
We are "GCE GLOBAL SOLUTIONS" the global evolution of " GRUPO CONSULTOR EMPRESARIAL " with the acronym "GCE ®", a leader in the area OUTSOURCING IN BUSINESS MANAGEMENT for business administration worldwide, we have established our own international network of partners in each country.
Sovereign offers a range of advisory and support services to assist companies of all sizes to establish successful business operations in foreign markets.