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1. Must I open a bank account to run my local / offshore company in Hong Kong?  
2. Must I wait for the whole completion of setting up my company in Hong Kong before opening a bank account for my company?  
3. What information and documents are required to open a bank account for my local / offshore limited company, Partnership, or Sole Trader/Proprietor in Hong Kong?  
4. How long time does the bank complete the process of bank account opening for a company?  
5. I hold a bank account in Hong Kong but I am now in overseas, how can I transfer the money to / from my bank account?  
6. I am a company director and a foreigner, must I come to Hong Kong in person to open a bank account?  
7. If company directors cannot come to Hong Kong in person, can a company still open a bank account in Hong Kong?  
8. Can other forms of offshore company (e.g. BVI Company) open a bank account in Hong Kong? If yes, any additional documents are required?  
9. Can I apply for banking facilities (e.g. bank loan, corporate credit cards, documentary credit, L/C) at once after forming my Hong Kong company?  
     
     
     
1. Must I open a bank account to run my local / offshore company in Hong Kong?  
     
A Not necessary. There is no restriction or requirement for a local / offshore company must open a bank account in Hong Kong for business operation. If you have a bank account in overseas, you can use this overseas bank to deal with for your business transactions. Of course, it is convenient to have a bank account in Hong Kong for your business operation as banks in Hong Kong do not have any exchange control.  
     
2. Must I wait for the whole completion of setting up my company in Hong Kong before opening a bank account for my company?  
     
A Yes, around 1 to 2 weeks after applying for the company incorporation. You have to submit Certified True Copy of Certificate of Incorporation, Business Registration Certificate, and necessary legal forms for opening a bank account. Therefore, you have to wait for 1 to 2 weeks around to collect the Certificate of Incorporation and to prepare necessary legal forms.  
     
3. What information and documents are required to open a bank account for my local / offshore limited company, Partnership, or Sole Trader/Proprietor in Hong Kong?  
     
A For Limited Company, please refer to the Step 5 of Setting up a Limited Company in the page How to Setup a Company under Info Center.

For Partnership:
  1. Certified True Copy of Business Registration Certificate,

  2. Certified True Copy of Partnership Agreement [Optional],

  3. Certified True Copy of partners' passports / Hong Kong identity cards,

  4. Residential Address Proof,

  5. Business Proof,

  6. Completed bank account opening form and signature cards,

  7. Mandate for opening a partnership bank account, and

  8. Initial Deposit
For Sole Trader/Proprietor:
  1. Certified True Copy of Business Registration Certificate,

  2. Certified True Copy of partners' passports / Hong Kong identity cards,

  3. Residential Address Proof,

  4. Business Proof,

  5. Completed bank account opening form and signature cards,

  6. Mandate for opening a sole trader/proprietor bank account, and

  7. Initial Deposit
 
     
4. How long time does the bank complete the process of bank account opening for a company?  
     
A After submitting all required documents to the bank, the bank will conduct a company search. Generally, the bank account can be activated in 2 to 7 days.  
     
5. I hold a bank account in Hong Kong but I am now in overseas, how can I transfer the money to / from my bank account?  
     
A
  1. Remittance - remittance fee will be charged in most of the cases,


  2. Signed Instruction Form - you have to confirm whether your bank accepts fax instruction form. Otherwise, you have to send the signed original instruction form to the bank by mail or courier. Moreover, please don't forget to take a spare copy of those instruction forms for your own retention, OR


  3. Telephone / Internet Banking - it is a free of charge service for most banks, but there may be a service fee for prestige account in some banks, and it varies according to bank and services provided
As banks always update their service, please refer to the latest news of the bank for detailed information.
 
     
6. I am a company director and a foreigner, must I come to Hong Kong in person to open a bank account?  
     
A

Yes. All company Directors and shareholders (have or do not have rights to sign cheques or hold bank account) must come to Hong Kong in person, and have an approval witness signature before the banker.

Since 2010, some banks in Hong Kong launched Video Conferencing to replace face-to-face meeting. However, this service is available for selected main cities in China only up to at this moment 2010' February.

 
     
7. If company directors cannot come to Hong Kong in person, can a company still open a bank account in Hong Kong?  
     
A

Yes. Mitsuba International can arrange to send you a set of opening bank account forms, and you must have an approval witness signature before your local banker. You then send back these forms plus your local banker's reference letter to us. After collecting your forms and banker's reference letter, we will submit them to a banker on behalf of you. We will charge you HK$500 to HK$2,000 for service charges upon successfully opened a bank account. For details, send us Enquiry Form now.

Or we are able to arrange Video Conferencing to replace face-to-face meeting, if you are in China selected main cities.

 
     
8. Can other forms of offshore company (e.g. BVI Company) open a bank account in Hong Kong? If yes, any additional documents are required?  
     
A Yes. Before, other forms of offshore company (say, BVI Company) can open a bank account as simply same procedure as Hong Kong incorporated company. However, started from 2000, banks in Hong Kong have a relative strict conditions and considerations to these other forms of offshore company for bank account opening.

Except for submitting those required information and documents as same as a Hong Kong incorporated limited company, these other forms of offshore company have to submit additional information and documents:

  1. the company's business nature,

  2. the company's principal activity,

  3. expected amount of cash deposit and cash maintenance level,

  4. the usage of the money held in the bank account,

  5. personal information of the company's Directors,

  6. business running plan,

  7. capital assets information, if any (e.g. Property information and Shares information), AND

  8. other documents requested by the bank.
Because of such complicated procedure in bank account opening and applying banking facilities, it is one of the reasons why do recently many smart entrepreneurs prefer setting up a Hong Kong Offshore Company but not BVI or other forms of Offshore Company.
 
     
9. Can I apply for banking facilities (e.g. bank loan, corporate credit cards, documentary credit, L/C) at once after forming my Hong Kong company?  
     
A Banks have to read and analyze your latest audited accounts and financial statements before granting banking facilities. Therefore, it is important for your newly formed company's first year accounts and financial statements. If you need banking facilities in urgent, we are able to furnish supporting financial statements and arrange CPA firm to perform half year audited accounts.  
     
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