How To Open Bank Account In Biz Name In Hongkong?

[shedman]

Does anyone know if bank accounts can be opened in Hkk by foreign entities (eg companies that are only registered in other countries)? or can one register a biz name (in Hongkong) to open a bank account with it in Hongkong? to register a biz name does one need to actually register a business in Hongkong (eg in germany one can register a biz name in the type of john smith trading as tree enterprises without actually registering as a business with the Revenue).

Basically we need a business bank accout in Bkk but do not want to actually run a biz there.

Any advice or contacts in Hongkong apreciated. :-)

[tangoll]

I think the best thing to do is for you to telephone any of the major banks in HK and ask them, banks like Hongkong Bank, Standard Chartered, Citibank, etc. To open a business account will require some paperwork/documents, such you must have registered a company so that you have a Business Registration Document (whether limited liability company or non limited), directors' meeting and resolutions, company stamp and signature authority, etc. You can purchase a limited liability company from any corporate secretarial firms or CPA firm, or solicitors' firm. Then you need shareholders and directors, and these same firms can act as nominee shareholders for you. So, some work involved. You don't actually need to conduct business, but if the company is registered, then there are annual filings that must be done.

[shedman]

Thank you for the info. :-) Sounds not too easy :-)

Anyone else have any info??

Have fun :-)

[worldfun]

Hi,

I'm in similar situation.

Have Thai pty ltd with THB biz account, but need EUR account offshore e.g. HK, SIN or perhaps Malaysia or even LOS?

Got quote from Citibank SG they want 50,000SGD balance or pay $100 monthly fee which sounds a bit stiff on top of $500 to open foreign company account.

Of course they want english translated corporate docs, ID of directors etc.

Anyone know of better route?

[samtam]

From memory you need to register a company in HK to set up a business account in a bank in HK.

Vide: http://www.hsbc.com.hk/1/2/home

Check under "Business Internet Banking" / How to open an account

Edited April 27, 2008 by samtam

[samtam]

Actually this bit is more relevant:

https://www.commercial.hsbc.com.hk/1/2/comm...ts/requirements

Click on the type of company you have....listed or not listed overseas

[worldfun]

Incorrect!

Acc. hsbc web the documentation to open biz account for foreign registered companies are:

http://www.commercial.hsbc.com.hk/1/2/comm...al-requirements

Seems complicated & pricy, so maybe Singapore turns out the better option?

e.g. http://www.dbs.com/sg/corporate/deposit/accountopening/

However they need a letter of recommendation from another bank which is a hassle otherwise only minimum balance/opening fee of $1000/€5000 not bad - at least miles better than citi's $50,000 below!!

Or citibank.com.sg list of req. docs:

To allow me to proceed with the account opening, please let me have the following information of your company.

1. Full name

2. Country of incorporation

3. Country(ies) of operation

4. Nature of business and activities

5. Source of capital

6. Authorised signors of the account

7. Names and locations of suppliers, if any

8. Names and locations of buyer, if any

9. Estimated amount of funds expected into the account for next 12 months.

10. Transaction profile (ie. How many checks, TT, cash transactions expected per month?)

However, if you will be in Singapore, I may meet up with you to obtain the above information.

The documents I will need are

1. Certificate of Incorporation

2. Memorandum & Articles of Association

3. Directors' copies of passport

4. Directors' copies of Identity Card/driver's license

5. Shareholder listing

6. Director listing

You may snail mail to the address stated at the end of the email or I will obtain for you personally in Singapore.

Please find below a summary of benefits enjoyed by CitiBusiness corporate customers.

Current Accounts

- Interest-bearing Current Account* for both SGD and USD current accounts.

- Interest earned for current account accrued on daily-rest basis and credited monthly.

- Free unlimited checkbooks and check issues.

Remittances

- Free incoming TT. Absolutely no charges.

- Competitive outgoing TT pricing

GIRO

- Free GIRO payroll crediting and debiting for your recurring collections/payments.

Others

- Competitive FX rates through our dedicated Treasury services.

- Free application for online banking for viewing transactions/balances and online payement.

Thank you very much.

* Min monthly average balance of S$50,000 to be maintained (based to total banking relationship) else S$100 monthly service fee applies.

** A one-time account opening fee of S$500 applies.

Edited April 27, 2008 by worldfun