FAQ about Bank Account of Company

Is there any possibility that Hong KongLimited Company does not open bank account?

Bank account may not be opened when that's not necessary, but we suggest that all businesscontacts shall be operated through the bank account of the company.

How can a registeredcompanyopen a bank account?

All shareholders and directors must attend the bank account opening procedure, but the requirement s of some banks for shareholders to attend can be different. The companyshall carry on its incorporation documents to open account at bank, and can also choose to open account at foreign bank in Hong Kong or Mainland.

What documents are needed in opening bank account?

Bank will generally ask the companyto provide the following documents:

Is companybank account operated by shareholders or directors?

The operation of account can be delegated to third party through delegation, in addition to operation by shareholders and directors perse.

Can directors failing to attend the bank account opening procedures in Hong Kong and process relevant procedures in Mainland?

Directors who desire to open bank account in Hong Kongshould come to Hong Kong to process relevant procedures. Directors who are not able to come to Hong Kong can also choose to open offshore account with foreign bank in Mainland.

Is there any limitation for cash drawing from Hong Kongbank?

Capital in Hong Kong is freely circulated without limitation.

Shall the banks charge handling fee to open bank account in Hong Kong?

Generally, banks do not charge handling fee, but HK$2,000-3,000 shall be deposited for first opening; overseas companywill be charged certain handling fee for opening account.

When can bank account operate?

Banks will check the register after account is opened, generally for 2 weeks before the account can operate.

Can Chinese resident operate bank account of a Hong Kong company?

Yes. Generally, the bank only asks account operator to hold valid passport or travel permit and ID card.

Which cities in Mainland can be used to open offshore account? How does the offshore account operated in foreign land?

Currently, some foreign banks in Beijing, Shanghai, Shenzhen, Guangzhou, Tianjin, Hangzhou, Dalian, Xiamen and other cities can provide service of opening offshore account s. Clients in foreign country can direct the bank to operate the account by personal passwords, telephone, and fax. Now most banks have put into operation online banking service, so clients can operate their bank account via internet.

What are the differences between Hong Kong local and Mainland offshore accounts in operation?

Hong Konglocal and Mainland offshore accounts are different in the following aspects:

Can one company open more than one bank account?

In Hong Kong, a bank account is not differentiated by basic account and general account. Enterprise can open more than one account according to needs, and every account has the same function and position.

Is there any restriction for remittance and foreign currency exchange in Hong Kong banks?

Capital is free to come in and go out of Hong Kong, without any restriction.