Hong Kong is one of the largest financial centers in the world and it hosts 71 branches of international banks all over the world. Hong Kong is also considered the 9th largest banking center in the world. In Asia, Hong Kong is the second largest financial center. Banking is one of the most developed industries in Hong Kong. Hong Kong’s banking system is based on a three-level model that includes three types of banking institutions: licensed banks, restricted licensed banks and deposit financial institutions. According to the Hong Kong laws, only licensed and restricted licensed financial institutions can be called banks.
Find out more information about how to open a bank account in Hong Kong from our video:
In order to open a corporate bank account in Hong Kong the physical presence of the directors, shareholders, beneficial owners and nominee (if any) is necessary. Opening a corporate bank account in Hong Kong takes about 2 weeks to complete. The documents required to set up a bank account for companies in Hong Kong are the certificate of incorporation or business registration certificate, the Articles of Association, proof of the business activity and experience in the sector. Considering each bank has its own requirements, invoices, business plans, reference letters or agreements with suppliers may also be requested.
Foreign citizens acting as shareholders or directors of the company must submit proof of their residency such as invoices that cannot be more than 3 months older and their passports.
Foreign citizens working in Hong Kong and tourists may open bank accounts in Hong Kong. Foreign citizens working in Hong Kong must present their identification papers and a sponsor’s letter of employment. An invoice as proof of residency will also be required.
All banks in Hong Kong provide a card for ATM withdraws and online banking services. Additionally they can offer mobile banking facilities, credit cards and the possibility of online bill payments.
Our specialists in company incorporation in Hong Kong will help foreign investors in setting up corporate bank accounts. Clients can also contact us if they require help with the business registration procedure.