Open a corporate account in Hong Kong
Hong Kong is not only a developed administrative region of the PRC and a prestigious financial center, but a link between Europe and Asia and access to the huge Chinese market. Thanks to a stable and reliable financial system, Hong Kong banks have become a worthy alternative to European ones. The world's largest companies such as Alibaba, Xiaomi, PingAn have also chosen Hong Kong to store free and working capital and conduct settlement transactions.
The West Union Group has its own real office in Hong Kong. Our specialists know everything about opening accounts in Hong Kong banks, and in difficult cases they will offer you alternative options.
Benefits of opening an account in Hong Kong
Open a corporate account in Hong Kong in 2023
Hong Kong banks provide an opportunity to open accounts for non-resident companies. However, based on experience, we advise you to open an account with a Hong Kong company. This will significantly increase your chances of opening, since it is extremely difficult for a non-resident to open an account in Hong Kong, even with personal contact and with all the documents in hand.
You can open an account in Hong Kong quickly and without problems only if the director and shareholder of the company are residents of the country.
Open an account in Hong Kong for a non-resident in 2023
West Union Group offers the most reliable way to open a Hong Kong bank account - using a nominee service. Your company will be represented by reliable partners from Hong Kong, which will allow foreigners to open a current account in Hong Kong - the decision will be fixed in the trust agreement and powers of attorney, while only the owner of the company will be able to manage the account.
In which bank to open an account in Hong Kong
West Union Group has been cooperating with the largest banks with a good reputation for a long time, and we know the specifics of working with each of them. Depending on the activities of the company and the needs of the client, we will select the right banks that have the highest chances of a positive decision.
The main banks in which we open accounts for our clients:
- HSBC Bank
- Bank of East Asia
- China CITIC Bank International
- Bank of China
- OCBC Wing Hang Bank
- Standard Chartered Bank
- DBS Bank
To open a corporate account in Hong Kong, at the first stage, you must provide for review:
- constituent documents;
- business plan;
- contracts with contractors;
- documents of all founders (from each - a civil and foreign passport of the director or his representative with confirmation of the address of residence);
- Proof of local address or Hong Kong office from the person opening the account
- copies of signatures of company representatives.
If the company is more than a year old:
- certificate of Good Standing;
- auditor reporting;
- financial statements.
If the company already has accounts with other banks:
- letter of recommendation from the bank;
- Account statements.
All documents are submitted in English and certified by the company secretary.
Preliminary peer review
For its clients, West Union Group offers a package "Guaranteed opening of a bank account in Hong Kong". The cost can be clarified by phone or by writing to us in the chat.
The package includes pre-compliance — a preliminary check of documents for compliance with the legislative requirements of the region. At the first stage, you pay only for this service. The cost of pre-compliance is $1000.
The full package of documents is preliminarily sent to the representative of the bank, who, after reviewing it, will be able to say whether there is a chance of a successful opening, give advice on eliminating errors in the documents, and request additional information.
If the answer is yes, the client pays the remaining cost of the package minus the cost of the check. And we continue the opening process.
If the result is negative, then the cost of pre-compliance is returned to the client minus the costs incurred.
If the result is negative due to the fault of the client (late provision of information, documents, etc.), then the cost of pre-compliance is not refundable.
How much does it cost to open a bank account in Hong Kong
If you want to save your money and time, we do not advise you to deal with the issue of opening a Hong Kong bank account on your own. It is highly likely that you will be asked not only to confirm the reality of the business and the company's close ties with the countries of Southeast Asia and the Asia-Pacific region, but also to present transport and customs documents (if the company's activities are import-export).
Our experience shows that opening an account in Hong Kong for legal entities is accompanied by many nuances already at the stage of familiarization with the submitted documents. Therefore, it is better to use the services of specialists. Opening an account in a Hong Kong bank will cost at least $1,500. This price includes only assistance with opening an account.
Terms for opening a Hong Kong bank account
On average, it takes 3 months to open a bank account in Hong Kong.
West Union Group Expert Approach
In 2023 Hong Kong was recognized as one of the most sought-after regions for foreign companies to register companies and open accounts. With the participation of our consultants, you will be able to easily go through all the procedures, open a bank account in Hong Kong and conduct business around the world without fear that your payment will not be made or access to foreign exchange transactions will be closed.
If you want to get additional information, clarify the cost of a guaranteed account opening, as well as consider alternative options, our specialists will advise you.
Call the phone
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