Therefore, many Hong Kong companies usually open a Hong Kong bank account after registration, which facilitates unrestricted receipt of foreign exchange, free transfer, and is not subject to domestic and foreign exchange controls, thus achieving reasonable tax avoidance. So what are the benefits of opening a Hong Kong bank account? Is it difficult to open a Hong Kong bank account? Many companies are not familiar with the materials required and the process of opening a Hong Kong bank account.

1、 What are the benefits of opening a Hong Kong bank account?

1. High international reputation and convenient investment

Opening an account with an internationally renowned, recognized, and reputable Hong Kong bank can also enhance the confidence and trust of others in your company.

Hong Kong banks have the freedom to receive and exchange various international currencies, without foreign exchange controls on businesses and individuals. Funds can freely enter and exit, making it more convenient for many cross-border enterprises to conduct trade.

Hong Kong's bank accounts have relatively free access to funds, with no restrictions on international capital flows. Online banking is convenient and easy to use, and withdrawal cards can be used to withdraw funds from various countries without transfer restrictions between corporate and personal accounts, allowing for free and flexible use of funds.

The local source tax system implemented in Hong Kong is based on the geographical location where profits are generated, and only taxes profits and income from Hong Kong.

2、 Is it difficult to open a Hong Kong bank account?

There are several reasons why opening a bank account in Hong Kong has become difficult:

Registering a Hong Kong company and opening a Hong Kong bank account are the first steps taken by many companies and entrepreneurs to explore overseas markets. With the continuous increase in demand, Hong Kong banks have to tighten their account opening policies.

Due to the lack of requirements for corporate account opening in the past few years, the bank has opened a large number of "zombie accounts", which have not generated income for the bank and instead led to high management costs. Due to profit considerations, strict screening will be conducted on customers when opening an account.

The success rate of opening an account is extremely low due to incomplete information. Many customers have been unable to provide valid documents, resulting in a longer application time or even failure, and leaving a record of unsuccessful account opening at the bank.

When registering a company, sensitive terms such as "trust, group, China, global" were not excluded, making it difficult for the bank to pass the review. In this case, the bank usually requires relevant information for review.

With the intensification of overseas capital flow, many illegal groups have also participated in illegal business activities. In order to prevent and challenge illegal organizations around the world, banks must develop relevant strategies to prevent tax evasion and capital flight incidents.

The government's strengthening of offshore account control and the implementation of anti money laundering regulations to prevent money laundering and capital outflows from evading taxes have naturally tightened the supervision and review of bank account opening.

3、 What documents are required to open a Hong Kong bank account?

1. Personally go to Hong Kong to open an account:

B: Company registration certificate CR, latest business registration certificate BR, annual declaration form AR1, one copy of the company's articles of association, company seal, ID card/passport/address proof of directors and shareholders holding 10% or more of the shares (water and electricity bills, fixed line bills, personal bank statements, etc.), business proof/business address proof.

The files are all the same as 1. (The agency will make an appointment for the customer, and the customer will visit the designated HSBC branch in China to handle it);

The files are all the same as 1. (The agency will make an appointment for the customer, and the customer can make a video call at home or visit the Hong Kong and Fung Company for video processing).

ID card and address proof documents of directors and shareholders;

The business license, articles of association, bank statements of corporate accounts in the past three months, contracts for transactions in the past three months, and corresponding sales invoices and cost invoices of affiliated companies of directors and shareholders;

If it involves multiple layers of architecture, provide an equity structure diagram and a certified copy of the ID card of the actual owner with a shareholding ratio of more than 10%;

Before the outbreak of the epidemic, opening a Hong Kong bank account required going to Hong Kong for processing. However, during the current epidemic period, it is not convenient to go to Hong Kong. Major banks have launched video witness account opening, which can assist companies in opening local accounts in Hong Kong and Singapore without going through Hong Kong.

4、 What are the procedures for opening a Hong Kong bank account?

1. Provide the necessary documents for account opening to the bank manager for preliminary review

(2) Information of company directors and shareholders: including ID card/passport, Hong Kong and Macau travel permit, customs clearance certificate, personal address proof document, personal fund proof document (bank statement), etc;

(4) Domestic affiliated company information: including company business license, company business address, etc;

(6) Company related business information: including shipping documents, purchase and sales contracts, etc.

3. The company's directors and shareholders bring complete documents to Hong Kong for an account opening interview.

5. After the bank review is approved, the account opening is considered successful, and the bank card, encoder, and other documents are sent out.

Since opening an account is so difficult, what should companies do to smoothly open a Hong Kong bank account?

1. Prepare materials as early as possible;

3. Choose another bank to open an account, such as HSBC;

When reviewing the documents for opening a bank account, different banks have different requirements. Some banks must have domestic affiliated companies and actual operations, while others only require registration documents for Hong Kong companies.