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Company Setup & Guaranteed Bank Account in HK

A Quick Guide to Easy Company Setup & Guaranteed Bank Account in HK

Table of Contents

Hong Kong is regarded as one of the best places in the world to start a business. A simple, secure, amazing business atmosphere and a low-tax collecting system – these elements help enterprises develop in this city.

Hong Kong Company Incorporation is a perfect option if you wish to establish your business in a financially safe and stable environment.

Let us show you the benefits of establishing your business in Hong Kong and how to create a bank account in this city.

This article will explain why you choose Hong Kong as your startup gateway.

How to Create an Empire in Hong Kong?

Banking Service That Is Safe, Secure, and Competitive

A Comprehensive Guide to Opening an Online Bank Account

Make It Simple With

Why Should You Establish Your Business in Hong Kong? Gateway

Hong Kong is often regarded as the finest site for investors and entrepreneurs from all over the world, but let us look at the many reasons this city remains valuable and an excellent place to start a business.

I. Important Business Location

It is arguably the most compelling reason for entrepreneurs to establish their businesses in Hong Kong since it is located in the heart of Asia. It provides quick access to numerous exchange sites, particularly in Mainland China.

II. Simple Incorporation

Another feature that distinguishes Company Registration Hong Kong for enterprises is how straightforward the enrollment and joining procedures are. You may immediately start your business in 3 to 5 days.

III. Disputed Tax Regime

One of the primary concerns of any business is a low-tax collecting system, which gives Hong Kong an edge. The city has a business-friendly regional tax structure (8.25 percent or 16.5 percent depending on assessable earnings); international money earned by a corporation is not subject to penalties. Furthermore, there are no business costs, no inheritance charge, no capital additions expenditure, and no profit or interest retention fee.

IV. Dynamic and Motivated Workforce

Hong Kong has a professional and knowledgeable workforce that is adaptable and well-informed about the industry culture.

How to Build an Empire in Hong Kong?

I. Understand the Fundamental Business Structure of Hong Kong

The most crucial consideration when beginning a business in Hong Kong is the sort of business you are establishing. It will assist you in managing tax regulations and commercial tactics. You can pick from four distinct business structures in Hong Kong: Limited Liability Company, Sole Proprietorship, Partnership, and Foreign Company Office are all examples of business structures.

In Hong Kong, the most popular company structure is the Limited Liability Company. It is less risky since this sort of firm safeguards its assets from risks and obligations. 

II. Developing Your Image in Hong Kong

Understanding the sort of business you want to start in Hong Kong can help you focus on the many variables that will contribute to the company’s growth. To further establish your image in the region, you must select a company name that best symbolizes your firm. It can be in Chinese, English, or both, as long as it is not already in use by another organization. Make sure you register it with the appropriate authorities to protect yourself from any business risks and responsibilities.

III. Funding for Your Business Venture

After successfully establishing your firm, it is time to create a business bank account to fund your company’s needs. Remember to bring a certified genuine copy of your Business Registration Certificate, your firm incorporation paperwork, and all supporting documents such as business plans, audited financial statements, contracts or agreements, and invoices.

Banking Service That Is Safe, Secure, and Competitive

I. A Brief Overview

Hong Kong is home to over 71 multinational banks and FOREX trading worth 274.6 billion USD each day. It is an outstanding reason to be at the heart of a global financial hub.

II. Deviating from the Traditional Method

Most businesses abandoned traditional techniques, prompting many Hong Kong banks to provide virtual banking services, all because of the internet and digitalization.

III. What are Virtual Bank Accounts and FinTech Accounts?

Virtual Banking digitalizes banking services and makes them available over the internet to meet the demands of their clients both locally and worldwide. Their products and services are all delivered online, making them available to all consumers at any time and from any location. Virtual banks differ greatly from traditional banks in that traditional banks have on-site branches and employees with whom clients may engage.

FinTech, on the other hand, is a banking alternative that provides business accounts for entrepreneurs to swiftly establish a multi-currency transaction platform. This tool enables company owners to create an account remotely and conduct international money transfers at any time. However, it should be noted that these service providers do not have any branches physically in the city.

It is important to stress that they are not interchangeable since both platforms handle all banking transactions and do not have physical branches. While FinTechs are popular these days, they are not banks in the traditional sense, even if all of their accounts are powered by custodian partner banks such as DBS or Standard Chartered in Hong Kong. Virtual banks, on the other hand, are banks and, like regular banks, are regulated by the Hong Kong Monetary Authority (HKMA).

Furthermore, with the onset of COVID-19, which prevents foreign business owners from traveling, they have found virtual banking or FinTech money transfer to be advantageous. They may create a business account without being physically present and have access to their funds around the clock from anywhere in the world.

What Exactly Is an Offshore Bank Account?

An offshore or international bank account is opened in a jurisdiction other than the one in which the firm is formed. Businesses may transact in many currencies without incurring high costs, receive credit and debit cards connected to various banknotes, and take advantage of special investment possibilities and reduced international payments.

A Comprehensive Guide to Opening an Online Bank Account

I. Prepare and Submit the Requirements

Fill out their online application form and upload a scanned or PDF version of the needed papers, along with your signatures. A bank official will organize a video conference interview to check your application.

You must present the following documents to banks such as HSBC, ICBC, Bank of China, Citibank, and others in Hong Kong:

A registered physical address in Hong Kong. If it is leased, present the office leasing agreement in the name of the Hong Kong firm.

Enterprise operations must be involved in a China or Asia-related business.

Ideally, the firm director should hold a Hong Kong ID card or a Hong Kong work visa.

Company formation paperwork

A genuine copy of the Business Registration Certificate that has been certified; and supporting papers such as business plans, contracts or agreements, invoices, and audited financial statements.

If your applications to the following banks are turned down, you can still make an appointment with Hang Seng, OCBC, Wing Heng, or Standard Chartered.

It should be noted that obtaining an offshore bank account might be challenging since banks must adhere to the Know-Your-Client (KYC) and due diligence processes.

II. What is the Know-Your-Client (KYC) process, and what documentation do I need to provide?

Know-Your-Client, or KYC, banks use a method to examine an application. To maximize the likelihood of application acceptance, it is important to offer the following:

A personal KYC certificate

A genuine certified copy of all directors, beneficial owners, and shareholders who possess 10% or more of the company’s shares.

III. Bank references How Long Does It Take to Open a Hong Kong Bank Account?

A confirmed appointment with the banks takes around 7-20 working days. The physical presence of business owners, beneficial owners, shareholders, and directors in Hong Kong is required. However, according to COVID-19, several banks are now accepting applications online.

Stephen M.S Lai & Co CPA Limited makes it simple.

Stephen M.S Lai & Co CPA Limited has worked with over 30 local and international institutions and can help you create an online corporate bank account. We have also incorporated thousands of businesses with outstanding client satisfaction.

If this guide helped you comprehend the nitty-gritty intricacies of business creation and obtaining a corporate bank account, it is time to take the plunge! Stephen M.S Lai & Co CPA Limited is here to assist you. For further information, please contact our consultants at [email protected] or (+852) 27858778. We will gladly point you in the proper direction.

We want to hear about your dreams and make them a reality. Let us get things started together!