Singapore is your best option if Hong Kong banks refuse to open your business account. Because some banks in Singapore provide distant account opening facilities to chosen clients, HK entrepreneurs are creating second bank accounts for their non-Singapore enterprises.
Termination of their freshly formed HK HSBC corporate bank account spells the end of business for oversea entrepreneurs who are largely based even outside Hong Kong. Our international customers who use our virtual workplace and enrolled email service recently received letters from HSBC.
The letters inform them that their HSBC corporate bank accounts in Hong Kong had been blocked and needed activation. Even though they had opened a new HSBC bank account for their HK Limited Company and had never complained to the bank, they were nonetheless attacked by HSBC without warning.
According to our research, all “victims” share the following characteristics:
The conclusion is that any business accounts with an international registered proprietor that has not registered any transactional conduct for 10 months or more will be canceled by HSBC HK.
We advise all international corporate account holders to make at least one purchase via this account within six months to prevent detention. On the other side, international owners may use a native candidate, such as a nominee director, investor, or bank account owner, to execute the bank account opening.
The company’s director is asked to contact HK to engage with a locally HSBC banker and supply one of the most up-to-date depositor details for the banker to petition for the account’s renewal. Because processing times differ, it’s best to get all these data before traveling to Hong Kong.