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Interview with Mr. Elie Sfeir,General
Manager of Fiduciary Services at Global Consultants & Services Limited
(GCSL). Dear members, We are often asked how to open a bank account in Hong Kong. Opening a bank account in Hong Kong might look easy. But in fact, you must follow a fairly strict procedure adopted by all banks operating in the Special Administrative Region (SAR). The good news is you don't have to be a Hong Kong local or resident to open a personal bank account here in Hong Kong. All you need to do is walk into any branch of your chosen bank in Hong Kong and ask to open a personal account. You will have to present your passport and an original proof of residence. (Any utility bill, bank statement, credit card statement not older than two months, or a driver's license with your address will do.) You also must choose the type of account you want to open. The bank officer will fill out the necessary documents; ask you a few questions about your reason for opening the account, the expected number of transactions and your chosen dollar amount. Then you sign the application and the signature specimen card and you can walk out with your ATM card and check book in your back pocket. Once you have your bank account, you can enjoy the wide range of services that Hong Kong banks provide. Also, Hong Kong has one of the best Internet banking systems available to both individuals and companies. Accounts can be held in different currencies except Renminbi, which is only allowed for personal accounts and controlled to a low daily transaction amount. How to Open More Complicated IBC’s For offshore International Business Companies (IBCs), things are a little more complicated. The regulators in Hong Kong have set fairly high standards and strict rules to fight against money laundering. This has made setting up an account more difficult. To meet the "know your client" bank requirements, each director, beneficial owner and authorized bank
signatory must present the following documents:
However, a few banks will allow a third party (meaning an approved professional intermediary) to conduct the due diligence on the IBC’s founders rather than requiring the directors, shareholders and signatories to be present. What you need to have ready to setup your IBC in addition to the passport, proof of address and corporate documents, The bank requires the following:
Once all the documents are submitted and all the standards met, it will take up to four weeks to have the account setup and operational. I should point out that several banks, including Barclays and Standard Chartered Bank, have created a professional intermediary program.
GCSL is a recognized professional intermediary of both banks, which makes setting up the account for a company easier and less expensive. Copyright © 2007 - 2022 ARABCCI, All rights reserved | جميع الحقوق محفوظة | 不得轉載 | Disclaimer | Site Map | ||||||||||||||||||||||||||||