HSBC Account Opening Guide

Open a Corporate Bank Account in HSBC Hong Kong

We could assist you to set up a corporate account with HSBC Hong Kong. We have been dealing with HSBC Hong Kong over last several years and we are one of the qualified intermediaries of HSBC Hong Kong. When you engage us to open the bank account for your company, you are only required to visit any of our offices in China, Hong Kong or Singapore. Practically, your physical presence in Hong Kong is not required.

Below is a summary of the procedures and the documents required and our fees for setting up a corporate account with HSBC Hong Kong.

1. Type of Account
There are several types of bank accounts from which a client could choose for his company, including Hong Kong dollar saving account, Hong Kong dollar checking account, foreign currency checking and saving account and an all-in-one account known as BusinessVantage Account. In most of the cases, we would suggest our clients to go for Business Vantage Account because it is a truly multi functional account and yet easy to operate.

The Business Vantage Account is an all-in-one account which offers the following banking functions:

(1) Hong Kong dollar checking account which gives you a check book so as to enable you to settle bills originated in Hong Kong and/or denominated in Hong Kong dollar;

(2) Hong Kong dollar saving account which allows you to deposit/receive payment in Hong Kong dollar and earn an interest on the balance maintained in that account;

(3) Multi-currency saving account which allows you to deposit/receive payment in up to 12 major currencies directly and earn an interest on the balance maintained in that account;

(4) (Optional) Internet Banking which allows you to operate the bank account from any place where you have access to Internet;

(5) (Optional) A ATM card which enable us to withdraw cash from the account in Hong Kong and from HSBC branches in other countries;

(6) (Optional) Phone Banking which allows you to perform basic banking transactions.

2. Requirements
For the purpose of due diligence in relation to the establishment of a corporate bank account, the bank requires the following documents from its clients :

(1)  A set of certified true copy of the full set of corporate documents certified by CPA. We will do this for you if you will engage us for the bank account opening;

(2) The business activities proof of your proposed company such as invoices, quotations issued by the suppliers of the subject company, contracts entered into in the name of the subject company or a simple business plan. We will guide you how to write the business plan if you will engage us for the bank account opening.

(3) A minimum initial deposit of HK D5, 000 for its Business Vantage Account.

(4) At least one director or one shareholder present physically in their branch to answer them questions in relation to the business of the company for the purpose of ?/SPAN>know your client?/SPAN> due diligence responsibility.

(5) The original Certificate of Incumbency or Agent’s Certificate (applicable to offshore company)

Note: HSBC Hong Kong reserves all rights to request further information and documents.

3. Corporate Bank Account Opening Procedures
Client can visit Hong Kong

(1) Immediately after we complete the registration of the company, client arrange to visit Hong Kong

(2) At the meantime, we prepare the documents as required by the Bank for the purpose of setting up the account

(3) When the client arrives Hong Kong, our staff will bring the client to HSBC and present the bank accounting opening documents to the Bank

(4) The Bank performs its due diligence with the client and process the application

(5) The Bank issues bank account number, release the ATM card, Internet banking security device to the client on spot.

(6) The bank post the check book to us in around one week and we forward it to the client (if the client did provide his own mailing address to the bank, the Bank will post the check books and bank statements to that mailing address)

Client can visit our offices

(1) Immediate after the company is registered, you then bring with you your passport and address proof and visit any of our offices

(2) Our staff will photocopy your passport and address proof and sign and certified them as true copy of the original

(3) You sign on the bank account opening form per our staff’s instruction

(4) Our staff will courier all those duly signed/certified documents to our Hong Kong office and upon receipt of them, our staff in the Hong Kong Office will present them to the Bank

(5) The Bank process the application and issues bank account number, release the ATM card, Internet banking security device to the us and we then forward the materials to you.

(6) The bank post the check book to us in around one week and we forward it to the client (if the client did provide his own mailing address to the bank, the Bank will post the check books and bank statements to that mailing address).

Client can not visit Hong Kong and can not visit our offices

(1) At the time you place your order with Kaizen or immediate after the company is registered, our staff will email a copy of the bank account opening form (from HSBC) and bank account opening questionnaire.

(2) You help us to fill out the questionnaire and at the same time, you then bring with you your passport and address proof and visit a local HSBC branch

(3) The staff in the local HSBC branch will photocopy your passport and address proof and sign and certified them as true copy of the original

(4) You sign on the bank account opening form per the HSBC staff’s instruction and the HSBC staff will countersign and certify it as your true signature

(5) The HSBC staff will give you back the duly signed/certified documents and you then courier them to our Hong Kong office (it is possible that HSBC will courier those documents to their designated Hong Kong branch instead of giving them to you)

(6) Upon receipt of them, our staff in the Hong Kong Office will present them to the Bank

(7) The Bank process the application and issues bank account number, release the ATM card, Internet banking security device to the us and we then forward the materials to you.

(8) The bank post the check book to us in around one week and we forward it to the client (if the client did provide his own mailing address to the bank, the Bank will post the check books and bank statements to that mailing address).

4. Our Services
Our services in relation to the bank account opening include:

(1) Advise you as to the detailed requirements of HSBC Hong Kong;

(2) Arrange appointment for you with bank officer;

(3) accompany you and visit the bank with you for the interview and assist you to answer the questions they may raise;

(4) Collect ATM card for you if you do apply for an ATM card;

(5) arrange the delivery of ATM card and Internet Banking PIN number and security device to you after we receive them from the bank;

(6) Submit the Internet Banking part II enrolment form after you register the Internet Banking P art I services;

(7)  If your company has more than one director or more than one shareholder or the bank account authorized signer (s) is (are) not the same as the director(s), we will guide the director(s), shareholder(s) and bank account signer(s) who will not visit HK for the bank account opening to verify their signatures and certify their passport and residential address with proof in HSBC overseas branches.

(8) Arrange CPA certification of incorporation documents per bank’s requirements (for offshore company only)

5. Time Frame for the Bank Account Opening
Approval: the time frame to get approval from the bank depends on a few factors such as the business natures, the expected turnover, the nationality of the shareholder and director of the company and the locations of its business partners. In most of the circumstances, application for setting up bank account for companies registered in Hong Kong will be approved immediately and for offshore company, it may takes up to 3 days to get the approval. Once being approved, the bank will issue the bank account number and check book immediately.

Issuance of ATM card, Internet banking PIN number and security device: it takes around 2 weeks for the bank to issue our clients the materials.

If you have further queries, don't hesitate to contact Tannet anytime, anywhere by simply visiting Tannet's website www.tannet-group.net, or calling  Hong Kong hotline at 852-27826888 or China hotline at 86-755-82143181. or emailing to mailtannet@21cn.com. You are also welcome to talk with Overseas SME Service Department online by simply joining our MSN:service@tannet.net.

Tannet--A Sound Global Business Solution Partner, Serving the World of Business, Professionally & Reliably.