To invest and branch out in Hong Kong, opening a local bank account is important and beneficial. Companies with daily business operations and transactions will normally operate through the company's bank account. Especially, several advantages can be provided if the bank account is opened in Hong Kong.

Advantages of opening bank account in Hong Kong

• No restriction on foreign currency exchange that each currency can transfer freely


• Well established financial system that facilitates the payment settlement of international trade


• No interest tax imposes for deposits


• Convenient daily account operation and online bank transactions


• Beneficial on getting trade financing from international banks

However, all banks have their own requirements and necessary information on opening accounts. In order to prevent the possibility of directors arranging an additional time to consult the banks due to the documents inadequacy and procedures unfamiliarity, WKL will consider the actual situation of the companies, arranging the opening of accounts in suitable international banks, and assisting in the reservation with banks and preparation of the following necessary documents.

Required Documents

• Original copies of minutes of general meetings for approval of opening bank accounts


• Original copies of identification documents of shareholders and directors


• Original copies of address proofs of directors


• Original copy or accountants certified copy of Business Registration Certificate and Certificate of Incorporation


• Original copy or accountants certified copy of Memorandum and Articles of Association


• Original copy or accountants certified copy of statutory documents for incorporation


• Business evidence, such as purchase orders, invoices for sales and purchase, contracts and bill of lading


• Original copy of group structure chart that certified by directors

Frequently Asked Questions

Are directors and shareholders the only persons to operate the bank account?
Ans: Directors and shareholders may also authorize third parties to operate the bank account on their behalf.

Is it necessary for directors coming to Hong Kong in person to go through the account opening formalities? Can the formalities be done in the Mainland?
Ans: It is a must for directors coming to Hong Kong to deal with the formalities. If directors cannot come in person, opening an offshore account in foreign capital banks in the Mainland is also an option.

Is it necessary for all the directors coming to Hong Kong in person to deal with the formalities?
Ans: It depends on the requirement of each bank. Basically, banks require the quorum of a directors' meeting participating.