HSBC HK (Hong Kong)

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HSBC HK (Hong Kong)

The history of one of the largest banking associations in the world dates back to 1865 in Hong Kong. The corporation was created to provide trade and financial communication of the triangle “Europe-India-China”. Today, HSBC HK consists of 9,500 units in more than 80 countries, with a total staff of more than 300 thousand people.

HSBC HK is one of the most reliable banks in most ratings, including one published by the reputable magazine Global Finance.

OPEN ACCOUNT IN HSBC HK

Types of accounts:

Personal, corporate.

The cost of opening of the account (bank tariff)

Deposit for opening an account: 1350 USD. At the time of the meeting of the attorney/beneficiary with the bank manager, the deposit must be confirmed by check.

Management:

Internet Bank, sending of payment orders by post, fax with the voice confirmation.

Bank tariffs:

By Business Vantage System:

- with an average monthly balance of less than 1 000 000 HK $ - 150 HK $;

- (for legal entities), with an average monthly balance of more than 1 000 000 HK $ - not charged.

Free outgoing payments.

By HSBC Business Direct:

- for legal entities, the service of a current account is free.

Outgoing payment cost:

- up to 6 transfers per month - free of charge;

- from 6 to 12 transfers per month - 75 HK $;

- more than 12 transfers per month - 75 HK $ + 10 HK $ for each transfer.

Terms of opening the account:

Account opening consists of two stages: preparatory stage and opening of the account.

Preparatory stage includes gathering and providing us with the documents needed for account opening, preparation and signing of bank forms, documents delivery to the bank’s head office. The term of preparatory stage depends on you.

Reweaving of documents by bank employees takes 8-10 business days since the documents have been delivered to the bank.

HSBC follows KYC policy and reserves the right to require additional documents and documents from the client what may lead to account opening term exceeding, as well as refusing of account opening without reasons explanation.

Staff:

English speaking.

Credit/debit cards:

Visa, MasterCard.

Other bank products:

Insurance, credit, deposits, bonds.

Documents for opening an account:

Forms for signing are provided at the head office of the bank directly by the client.

Documents for the company - the originals of all statutory documents are required. If more than 1 year has passed from the date of registration of the company, a Certificate of Good Standing under the apostille is required.

Documents from the account holder:

- original of internal passport;

- original of travel passport;

- original of bank reference in English with resident address of the account holder;

- copy of utility bill with certified translation into English not older than 3 month.

Documents from the beneficiary:

- original of internal passport;

- original of travel passport;

- original of bank reference in English with resident address of the account holder;

- copy of utility bill with certified translation into English not older than 3 month.

Documents from nominee director in case of using nominee service:

- set of documents affixed with apostille, which includes copies of: passport, utility bill no older than 3 months and bank reference (if nominal director, shareholder and secretary are natural persons);

- set of statutory documents affixed with apostille, which includes Certificate of Incorporation, Memorandum, Article of Association, Minutes of the director designation (if director is legal entity). Also may require documents on this director, which includes set of documents affixed with apostille:utility bill no older than 3 months and bank reference.

The procedure of opening an account:

The bank opens accounts only to "companies with a history." This means that the company must have experience working with Chinese suppliers selling goods to customers. There should also be contracts, invoices and bank statements confirming the payment of invoices. It is almost impossible to open a bank account for a new company (except in cases when any major global brands are partners of the company, but this does not give a 100% guarantee that an account will be opened for the company). The company should be managed in Hong Kong, so the company’s office and employees should be located in Hong Kong, and pension contributions must be made.

First, you will need a description of the company's activities (business plan), containing:

- a description of the business carried out by the company;

- reasons for opening an account in Hong Kong;

- methods of managing and financing the company;

- name of the country in which the main business of the company is carried out;

- the expected monthly volume of bank transactions, incoming and outgoing payments;

- list of counterparties.

A personal meeting of the attorney/beneficiary with the bank manager at his head office is required. The meeting is held in English, the attorney/beneficiary must take care of the translator in advance.

Bank site

www.hsbc.com

For further consultation concerning the terms of account opening in HSBC  (Hong Kong) please contact our office. We will respond to any questions you may have and will help you open an account in  Hong Kong bank HSBC or any other bank out of 70 foreign banks you may choose from.