The Secret Formula to a Happy HK Bank Account Opening, 100% Online

Business Bank Accounts are a type of account used by commercial entrepreneurs or sole traders to simplify managing the profits acquired by their business. Opening a bank account lets you monitor the cash flow, receive and issue payments, and pay payroll to employees smoothly.

You’re probably wondering what good a bank account can do to your business. Here are your 5 reasons why you should open one today.

• Less tax problem. Auditing won’t be a problem as you can quickly identify the transactions that happened to your account and take full advantage of business tax deductions.
• Professional relationships. Issuing a check with your business name to your suppliers, clients or paying out to your employees gives you a more established look and a credible business partner.
• Easier finance management. Having a designated account for your business transactions makes it simpler to track your expenses and oversee your spending.
• Track business progress. Organized financial records allow you to monitor your cash flow and make necessary adjustments that can help improve your business in the future.
• Account credibility. Your business account can help you build up your credit rating with banks and offer you different benefits, such as business loans, company credit cards, etc.

Picking the most suitable financial institution for your business can be confusing and daunting. There’s no telling which platform is the ‘best.’ All can offer different benefits depending on your preference and needs.

But you can narrow it down by considering the following :

• Years of experience. This will show the bank’s expertise in handling banking concerns and needs. This also shows their credibility in the field.
• Accessibility. Whether you have a local or international business, having easy access to your account through a branch or online banking services should allow you to have a quick transaction.
• Minimum deposit. One of the most important factors to consider when opening an account. Different types of business bank accounts might have different types of minimum deposits. Remember to check them before opening.
• Service fees. Additional charges might occur and knowing what they are and for beforehand is best.
• Other services. This includes 24/7 customer support, bank relationship managers, online banking, etc.

Hong Kong banks are slowly adapting to the new normal that the pandemic has brought and started to cater to their clients’ needs online. However, remote bank account opening is not yet available due to the strict regulations of the Hong Kong Monetary Authority (HKMA).

As of the moment, Citibank is the only bank that can accommodate remote bank account opening, but here are a few pointers to consider when you choose Citibank as your business bank :

• Citibank’s remote bank account opening is only applicable to Hong Kong and Singapore operation-based companies.
• While it is limited to the said regions, there are no nationality restrictions for the shareholders and/or directors.
• Citibank only accepts companies with specific business nature. We can double-check if your business falls into the bank’s category.
• Since it will be a remote bank account opening, ensure to submit your completely filled out application form/s and the required documents such as business proofs, company documents, and client information.
• The bank representative will conduct their interview via Zoom call.

With the ongoing battle with COVID-19, the region implemented limited international flights, making it difficult for global entrepreneurs to do their business overseas, particularly in bank account opening.

But Hong Kong banks found a way to accommodate their clients, and here’s how :

Present the Basics
Hong Kong banks like HSBC, ICBC, Bank of China, and Citibank requires their applicants to fill out their online application form and submit a scanned copy of the documents with the signatures attached and :

• A physical registered address in Hong Kong
• Company incorporation documents
• Certified true copy of Business Registration Certificate

It can be challenging to narrow down your choices and choose what suits your business with different financial institutions and platforms in the market that offer various benefits. AsiaBC extends our helping hands to guide entrepreneurs in selecting their future bank partners properly.

Having a difficult time finding your Hong Kong bank partner? Take our 3-minutes Bank Account Likelihood Test and discover the best-suited bank for your business. You can also reach out to our reliable consultants and get detailed advice. Simply email us at business@asiabc.com.hk or WhatsApp us at +852 6547 1314 anytime.

Tags: banking, multi-currency business account銀行開戶準則银行开户准则銀行戶口银行户口
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