Opening a Corporate Account in the Bank of Hong Kong

Hong Kong, along with Singapore, is the leading financial center in Asia and one of the world’s leaders in corporate banking. Financial institutions in Hong Kong provide high-quality operations, exclusive service, and an extremely high level of security. We always strive to meet the needs of our customers, so we are honored to offer you a unique service - a corporate account in Hong Kong with Standard Chartered Bank, a branch of one of the leading banks in the UK.

Standard Chartered Bank (SCB) is a bank with a very solid reputation, which is only slightly inferior to the well-known HSBC, so you can be sure that you are offered a really valuable solution. A corporate account with Standard Chartered Bank (SCB), which can be opened remotely, is a real and reliable financial instrument!

Services of Standard Chartered Bank (SCB) for Native Residents of Hong Kong and Persons Permanently Residing in the Jurisdiction

There is a reason why we decided to start the article with this “additional” service. If you are planning to maintain a long-term presence in Hong Kong, you will be able to enjoy significant privileges and advanced services over time. One of the options in highest demand is a deposit bank account. It will be a good addition to a corporate account in Hong Kong with Standard Chartered Bank (which we will talk about later). Please note that the bank’s platform fully supports all the features of online banking, so you will enjoy not only first-class service but also an excellent level of comfort.

All the individuals who are not yet among the bank’s Standard Chartered Customers and its full-fledged users, who have not yet opened a deposit account, need to fill out an online application form and submit the required documents at any convenient bank branch. Documents required to open a deposit account at a branch of Standard Chartered Bank Hong Kong are listed below. A personal visit is required.

Please note that the bank offers the choice of the document in each category to the client.  You need to choose only one document of each type. 

I. The client’s ID, one of the following documents:

• Hong Kong Permanent Identity Card;
• International passport;
• Document of Identity for Visa Purposes issued by HKSAR;
• Travel Permit issued by China or Macau.

II. Document confirming the applicant’s address, one of the following: 

• A utility bill for one of the last three months;
• Any document mailed to you by a financial institution (a letter from a bank about a credit card, mail from an insurance company over the previous three months, etc.);
• A bill for telecommunications services (mobile phone, Internet, cable TV) issued in Hong Kong no earlier than three months ago;
• A government rates demand note or a tax demand note with a due date within the last six months.

Important information:

• Address confirmation papers marked as “c/o company address”, “c/o personal address”, commercial address, or PO box will not be accepted;
• Marriage Certificate(s) or Birth Certificate(s) can be used if you have the proof of your spouse's address;
• Proof of a temporary address is also required, even if the address is different from the residential one;
• Hong Kong Standard Chartered Bank (SCB) may request additional documents outside of the mandatory package list.

It is sometimes not easy to choose the right package of documents to ensure that the application process goes smoothly and doesn’t turn into a waste of your time and effort. Our highly qualified and experienced consultants can help you to make the right choice and put together all the right papers. To get their advice, please contact us via email at info@offshore-pro.info

It is not wise to count on opening an account for your offshore company/business with just a couple of documents and to think that the bank will not validate the information you include in them. Hong Kong is not an offshore jurisdiction, but a solid and respected midshore, so no shady registration is possible here. Therefore, if you really want to open a corporate account for an offshore company in Hong Kong, the preparation of documents should be taken very seriously.

Corporate bank account opening form

• Filled out entirely in English.
• Compulsory for submission.
• If you are not ready to take the responsibility, please allow our experts to help you fill out the form (paid service). Our advisors will check the information in the forms you submit for opening a corporate account at Hong Kong Standard Chartered Bank.

Please note: it is a requirement of Hong Kong corporate law that all forms are filled out by the applicants personally. 

Mandate

• Provided by an individual entrepreneur, a partnership, a trust (depending on the legal form of the business);
• The main aim of the document is to confirm that the corresponding decision about opening a corporate bank account was made at the meeting of shareholders or managers; that this decision is true and comes into force from the date specified in the document.

Application for banking services

• Another extremely important document when opening a corporate bank account in Hong Kong. It contains is a list of the bank’s services;
• In this document, you enumerate the desired banking products or services.

Please note: we strongly recommend considering this document very carefully. If you do not specify the services you will need at the point when you are opening a corporate account in Hong Kong with Standard Chartered Bank, your company may have problems in the future.

Documents for Opening a Corporate Account for an Offshore Company

Another important point you need to pay attention to is connected with the list of documents that Standard Chartered Bank (SCB) in Hong Kong will ask you to provide if you are interested in opening a corporate account for an offshore company. The data that you will find below is official and was taken from the official website of the bank. It relates to standard cases, which do not include the following:

• potential clients from the jurisdictions that may generate extra complications;
• owners of companies with complex structures;
• applicants who may have attempted to hide information about beneficiary ownership; 
• those operating in high-risk business sectors.

In all the above-mentioned cases your application may be denied, or the bank may ask to provide additional documents.

To remotely open a corporate account in the Standard Chartered Bank in Hong Kong for an offshore company belonging to a non-resident of Hong Kong, you will need the following package of additional documents about the company:

• Certificate of Incorporation;
• Certificate of Incumbency;
• M&A documents: Memorandum and Articles of Association;
• Business plan and proof of running a real business.

Documents relating to the applicant:

• Passports of two directors of the company, major shareholders, and all managers of the corporate bank account;
• Bank statements of the company’s directors and shareholders;
• A completed KYC form.

Brief information on the documents required to open an account for an offshore company in the Standard Chartered Bank (SCB) in Hong Kong

Certificate of Incorporation. The document used to confirm the following:

• The existence of the offshore company;
• The fact that it is a legal entity;
• The company’s compliance with legal deadlines in its activities.

Certificate of Incumbency:

• The document listing the people managing the offshore company – its shareholders and directors.

M&A Papers – Memorandum and Articles of Association (Company Charter):

• Outlines the rights and obligations of directors and shareholders of an offshore company; 
• Explains the features, principles, and rules of company structure and management.

Offshore company’s Business Plan in Hong Kong and Proof of Doing Business, including the following:

• Company name;
• Company history, including when, how, and for what reason the business was set up;
• Target market sector;
• Information about the company’s business nature, including:
• Principal place of operation and information on any branches/subsidiaries in other countries;
• Key products/services, number of employees, anticipated annual sales turnover, and anticipated net profit;
• Financial resources (source of capital to set up the company);
• Major import and export countries;
• Major suppliers & buyers/ Source of the fund and anticipated banking activities/ Source of income (including an indication of the countries, from which transactions on the account will be carried out);
• Information on direct or indirect dealings or ownership interests in countries such as Iran, Syria, North Korea, Cuba, or regions such as Crimea or Sevastopol;
• Relevant professional business experience;
• Reason for opening an account with Hong Kong Standard Chartered Bank (SCB);
• Purpose of use of the bank account for an offshore company, its OPF, and the expected number of transactions per year;
• Contact information and mailing address.

For a foreign business (Limited Company), not registered in the People's Republic of China or Taiwan, you must provide passports of the company's directors, including the managing directors (at least two) and all major shareholders of the company owning more than 10% of the company's shares. It is also necessary to submit copies of the passports of all account managers.

The most recent bank statements (within the last 3 months) on the accounts of the directors and shareholders of the company will be required. If submitted, they can replace the bank recommendation.

Some important facts to pay attention to when opening an account for an offshore company at the Standard Chartered Bank (SCB) in Hong Kong:

• Banking requirements are constantly changing. Therefore, in addition to the usual mandatory documents used instead of a bank recommendation, banks often ask customers to provide statements;
• Bank statements are almost easier to provide than a bank recommendation, especially if you have a bank account in one of the CIS countries;
• The decision to provide bank statements from a certain bank account in a specific jurisdiction is at your personal discretion.

Other things you should pay attention to if you want to minimize the risk of refusal when opening an offshore company account with Hong Kong Standard Chartered Bank (SCB):

• Client identification due diligence procedure includes the examination of a completed KYC form, a detailed business plan, and the reason you give for opening an account;
• Documents help the bank to carry out the KYC (Know Your Client) procedure to prevent cases of possible laundering of money obtained through criminal means, financing of terrorism, and carrying out fraudulent or other illegal activities;
• The Bank calls for understanding and cooperation. However, this does not mean that you will be able to open an offshore company account with Standard Chartered Bank (SCB) in Hong Kong without any problems. We are ready to assist you with the entire procedure, which includes filling out banking documentation correctly and preparing all additional documents at the request of the financial institution;
• We will take care of arranging a meeting with a representative of the Hong Kong Standard Chartered Bank (SCB) and opening an account for you. Also, you will not need to have an interview with a bank representative via videoconference, we will do it ourselves on your behalf.
• Since the account is opened remotely, you won't need to fly to Hong Kong (unless you want to). Trust the professionals! Contact our experts for a consultation today at info@offshore-pro.info

Some features of the procedure for opening a corporate account with Standard Chartered Bank in Hong Kong

We would really like your application for opening an account to be successful, however, this, unfortunately, does not depend entirely only on us. The current realities show that there is always a risk of force majeure. It is only in our power to significantly reduce the risk, which will require meticulous preliminary preparation and the professionalism of our experts. Please note the following:

• Under normal circumstances, the entire process of opening a corporate account with Standard Chartered Bank (SCB) in Hong Kong remotely takes about 3 weeks;
• The fee for opening a basic account for an offshore company is 2000 USD;
• We open savings accounts, deposit accounts, and combined deposit accounts;
• You can also order an ATM bank card;
• There is no additional/hidden fee for opening a corporate account in the Standard Chartered Bank in Hong Kong. If additional services or documents are not needed, you pay only the amount stated above;
• The monthly minimum corporate account balance (balance) at SCB must not go below 50,000 HKD or 6,500 USD;
• It is possible to open accounts remotely for Hong Kong and offshore companies;
• Opening accounts for individuals without a personal visit is basically impossible;
• The process of considering an application for opening an account for an offshore company is carried out on an individual basis, and the lists of required documents may differ.