Many companies coming to Hong Kong target enjoying the stable political regime and good business environment. For more than ten years, Hong Kong has invested heavily in creating the best business environment by supporting start-ups, lowering the taxes, and ensuring they grow rapidly.
This is the reason that most multinationals in Asia today started their operations in Hong Kong. However, to start running a company, you are required to open a corporate bank account. Here is how to open a bank account in three simple steps.
Step One: Get the certificate of incorporation
The first most important thing when opening a corporate bank account is getting the certificate of incorporation.
This certificate is issued by the Companies Registry office in Hong Kong after making an application and presenting documents such as the Articles of Association, Memorandum of Understanding, the initial minutes authorizing the company formation, and copies of shareholders passports. The certificate of incorporation is issued 2 weeks after application.
Step two: Present the certificate together with other company and shareholders details
The bank will require the certificate of incorporation presented together with the company mode of operations.
Note that the company is a separate entity from the shareholders and the bank will evaluate its mode of operations, targeted cash flow, and method of raising funds. The applicant will also be required to present the proof of residence of shareholders, details of the directors, and the company secretary.
Step three: Demonstrate the company’s operational structure and clarify any issue
Every bank in Hong Kong wants to operate and be seen to operate within the established legal framework. To help you, you need experts like HongKongTaxFree to get your offshore bank account.
Your company will, therefore, be asked to provide the operational structure and tax information of shareholders back home. This will help them to carry due diligence and ensure that you will not be involved in tax evasion, fraud, or relation with terrorism.