How difficult is it to open a bank account in Hong Kong?

GEI > News > How difficult is it to open a bank account in Hong Kong?
Located in the heart of Asia, Hong Kong is closely integrated with the mainland and connected to all parts of the world. Its advantages include a sound legal system, a stable financial system, and simple and low taxes. As one of the international financial centers, three-quarters of the world’s top 100 banks operate in Hong Kong according to the Hong Kong Monetary Authority.
Increasingly stringent regulatory on bank account opening
The favorable financial environment has attracted a large number of Chinese and foreign enterprises to set up companies and open bank accounts in Hong Kong, so as to carry out international business activities.
Compared to straightforward procedure of company set-up in Hong Kong, bank account opening in Hong Kong is a well-known difficulty. With the increasingly stringent regulatory in recent years, the requirements of bank account opening in Hong Kong are also increasing and tightening.
In this context, GEI, with its in-depth industry knowledge and insight, and strong local service resources, has successfully registered Hong Kong companies and opened bank accounts for many customers, and has won positive comments and long-term cooperation continuously.
About the Client 
Company name:             M * Co., Ltd
Place of registration:   Hong Kong
Company type: limited liability company (wholly owned by foreign legal person)
Financing Party: France
Business Scope: import and export of textiles
Project Highlights

1. Under the strict supervision, different banks have different account opening requirements. In the case of M * Co., Ltd , due to the lack of business proves of the newly established company and frequent policy changes of the preferred two Hong Kong banks (partially affected by the COVID-19 pandemic), the client failed to pass the bank account opening application. Nevertheless, when we foresee the difficulties of the project, we have prepared a number of options for our customers. M * Co., Ltd finally successfully opened a company account in a third Hong Kong bank.

2. GEI provided customers with one-to-one exclusive service in English, guiding customers to prepare various application materials. In particular, through a full set of business materials including the resume of company director with good background, sales contracts and invoices in different countries and regions, M * Co., Ltd showed its good development momentum and successfully proved to the bank that it was a high-quality customer.
3. Display of relevant materials prepared:
 1) Examples of application materials
2) Full set of supporting business documents
   3) Sales Contract
    4) Invoice
   5) Guidance for bank interview
Achievements
With GEI’s professional guidance, M* Co., Ltd successfully opened a bank account in Hong Kong and highly praised GEI service:
 
I pick up your service because you have been always responsive and helpful.
Good customer communication and high customer satisfaction

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