How to Open a Hong Kong Business Account From Malaysia

Learn all about opening a Hong Kong business account from Malaysia

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    There are many incentives for foreign companies to possess a coveted Hong Kong business account, but acquiring an account has been complicated by a series of strict measures to restrict money laundering within the country. 

    Yet, despite that, Hong Kong is welcoming of foreign companies drawn to the allure of its impressive infrastructure and prolific business atmosphere.

    Therefore, establishing a presence in Hong Kong is primarily limited by one’s ability to navigate restrictions and validate a business as legitimate.

    If you desire to establish a Hong Kong business account from Malaysia, this is the process to follow to make this endeavor a reality.

    Set-Up Procedures

    It is considerably more difficult to set up a business account in Hong Kong than a personal one when based in Malaysia. 

    Regulation to prevent money laundering requires you to make a personal appearance for an interview to finalize a business account if you have never opened one there before to verify not only your identity but the validity of your company. 

    However, there are steps you can take to ensure that everything is prepared for this eventuality, simplifying the process. 

    Make It Official

    Since proving the legitimacy of your operation is a cornerstone for building the foundation necessary to open a business account, your first action should be to complete the protocols required to register your business within Hong Kong. 

    Official incorporation requires you to declare your organization’s name and whether you intend to function as a share-limited or guarantee-limited entity. 

    Next, submit copies of an Incorporation Form along with a copy of your agency’s Articles of Association and an IRBR1 to the registrar in Hong Kong via e-filing, indicating whether you’d like to receive your official documentation through e-mail or the postal service. 

    Follow through with any additional requirements indicated by the Trade and Industry Department and once approved, await the arrival of your credentials, as you will need them for the banking process. 

    Establishing a Hong Kong Business Account From Malaysia

    Hong Kong encourages foreign businesses to open accounts within their country, so the issue is with establishing that your company is legitimate and has no plans to pursue money laundering in the country. 

    As you prepare for your bank interview, you will want to be well-prepared with everything you need readily available. 

    That includes your newly acquired Business Registration as well as any materials which can prove that your company is well-established and performing compliant transactions.

    Items you may want are register books and transaction logs as well as information on any suppliers and business associates, plus your Articles of Incorporation. 

    If your business is a startup and does not have an extensive operational background, a well-designed and comprehensive business plan can substitute for transaction records, although take time to make sure it is both thought-provoking, establishes realistic goals, and can be considered a feasible venture. 

    They will also require verification of a physical address, which can take the form of a property license or rental lease for your property. 

    Needless to say, you will be expected to prove your own identity, so valid passports, your director’s ID, and a Hong Kong ID can serve this purpose. 

    Once you have collected this essential documentation, consider whether you have any other forms of ID or records to indicate the validity of your company which you might include as additional evidence as a precautionary measure.

    Standard Fees

    Throughout the process of opening your bank account from Malaysia, you can expect to face a few standard expenses as well as certain financial requirements to establish and maintain your Hong Kong business account.

    There is typically a processing fee, an initial deposit, and a total that must be maintained in order to keep your account active. 

    These amounts can vary considerably depending on the financial institution that you have selected, so do your research to find which one fulfills your company’s needs and provides beneficial perks but that also requires fees that fit well within your budgeting expectations. 

    There are a lot of wonderful tax reductions that make Hong Kong a fantastic choice for business opportunities, so try to find all the benefits you can to boost your opportunities for success.

    Transferring Service to Hong Kong

    There are a couple of different options which can reduce your chances of facing rejection or suffering delays as you have to meet requirements or produce additional paperwork.

    Some businesses specialize in assisting companies with opening accounts in Hong Kong, so if you want to pay the expense to ease the process with professional assistance, this is an option you can consider. 

    They will walk you through the process and make sure that you have everything you need to prove successful in your venture. 

    Additionally, there are banks that provide services in both Malaysia and Hong Kong. As these institutions require to identify verifications and other security features, creating an account with them can pave the way for your Hong Kong account by allowing your chosen bank to vouch for you and create an account for you within Hong Kong. 

    Note that while this will allow you to take care of everything for your account from Malaysia, you will still be required to make that initial physical appearance (more than likely) and will need to have your preliminary interview with the Hong Kong bank. 

    On the other hand, the process should be smooth as the account will be established and ready to open as soon as they verify your intentions and identity.

    Take this interview very seriously, as the bank will expect you to dress and behave in a professional manner.

    Make sure you are an expert on your company, your business plan, and all aspects of your endeavor so you can provide a thought-provoking dialogue on your intentions operating within Hong Kong.

    Once you impress your legitimacy upon them, they will approve your account and you will be well on your way to running a successful business in the wonderful country of Hong Kong!

    FAQs

    What kind of documents do I need to set up a Hong Kong Business account from Malaysia?

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