Open an Agricultural Bank of China Business Account in Hong Kong

Contents

    As someone who owns a business located in Hong Kong, it might behoove you to open a business bank account.

    Because Hong Kong is such a business-centric City, there are several different banks to choose from. 

    One of the leading banks is the Agricultural Bank of China or ABC for short.

    Agricultural Bank of China offers many services and perks to their business customers. 

    If you need help opening up an Agricultural Bank of China business account in Hong Kong, keep on reading.

    We're going to dive into the services provided by the bank, what documents you'll need before opening your new account, easy-to-follow steps to open your business account, and more. 

    Services Provided

    Picking a bank to do your business with can be challenging.

    They all have different incentives, perks, and their own unique ways to gain customers. 

    When it comes to the Agricultural Bank of China here are some of the popular Services you may want to take advantage of. 

    • Cash management
    • Inter-bank cooperation
    • Insurance fund custody 
    • Simple and quick loans for small businesses 
    • Investment banking 
    • Trading 
    • Corporate demand and time deposits
    • Business bank card
    • Financial market information
    • A variety of loan options
    • Payment and settlement services

    If you are looking for specific business-related services from a bank, you can call and talk with a bank officer to ensure that they offer what you need.

    Speaking of the things you’ll need, let’s talk a bit about what documents you should have. 

    Documents Needed

    Opening up a business bank account in Hong Kong is a fairly straightforward task.

    The most stressful part of the whole ordeal for most people is making sure they have all the proper documents needed to open their accounts with the Agricultural Bank of China. 

    Some of the basic documents you’ll need to have in order to open the account are: 

    • Account application forms
    • Bank reference letter from the last three months
    • Passports of everyone who will be on the account
    • Proof of residence of all members 
    • A detailed business plan if you’re a new business
    • Proof of residency for all account holders
    • Previous six months worth of bank statements
    • Certificate of Incorporation with IRD
    • Business registration certificate with CR 
    • Articles of Association 
    • Proof of business such as contracts, invoices, website, etc

    It’s important to note that some of the documents needed might be required to have certification from a lawyer or notary.

    It’s common for these professionals to charge a fee for the certification. 

    Some of the other documents needed may include:

    • ID documents: for everyone who has access to the account you may need to provide passports, ID cards, or driver's licenses
    • Corporate chart: this chart will show the bank the structure within the company when it comes to shareholders and management. The chart must include a list of any persons involved along with the percent they have of the company. 
    • Proof of residence: be sure to bring along bank statements or utility bills of all directors and shareholders to show proof of residency to the bank. 
    • A business plan: If your company is just getting started, a simplified business plan will likely be required. You’ll want to include projected expenses and revenues for a fiscal year. 
    • Offshore companies will likely need a certificate of incumbency and a certificate of good standing to open their business bank account with the Agricultural Bank of China. 
    • A resolution from the board of directors allows the bank to give authority to someone in your company. This should be the same person attending the meeting with the bank officer.

    Fees

    Businesses have to pay a number of fees when opening up a bank account in Hong Kong.

    To give you a better idea of how much you’ll need, here are some of the most common fees associated with the Agricultural Bank of China. 

    • Initial deposit: HKD 10,000 – 50,000
    • Minimum balance: HKD 50,000 – 500,000 + a charge of HKD 200 each month
    • Processing fee: Up to 10,000 HKD
    • Appointment meeting fee: HK 1,200 – 1,350
    • Order of international credit card: HKD 30,000 – 50,000
    • Foreign transfer fee: HKD 115 – 120
    • Early closure fee: HKD 200

    Keep in mind there is the possibility of other fees depending on the details associated with your business bank account.

    For example, if you have already registered your company, that will cost you extra to do. 

    Steps

    Opening a business bank account in Hong Kong with the Agricultural Bank of China couldn’t be any easier.

    1. Make sure you have is all of your documents in order. 
    2. Submit your application to an Agricultural Bank of China outlet with all of the necessary documents requested.
    3. Sign the relevant agreements for your business account.
    4. You must also provide the authorized seal when applying for an account with ABC.
    5. Once they receive your application, a bank officer will contact you to set up a meeting where they’ll go over all of the details. This meeting is an opportunity to ask any questions you may have.
    6. Two to four weeks after the meeting you should have full access to your bank account. 

    Closing Thoughts

    Taking the steps to open an Agricultural Bank of China business account in Hong Kong will surely benefit your company.

    The most stressful part is getting all the necessary documents to open the account.

    Once you have those, it’s extremely simple to apply.

    After that, it’s a waiting game and a one-time meeting with a bank officer, and viola!

    You’ve got yourself a business bank account that you and your directors can use when needed.

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