If you're about to open a business bank account in Hong Kong, congratulations!
A good sign that your business is about to be up and running is heading to the bank to open a separate business-specific account.
Working in a bustling city such as Hong Kong, you'll notice there are several different banking options.
While many of them have their perks, today we're going to be talking about how to open a China Construction Bank business account in Hong Kong.
Before you rush to the bank to open your new account, you have to complete the steps to register your company in Hong Kong.
You can find more information on how to do that here.
Documents Needed to Open a Business Bank Account in Hong Kong
One of the crucial first steps of opening a business bank account in Hong Kong is to have the proper documentation.
Here are the main documents the bank will ask for, keep in mind in specific circumstances you may need additional documents.
- Proof of address - As a security measure to ensure that you are not lying about where you live, you need to have proof of where you live
- Proof of identity - Can be a passport, director’s ID, or a Hong Kong ID
- Business proof - If your company is at least six months old, you’ll need to bring previous bank statements, supplier invoices, etc. New businesses are required to bring an in-depth business plan
- Business’s formation documents - Everything from business registration, M&A, as well as register books
In addition to all of these essential documents, we have found that many banks also require to see the following documents as well:
- Shipping notes
- Residence address proof
- Original annual return
- Original director’s passport
They’re doing their due diligence to ensure that you’re running a proper business that has a steady cash flow.
Having all of these documents in order before you apply for your business bank account will save you plenty of time and unnecessary stress.
It's the idea of finding all of the paperwork needed to open your business account in Hong Kong seems stressful, you can hire an agency to help you.
This can be extremely helpful if you're not living in or near Hong Kong at the time you're applying for a bank account.
Another quick note is that some of the documents may be required to be certified or translated.
You can call the bank beforehand to ensure that the documents are formatted as necessary.
China Construction Bank Business Account Services
When you open a business bank account, you’re often given several different services than you’d receive if you were just opening a personal savings or checking account.
Some of the popular services China Construction Bank offers it's business clients are:
- Trade Services
- Employer payroll autopay
- Dragon HKPay merchant acquiring services
- Corporate faster payment system
- Host-to-Host solutions
Costs Associated With Opening a Business Bank Account in Hong Kong
There’s a popular saying that goes “It takes money to make money.”.
The same is true when opening up a business bank account.
While it can vary from one location to another, here is what you can expect to need to open, maintain, and pay any necessary fees associated with your China Construction Bank account.
- There is usually an initial deposit that requires anywhere between HK$5,000 to HK$50,000 deposited into the new account as a one-time fee.
- You’ll also be required to keep a specific minimum balance in your account. This can range anywhere between HK$5,000 and HK$500,000 depending on the details of your specific account.
- In addition to a minimum balance, there will likely be a fee if your balance dips under the required minimum. This fee is often around HK$150 and HK$200.
- Lastly, there may be a processing fee that’s between HK$400 and HK$10,000.
How to Open Your Business Bank Account With China Construction Bank in Hong Kong
One of the best parts about opening up a business bank account in Hong Kong is that the directions are very straightforward.
On the other side of the coin, one of the downfalls is that it takes between two and four weeks before your account will be ready to use.
Many people involved in the company may be required to make an appointment at the bank and visit in person.
This includes managers, controllers, bank account signatories, directors, and shareholders.
China Construction Bank makes it incredibly easy to open your business account with them.
One of the first things you’ll want to do is visit their website and enroll in their business bank account.
There is a small file you must fill out with basic information.
On it, you’ll be asked for a preferred contact time when a staff member of the bank can call you.
Once this application is sent in, you'll likely meet with a bank officer and the two of you will go over account opening procedures.
Something to be aware of is that you will need to be in person for this meeting.
During the meeting, you can ask any questions you may have as you go through the opening procedures with the bank officer.
By the end of the meeting, you should be set up and ready to use your business bank account after the two to four-week waiting period.
If you're not from Hong Kong, you may think that opening up a business bank account at China Construction Bank may be intimidating.
We hope this guide breaks down the steps and shows you how easy the process truly is.
After sending in your application and meeting with the bank officer you'll be on your way before you know it!
The hardest part of the whole ordeal is making sure you have all of the necessary documents needed to apply for a China Construction Bank business account in Hong Kong.
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What are the documents needed to open a business bank account in Hong Kong?
What services does the China Construction Bank business account offers?
What is the minimum balance in the China Construction Bank business account?