Statrys Payment Platform Ecosystem

How to Open a Standard Chartered Business Account in Hong Kong

Statrys Team
Published: 26 Feb 2021

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    Standard Chartered is an international banking group with an extensive global network of over 1,750 branches in over 70 countries in the Asia Pacific Region, South Asia, the Middle East, Africa, the United Kingdom, and the Americas.

    Their purpose is to drive commerce and prosperity through their diversity.

    They provide services in trade finance, cash management, lending, securities services, foreign exchange, debt capital markets, and corporate finance.

    Why Open a Standard Chartered Business Account?

    Standard Chartered provides a complete suite of business accounts, payments, and collection solutions to help manage cash flow efficiently. 

    They fund your growth, providing support at each stage of your business growth with either a Business Installment Loan, a Fixed Asset Loan, or a Business and Working Capital Loan.

    They give quick access to funds needed without loads of paperwork.

    Standard Chartered maintains risk-management, supporting expansion across borders.

    They offer help such as a Relationship Manager, Dedicated Client Care Centre, and expert advice, giving support in all your business needs whenever it is needed. 

    Why Open a Business Account at All?

    Opening a business account is smart to do as it will separate your business’ spending activity from your personal spending activity.

    Opening a business account will also improve your outward image, specifically when it comes to writing a check, like writing checks from a business account shows you are much more established than writing a personal check. 

    Once you have opened a business account, it will be easy to differentiate between business expenses and personal expenses when the time comes to do your taxes.

    With a business account, you are able to accept payments from credit cards, this will widen your customer pool and sales.

    It is also necessary to open a business account when you want to enter into a partnership or incorporate your business.

    It is simply safer and easier to run your business when you open a business account.      

    Opening a Standard Chartered Business Account in Hong Kong

    It has and is becoming increasingly difficult to open a business account in Hong Kong.

    A combination of compliance rules, with increased risks and costs for the bank, has caused banks in Hong Kong, as well as around the world, to be very stringent when it comes to opening international accounts.

    Hong Kong is a financial hub, so most business accounts are multi-currency which is good for companies that receive and make payments in different currencies. 

    Once you’ve decided to open a business account in Hong Kong, these are the next necessary steps.

    You start by filling out the bank account opening form provided by the bank.

    Here is a link to Standard Chartered’s account opening form for Hong Kong—an extensive form.

    This form, along with other necessary resources, can be found on their website as well. 

    In addition, you must gather all documents that are needed by the bank; they will inform you of what exactly is needed but some possible documents needed will be: 

    • A resolution by the board of directors. This is a way of documenting a decision made by a corporation's board of directors or shareholders.  
    • All documents proving your company was correctly incorporated and registered.  
    • A chart showing the shareholding and management structure of the company.
    • Copies of ID’s and passports of the directors, shareholders, and ultimate beneficial owners. 
    • Proof of residence. 
    • The company’s business plan, as well as projections for the upcoming year. 
    • A Certificate of Incumbency and Certificate of Good Standing.
    • A Certificate of Incumbency is an official document with a list of names of its current directors, officers, and key shareholders. 
    • A Certificate of Good Standing is a document that states your company is officially registered in your state. 

    You must know that this process cannot solely be done online and you will have to schedule a meeting with a banking professional.

    Depending on the bank, any number of directors and/or shareholders must make a physical appearance at the bank at some point during the process.

    That point in the process when you will have to go to the bank will be determined by the bank.

    That being said, there will be the expense of that trip to Hong Kong that must be covered, and it will not be cheap. 

    The cost of opening a business account in Hong Kong will start to add up.

    On top of an account opening fee and initial deposit, there are monthly maintenance fees and there must be a minimum balance in the account required by the bank.

    Be sure to determine that you can financially support opening a business account in Hong Kong. 

    It can be difficult to understand the bank’s fee paperwork, so you may consider hiring a professional to help interpret the bank jargon along the way, which will be an added expense.

    You can read about Standard Chartered’s service charges here

    Once all the documents necessary are submitted, your application will be reviewed which can take anywhere from weeks to months.

    Once it has been reviewed, you will receive a simple “yes” or “no.”

    The determination of “no” will not be followed by an explanation, so do not expect one.

    If the determination comes back as “yes” then the next step will be to activate your account. 

    Is your business having trouble opening business accounts in Hong Kong because you're just too small for the big banks?

    Open a virtual business account with Statrys today, and get access to 11 currencies instantly.

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