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Opening a corporate bank account is a relatively simple and straightforward procedure in Hong Kong. However, before you can open an account with your desired bank. You have to almighty understand what information and document the bank are requesting. For example, the bank needs your business proof. Then what does Business Proof mean? What document …
Continue reading “BUSINESS PROOF REQUIRED BY THE BANKS IN 2021”
For the past 2 years Hong Kong faces fraught with obstacles. We came across the US-China trade conflict, social incidents and outbreak of pandemic. Nevertheless, Hong Kong is distributing more resources to alleviate the pressure on companies and the general public, in order for Hong Kong to maintain itself as a hub and still is a good place …
Continue reading “HONG KONG IS STILL THE HUB FOR THE STARTUPS”
Regarding to the stricter rule imposes on the corporate bank account in China. The corporate account holder or business owner have to pay attention to the bank verification calls and emails. As the bank will contact you by phone, email or on-site visits. Missing a phone call seems not a big deal. However, if you missed that …
Continue reading “NEW RULE ON CHINA CORPORATE BANK ACCOUNT – PART 2”
What is happening in China’s Corporate Bank Account? In order to combat network criminal activities in China’s Corporate Bank Account such as telecommunications fraud and money laundering. Therefore, the People’s Bank of China has recently upgraded its supervision system. On the whole, the China corporate bank account holder should pay attention to the verification call …
Continue reading “CHINA ENFORCE A STRICTER RULE ON THE AUDIT OF CORPORATE BANK ACCOUNT – PART 1”
Recently many Chinese Clients holding a Hong Kong Limited were enquiring about their company bank accounts. Banks has been asking to fill out KNOW-YOUR-CUSTOMER (KYC) questionnaires or even informing them that their accounts will be frozen up or closed down within next few months. These Chinese Clients came panic and asking what do they need …
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Why company bank account opening became so complicated? The International efforts in combating illegal activities including money laundering, terrorist financing and tax evasion have stepped up significantly. The act, coupled with various sanctions regimes. The regimes prompted banks to enhance their anti-money laundering and counter-terrorist financing (AML/CFT) controls in general. Including a more stringent customer …
Continue reading “Hong Kong Monetary Authority Hong Kong Bank Account Opening”
What is Annual Review for Corporate Account? Banks in Hong Kong need to undertake a process of annual review for the corporate account. The purpose is to ensure the bank maintains the latest information about your company. Otherwise, your corporate bank account activities will be restricted. Herein below, we have included a list of …
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TransferWise is a British online money transfer service founded in January 2011 and is based in London. TransferWise supports more than 750 currency routes across the world including GBP, USD, EUR, AUD and CAD, and multi-currency accounts. The concept was to match transfers with other people and then have a small commission while using the …
Since 1st April 2015, Bank of China (BOC) imposed a counter transaction limit to all corporate customers. Bank Of China announced a good news to Business Integrated Account (BIA) customer. BIA customer can enjoy 30 to 50 complimentary counter transactions per month. The numbers of complimentary transaction according to the account type. Services are considering …
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Many of you are often required to have you passport certified. These certification is used for company incorporation, visa applications, client due diligent check, bank check etc…. A proper with clear text and picture coloured scanned is needed. Both upper and lower bio page must be scanned as one full page document. Nevertheless, the size of the …
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