Since March 2013, Hong Kong banks have significantly tightened the rules for opening accounts for individuals and legal entities.
In fact, today Hong Kong banks refuse to open accounts not only for foreign companies (including offshore companies), but also for Hong Kong companies where the beneficiaries and account managers are citizens of CIS countries, including Ukraine, Russia and the Baltics.
Singapore banks, also since May 2013, have updated their rules and the same categories as Hong Kong banks have stopped opening accounts for Hong Kong and foreign companies.
So in which case, is it possible to try to open a corporate account with one of the Hong Kong banks?
Standard Chartered only opens accounts for Hong Kong companies that have a real office in Hong Kong and have real business activities in Hong Kong.
Bank of China only opens accounts for Hong Kong resident companies (i.e., those doing business in Hong Kong) or Chinese residents who have a business in Hong Kong.
HSBC Bank also screens potential clients on the basis of residency, including the presence of a physical office and the conduct of real business in Hong Kong. So, in case these conditions are not met, even the personal presence of the beneficiary of the company and the account manager will not contribute to the opening of the account.
Managers of the above-mentioned banks recommend to wait now and not to apply for account opening, because after receiving a refusal to open an account (regardless of the reason) the company will not be able to reapply for account opening in this bank.
Bank of China only opens accounts for Hong Kong resident companies (i.e., those doing business in Hong Kong) or Chinese residents who have a business in Hong Kong.
HSBC Bank also screens potential clients on the basis of residency, including the presence of a physical office and the conduct of real business in Hong Kong. So, in case these conditions are not met, even the personal presence of the beneficiary of the company and the account manager will not contribute to the opening of the account.
Managers of the above-mentioned banks recommend to wait now and not to apply for account opening, because after receiving a refusal to open an account (regardless of the reason) the company will not be able to reapply for account opening in this bank.
