Establishing a Bank Account

-

Hong Kong and Singapore are home to a number of famous banks and FinTechs that may satisfy the banking requirements of their entrepreneurs.

Both cities employ the Know-Your-Client (KYC) procedure to precisely weed out applications, confirm the source of the company's money, and determine the kinds of transactions they may anticipate from their accounts.

You must submit a completed application form together with the subsequent papers in order to create a business account service in Hong Kong or Singapore:

Hong Kong

  • If it is leased, it must have both a rental agreement in the name of the HK firm and a physical registered location in Hong Kong.
  • The work visa or HK ID card of the firm director
  • Paperwork for the company's incorporation and an authenticated copy of the business registration certificate
  • Audited financial statements, company strategies, contracts or agreements, and invoices are examples of supporting documentation.
  • 3 weeks for the procedure

Singapore

  • A registered residence address for ultimate beneficial owners, shareholders, and directors.
  • Certified or notarized copies of the directors', shareholders', and company secretary's passports in their entirety
  • Documents necessary for a company to be incorporated, such as a certified true copy of the certificate of incorporation, the business profile for the company, and the company's bylaws.
  • A short-term business strategy, suggested activities, potential clients and suppliers, and financial sources are all included as supporting documentation.
  • Time required: 4 weeks

Since open bank account service in Hong Kong requires a lengthy process, most business owners prefer Financial Technology accounts (FinTechs) as an alternative to performing instantaneous international transactions.

Comments

Post a Comment

Popular posts from this blog

Hong Kong Incorporation vs. Offshore: Making the Right Choice for Your Business

-
When it comes to establishing a business presence, entrepreneurs often face the decision between  incorporation  in Hong Kong  and offshore registration. Both options offer unique advantages and considerations, making it essential to weigh the pros and cons carefully. In this blog, we’ll explore the key factors to consider when deciding between Hong Kong incorporation and offshore registration for your business. Hong Kong Incorporation: Hong Kong is renowned for its business-friendly environment, strategic location, and robust legal system. Here are some key benefits of incorporating in Hong Kong: Strategic Location: Hong Kong serves as a gateway to the vast markets of Asia, offering easy access to mainland China and other regional economies. 2. Business-Friendly Environment: The city boasts low taxes, simple incorporation procedures, and a stable political and legal system conducive to business growth. 3. Access to Capital and Talent: Hong Kong is home to a vibrant finan...
Read more

Hong Kong: The Global Trading Gateway to China.

-
Hong Kong serves as a trading gateway to China and an international trade highway. To put it another way, "why should you do business with Hong Kong?"  Here are some of the reasons: ●  Hong Kong provides a level playing field for all businesses, with no restrictions on foreign ownership. ●  There is no tax on offshore income, capital gains, dividends, estates, or sales under the low, simple, and predictable tax regime. ●  Based on British common law, the rule of law and an independent, experienced judiciary ●  Capital, talent, and goods can all move freely. According to China's Ministry of Commerce, 58 percent of all China's outward Foreign Direct Investments (FDI) to Hong Kong in 2014 totaled US$123 billion. Furthermore, Hong Kong is China's second-largest trade partner after the United States, accounting for 8.7 percent of total trade in 2015. Hong Kong is backed by China and faces the rest of the world. As the RMB's volatility rises, Hong Kong Company and ...
Read more

The Benefits of Having an LLC if You Don’t Actually Have a Company

-
  A Limited Liability Company (LLC) already safeguards the personal assets of its owners/investors from business risks and liabilities. There are two types of LLCs in  Hong Kong company formation : Small and medium-sized businesses prefer  Private Limited by Shares , while major firms prefer  Public   Limited by Shares . Because of the benefits it provides, private limited by shares is the most prevalent type of business structure used by  register company  owners in Hong Kong: Separate Legal Entity — If the company goes into debt, the shareholders are not responsible for repaying the debt. Restricted Liability — LLC members’ losses will be limited to the precise shares they invested in the company, and they will not be held liable for losses in excess of their shared contribution. Tax Benefits — Because Hong Kong follows territorial principles, tax rates ranging from 8.25 percent to 16.5 percent will be imposed, as well as a tax exemption for earnings...
Read more