Establishing a Bank Account

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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.

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