Reliable bank for Hong Kong company

[Justastranger]

Hello everyone!

Can you share your good experience and knowledge about which banks are best for a Hong Kong company? I have opened new Hong Kong company for international trade (Import - Export, machinery and parts) and still didn't succeed with bank account.
Important to know that HK company is owned by EU company (not by individual)
I'm based in EU, so visit to a bank for account opening can be an option within EU, but not possible now to Hong Kong for example.

What I'm looking for:

• Reliable bank where I can safe keep company money
• Works at least with USD, EUR and GBP. Other currencies are welcome
• Account opening will be fast (not 5 months and afterwards negative answer)
• Account must be dedicated (not just every time random accounts from a pool)

Glad to hear your advises.

 

[Gediminas]

Hey,

Your best option would be an Electronic Money Institution (EMI) that is business-oriented. Such as Bankera or Verifo. Try to avoid mass-market EMI's such as Revolut or TransferWise.

Since your structure isn't straight-forward, I would recommend registering with the help of introducer. If you find the right one, you will be sure that your business case will be well-reviewed and explained. I can help you, in case you need it (find out more on my website on the signature).

If you decide to do it on your own, do good due diligence on the managing/founding team of EMI before you apply.

 

[happyjohn]

There is NEAT for Hong Kong companies, I don't know other!

 

[Justastranger]

Hey,

Your best option would be an Electronic Money Institution (EMI) that is business-oriented. Such as Bankera or Verifo. Try to avoid mass-market EMI's such as Revolut or TransferWise.

Since your structure isn't straight-forward, I would recommend registering with the help of introducer. If you find the right one, you will be sure that your business case will be well-reviewed and explained. I can help you, in case you need it (find out more on my website on the signature).

If you decide to do it on your own, do good due diligence on the managing/founding team of EMI before you apply.

Hi Gediminas

May be I'm wrong. But does EMI allow you not only do transfers but keep money on your account and is this safe? Is there any max amount you can transfer? Does EMI provides working with LC, bank guaranties, overdrafts etc other banking services?
How does the bank details of this EMI will look in a contract?
I work with top ranked clients, who has own compliance who screens every contract. So I'm not sure if EMI will be approved by them?
But if EMI has exactly same reliability and are accepted by all companies, why not?

 

[Gediminas]

But does EMI allow you not only do transfers but keep money on your account and is this safe?

Some EMI's are as safe as the big banks (some would agree, some would disagree). You can keep the money there, I have many clients who do that, but it is always better to diversify it between different accounts (including fully licensed banks).

Is there any max amount you can transfer?

No max.

Does EMI provides working with LC, bank guaranties, overdrafts etc other banking services?

Nope.

How does the bank details of this EMI will look in a contract?

Like any other bank account.

 

[markdk]

Hi.. I'm in your situation since March.. You have very few option with normal bank. You have to wait 18th Sept when you will maybe be able to fly to hk and open personally DBS or any other local bank. In the main time you can use EMI that accept remote application like Neat and Currenxie, with standard Bank you can try with
Cimbanque in Switzerland (tons of docs and high possibility to be declined at last mile)

 

[reesek]

EMIs that have only accounts with central banks are the safest place on earth to store money. The downside is the overnight negative rate though.

 

[GAC Limited]

The key to a good EMI relationship is dealing with one that is transparent and active on your (and all their clients behalf). If they have the right backing FI's you will have almost every financial service at your finger tips. Similar to Gediminas, I too am in that line of business. I am more than happy to discuss with you via PM.

 

[abchongkong]

Hello everyone!

Can you share your good experience and knowledge about which banks are best for a Hong Kong company? I have opened new Hong Kong company for international trade (Import - Export, machinery and parts) and still didn't succeed with bank account.
Important to know that HK company is owned by EU company (not by individual)
I'm based in EU, so visit to a bank for account opening can be an option within EU, but not possible now to Hong Kong for example.

What I'm looking for:

• Reliable bank where I can safe keep company money
• Works at least with USD, EUR and GBP. Other currencies are welcome
• Account opening will be fast (not 5 months and afterwards negative answer)
• Account must be dedicated (not just every time random accounts from a pool)

Glad to hear your advises.

Some entrepreneurs I know have considered opening a FinTech account in Hong Kong, particularly Airwallex and Currenxie. Most of their operations are general trading, e-commerce, and import and export. What prompted them to open such an account? According to my experience, the most welcome benefits are:
> No opening/monthly fees
> No prefix on transaction records
> Provision of corporate Visa cards
> Dedicated customer support
> Reasonable signup requirements

More importantly, they support a wide range of currencies so it's easy for the owners to have a multi-currency account. They also know that FinTechs in Hong Kong are financially protected because their custodian partner banks are licensed and regulated. These accounts can be opened in as little as two weeks from the convenience of the users' homes.

If you're looking for a traditional bank, you may consider opening one in Singapore (such as OCBC, UOB, and RHB). Some corporate service providers can help to open remotely without flying. Also, considering that your company is incorporated in Hong Kong, there is a high chance that your application will be approved. (But of course, it will depend on your documents and business proof). It's suggested to get some professional agency help in opening a Singapore bank account to prevent lengthy procedures and compliance hassles.