|
Similar to other financial centres in the globe, banks in Hong Kong do not have an identical list of information required for account opening as they formulate policies according to their strategies and risk assessment appetite. Apart from local legislation and requirements, banks also need to comply with international requirements mandated by their overseas authorities or head offices. It is not uncommon that account opening requirements varies.
Moreover, apart from local requirements, some banks also need to comply with the requirements or standards mandated by their head offices or overseas authorities. The account opening requirements of these banks may therefore vary.
For individual accounts, only 2 information is required: 1. Identification documents, e.g. passport or/and identity card. 2. Address proof, current proof usually within 3-months, e.g. i. Utility bill. ii. Correspondence from a government department. iii. Any other proof that satisfies the bank.
The address verification requirements set out in the Guideline on Anti-Money Laundering and Counter-Terrorist Financing (for Authorized Institutions) (AML & CTF) has been removed tentatively and banks are only required to collect the address information of the customers. However, some banks may still need an official proof as part of their know-your-client policy.
For corporate customers, 1. Corporate identification documents, e.g. i. Company's certificate of incorporation. ii. Company's memorandum and articles of association.
2. Information of the beneficial owner(s), e.g. i. Identification document of the beneficial owner(s). ii. Details of the ownership and control structure of the company.
3. Purpose and intended nature of account, for example: i. Purpose of the account. ii. Expected account activities. iii. Business nature and mode of operation.
4. Information of the person acting on behalf of the customer, e.g.
5. Identification document of the person acting on behalf of the customers.
6. Authorization document.
The information stated is not conclusive but will subject to the background of the applicants, business nature, model and activities and the risk assessments. It is strongly advice you seek full support from your professional practitioners. Listen to them before you rush for a quick cold run.
Despite guidelines were issued for AML & CTF, some banks have adopted a pre-vetting process to facilitate account opening. Besides top tier international bank, much bank including licensed bank or representative offices of overseas bank are opened for start-ups or overseas customers. Make good use of the advice from your services vendors.
Need Assistance INTERSHORES has over 20 years of corporate services experience and can assist you in account opening. Please do not hesitate to contact us at info@intershores.hk or by whasapp at (852) 6499 4686 if you are interested in pre-vetting service for account opening.
Whatsapp : (852) 6499 4686 Phone : (852) 2186 6936 Email : info@intershores.hk
Disclaimer: Whilst reasonable care has been taken in provision of information above, it does not constitute legal or other professional advice. INTERSHORES does not accept any responsibility, legal or otherwise, for any error omission and accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, readers are advised to take appropriate professional advice before committing themselves to any involvement in jurisdictions, vehicles or practice. |
|
