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OCBC Wing Hang ("OCBC WH") in Hong Kong, together with its subsidiaries and affiliated companies, offers a comprehensive range of commercial banking products and services and other financial services such as consumer financing, share brokerage and insurance, among others. It has a network of over 60 branches and offices in Hong Kong, Macau and Mainland China. Founded in Guangzhou as a money changing business in 1937, the former Wing Hang Bank was incorporated and granted a banking licence in Hong Kong in 1960. OCBC WH, by acquisition on 15 October 2014, became a wholly-owned subsidiary of OCBC Bank, the longest established Singapore bank with an international presence of more than 430 branches and representative offices in 19 countries and regions.
To support SMEs driving businesses during pandemic, OCBC WH of Hong Kong takes a more liberal approach in business account opening and you don't need to visit Hong Kong to open an account. We outline below OCBC WH's advantages and its latest update on company account opening :
In summary, OCBC WH, Hong Kong has the following advantages: 1. Dedicated Business Banking Team - The professional service team (relationship management team) ("RM") will ensure a seamless account opening experience. Besides RMs, a dedicated service call-center answers enquiries.
2. NO physical presence in Hong Kong is required. Witness service at branches in China or in certain countries available. That means the applicant can be present in a branch where the applicant locates.
3. The account holder can manage banking transactions from anywhere by internet banking platform and mobile app "Velocity" without using a token. You can :
- keep your transaction information up-to-date. - receive timely notifications on transactions. - get transactions done faster and easier.
4. Convenient Integrated Account - You can access up to 15 currencies to meet all your business requirements for your current, statement savings and fixed deposits all in one account.
5. Business Debit Card available for you to access your accounts, withdraw cash and manage your day-to-day banking needs
6. Competitive foreign exchange and deposit rates.
7. Diverse Range of Insurance Products. OCBC Wing Hang has a variety of insurance products for you to protect your assets and employees, such as employee compensation, business travel insurance and life insurance. Their insurance products can also be tailored for your specific needs.
8. Payroll Services. OCBC WH's auto-pay service allows you to enjoy a hassle-free corporate account management experience.
Required Documents For Account Opening 1. Mandatory documents For HK company, 1.1 Copies of identity documents of directors, shareholders and authorized signatories. 1.2 Certificate of Incorporation, Business Registration Certificate, 1.3 Latest bought/sold note and instrument of transfer (if available).
For overseas company, 1.4 Certified documents issued by the Registry indicating details of directors/shareholders on top of 1.1.
2. Supporting Documents 2.1 Existing company, - bank account statements (recent 3 months). - two (2) sets of business proof (from Suppliers and Customers respectively) – Invoices/Contracts/Agreements/Bill of Lading + Payment reference.
2.2 For start-ups, - Proof of previous related working experience (i.e. Recent 3 months payroll slips, Reference Letter, CV). - Personal bank statements – recent 3 months. - Other supporting documents – invoices/contracts (if any) + business plan.
Procedure 1. The applicant completes OCBC HK’s Questionnaire for SME Customers and documents all other documents by email to the bank officer for pre-screening process. 2. Proceeding pre-screening process and further documents may be requested by the bank officer. 3. Confirm pre-screening result. If positive, a face-to-face virtual meeting between the bank officer and customer will be required. Otherwise, the case declines. 4. Official compliance review. 5. Final result of account opening.
The account opening process will last for about 1 month.
Why need professional practice like us to help you in account opening? 1. We know bank better, we know their preference and their don't. 2. We have several years of account opening experience. 3. We get regular update from banks and government body. 4. Save your time and effort.
Role of Professional Practice in Account Opening Due to the totality of complexity, you may consider INTERSHORES to assist account opening process to do the following: 1. Initial completion of available info in the application form. 2. Preparation of a board resolution. 3. Arranging for the required supporting documents to be certified as Chartered Secretary/ Governance Professional. 4. Drafting of basic business plan. 5. Consolidate, compile and fine tune the required documents before delivery to bank. 6. Liaise with the bank officers throughout the bank account opening process and keep the company informed of the account opening requirements and status.
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 whatsapp at (852) 6499 4686 if you are interested in account opening in Hong Kong, Singapore or in offshore jurisdiction.
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.
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