Services

Bank Account Opening Q&A

Q1:	Is there any tax for a foreigner having a bank account in HK/SPORE?
A1:	In HK, foreigners and foreign companies are allowed to set up multi-currency account without any tax as long as the foreigners, company directors/ shareholders staying in HK less than 90 days and with no physical Presence (no employees and office).

Q2:

How to update the bank's information if any changes of Directors/ Shareholders for an offshore company?

A2:

The new Directors need to attend the bank with documents as: the Register of Director (certified by CPA), passports as well as Proof of Address (recent utility bills within 3 months, ID or driving license).If the current director had passed away, the new director needs to appear to the bank with documents such as Register of Directors and Share Register, Passport, Proof of Address, and the death certificate.

Q3:

Is nationality of the directors/ shareholders a concern for A/C opening in Hong Kong?

A3:

Directors from Vietnam, Thailand, Malaysia...etc will take 4-6 weeks for the bank to evaluate. It is helpful to provide sufficient proof of business (such as CI of parent company, Products catalogue, business contract, Invoices within 3 months. If the director is different from that of parent company, In-Service Certificate is needed ).Note: Directors/shareholders from Russia, Nigeria, and Venezuela are currently not accepted by HK Banks.

Q4:	Can one company open bank accounts in different banks?
A4:	Yes. One company may open many A/C in different banks without any limitation.

Q5:	How to select the entity type for a/c opening?
A5:	You need to select your entity type as Active or Passive Bussiness. Active income entity generally refers to manufacturing, trading. Passive income consists of: dividends, interest, rental..etc. If Passive Entity is selected, details of contorlling person are required.

Q6:	Can offshore company open a foreign currency account in HK/SPORE?
A6:	Yes, offshore company may open a foreign currency account in HK/SPORE.

Q7:	Can HK/SPORE account be used for negotiation draft/documents under L/C?
A7:	Must have a trading A/C for negotination draft under L/C purpose. A/C in HK/SPORE normally do not have line of credit and unless collateral is provided, it can only be done through L/C collection. The amount will not be credited to the A/C until the buyer pays the fee. There is no handling fee for opening trading A/C.

Q8:	What is the daily limit for cash withdraw with ATM card?
A8:	Daily withdraw limit is HKD 20,000 in HK. Overseas cash withdraw limit varies and depends on local regulation. The overseas ATM withdraw charge is around HK$15-40 per transaction.

Bank Account Opening Q&A

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