It is usually a simple procedure to open a bank account. As long as you make sure to carry all the relevant paperwork with you the whole application can be sorted in a day. It normally starts with a piece of documentation provided by the government, followed by a proof of address to validate where you live.
There are various kinds of legal papers that you can use as proof of address; they differ depending on the country in which you live and the bank with which you apply for an account.
It will postpone getting your account up and running if the proper documentation for your application is not procured. Read on to learn more about the various types of records that can be used as evidence of address.
You’ll need a particular form of a bank account when you start your business in Hong Kong: a business bank account. A business bank account is a bank account that has been opened under the company’s name. This is often referred to by some banks as a business bank account or a private bank account.
What is the address proof?
The word address proof is very self-explanatory: it applies to a paper confirming where you live.
Often known as proof of address, banks are allowed to ensure that you are not lying about where you live as a security measure.
They simply want to make sure that they can forward your updates via daily post and if necessary, be able to locate you.
To ensure that your proof of address is correct and will be approved by your bank, certain requirements are essential:
- It should always be authorized in your name and fit the registration issued by your country.
- Your present residential address must contain a proof of residence
- A known authority must submit the paper to display their emblem, name, and details.
- There is a need to specifically date your proof of address. Banks would usually require that the document submitted be dated within the last three months, but depending on the bank or the type of document you are sending, this rule may vary
This process is not seamless. Anyone could create this document and not live where they claim they are. Banks will also require two separate pieces of proof of residency in an attempt to mitigate fraud.
Someone residing at the correct address does not find their name on any record in a similar manner. If they are an infant or a dependent partner, that would be the case.
But don’t worry, we’re exploring options down, as there are methods around this.
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What documents are required?
Proof of address can be one of the following documents:
- Authorized change of address form
- Letter of employment
- An official letter from an educational institution
- Municipality bill or government tax letter
- Driver’s license
- Residence permit
- Lease agreement for your residence
- Water, electricity, gas, telephone or Internet bill
- Credit card bill or statement
- Bank statement
- Bank reference letter
- Mortgage statement or contract
- Letter issued by a public authority (e.g. a courthouse)
- Company payslip
- Car or home insurance policy
- Car registration
To verify proof of address, each bank may have a clear list of documentation and laws. To get the correct document available, check with your nearest branch before applying for your bank account.
We suggest watching out for vague laws as well! E.g., if a bank decides it allows utility bills as proof of address, it might have some stipulations on what sort of utility bill is legitimate.
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What is not an appropriate address evidence document?
Checking with the local bank to receive specific details about which certificates are legitimate and the requirements they obey to authorize proof of address is often advisable. There are several widely followed laws, however, which you should bear in mind:
- Only to check your identity, your ID will be used. It would not be acknowledged as evidence of address, even though it includes the address.
- It is possible that any text that is too old and will not cut!
- Carry along with your originals, not copies! Before accepting them, banks need to verify the validity of the papers
In general, any document not listed on the bank’s official list of documents needed would be refused.
Therefore, consulting with the nearest branch in advance is a smart idea so that you can arrange the correct paperwork to keep your bank account up and running as soon as possible!
Turn up to the bank with many papers if you do have questions, so the banking official will pick for you. This will save you from having to postpone your request and return a second time to your bank branch to complete the process.
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How to find a valid proof of address?
There are several possible outcomes you can take to find a suitable proof of address, based on the current situation.
Step – 1 Bills arriving at your residence are in your name
Finding a valid proof of address, in this case, is easy! You are very likely to have some kind of proof of address lying around your home already, you just don’t know it yet! Last, of all, browse through the pile of mail lying in your mailbox first.
You may find:
- The latest statement on a loan or credit card
- Various utility bills
- Your Earnings
Please make sure to show the original copy to the bank when applying for your bank account for either of these papers!
Step – 2 Bills arriving at your home are not in your name or you are unemployed
If you find yourself in this position, then don’t worry, you can source other documents that perform just as well.
We suggest pulling out your tenancy agreement or having in your name a new insurance policy taken out.
Another tactic is to get your name on a bill for cell phones. To get a simple phone contract, visit your nearest company.
Make sure that the contract is signed at the correct address. Within a month of the plan being registered, you will obtain a bill or service contract from the service company with your full name and address on it.
As long as you can show your family connection, certain banks can approve a certificate in the name of a relative. If they authorize this as legal proof of address, it’s worth verifying with your local bank.
Step – 3 If you’ve gone paperless, you need to print online!
If everything else fails, through some kind of provider or enterprise you already have a relationship with, you can get hold of a proof of address online.
We urge you to consult with your bank before doing so if this approach is approved.
Contact the correct authority to receive a copy until you have the green light from your bank, and then actually print it out and show it to your bank.
Alternatively, you should even make an online order for a paper copy, and wait for it to hit your doorstep before your application moves ahead.
It might seem tricky to get your hands on a proof of address, but as long as you live where you think you do, your bank will be able to confirm it!
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What documents are required to open a business account in Hong Kong?
Filling out the bank account opening form issued by the bank is the first thing to do. Many banks have this material available online, which means you can download it when you visit the branch and have it filled out.
There are various requirements for different banks, but the set of documents typically consists of the following:
Establishment documents: All certificates that show that the corporation has been formally incorporated and validly licensed. This includes the incorporation certificate (sample), a legal business registration certificate (sample), and the articles of association for the Hong Kong company.
A resolution by the board of directors: This resolution aims to authorize the opening of a bank account and grant one person the authority to deal with the bank’s application. The normal procedure is to provide one of the company’s directors with control.
ID documents: A copy of the directors’, shareholders’, and actual owners’ ID records (passport, ID card, or driver’s license).
Proof of residence: The directors, lenders, and ultimate beneficial owners’ utility bills or bank accounts. The proof of citizenship shall signify the address of the residence and shall ordinarily be no more than three months old.
Business plan: A straightforward business strategy that outlines the business of the organization, and that offers assumptions for the next 12 months of the company’s costs and sales.
Corporate graph: A graph that demonstrates the company’s shareholding and management organization. In one tab, this map would present who the directors, the partners, and the company’s ultimate beneficial owners are. It must also indicate the percentage of each shareholder’s equity in the firm.
A resolution by the board of directors: This resolution aims to authorize the opening of a bank account and grant one person the authority to deal with the bank’s application. The normal procedure is to provide one of the company’s directors with control.
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Cost of opening a bank account in Hong Kong
You should be willing and able to pay an account opening fee and an initial deposit, at least. The precise expense of starting a company bank account is difficult to say. And offering a range is challenging since banks’ fee practices are far from easy to grasp. With the additional fees they charge, you will quickly get lost soon. On top of fees, to maintain the account, you need to keep a minimum balance in the account as well as pay a monthly maintenance fee.
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How long does it take to open a business bank account?
You should expect your company bank account to be up and running for several months. It all begins with a meeting with a bank representative who will ask you to complete application forms and tell you to request some company documentation and records.
An analysis will then go into your submission. It takes a minimum of few weeks for this process, but do not be shocked if it drags on for a few months, during which time you might be asked at any given time to submit more documentation and explanations.
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Office in Hong Kong
Address: Office room 77, 7/F, Woon Lee Commercial Building, 7-9 Austin Ave, Tsim Sha Tsui, Kowloon, Hong Kong
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Contact
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Email: legal@vitaliberta.com
Office Tel: +85268416177
Skype: ygrtima
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