Business bank account requirement for OFFSHORE BANKING
The necessities and points to note
If you have set up a business in the Hong Kong soil, then you must have a business bank account requirement. Well, in such a scenario, the first and foremost aspect that needs to be considered is how to go about opening this account. Given that Hong Kong is extremely beneficial to corporates regarding their business, with OECD considering it a legal business haven, offshore banking accounts are on the rise.
So, if you too are looking forth to setting up business in this area of South East Asia, it is time that certain factors are checked and details are noted. For getting expert help, it is best that professionals are consulted in this process.
Points to check for business bank account requirement:
Before you go in for setting the bank account, make sure to check out whether these details match.
- Whether the business accounts are available in your area and if they match your business plans.
- What categories of business cards are available and if they match up your demands. Also, how many of each card is allowed to be kept by a single individual.
- What would be the withdrawal limits in regards to each of the accounts that you have set up? Also, if setting up more than a single account is permissible in the first place.
- If monetary transfer from one account to another is possible and time limit associated with such transfers.
As someone, who is planning on setting up offshore accounts, these details are a must for business bank account requirement. Now it is time for noting details that are required for these accounts.
Details required for opening a business bank account:
The best and most important aspect of setting offshore accounts in Hong Kong is that they do not require the presence of owners at the initiation procedure. A legal team can handle this process all by themselves.
- Certified copies of Business Registration Certificate and Certificate of Incorporation are to be placed before the concerned authorities.
- A declaration of the personal information of the Company Directors and Shareholders is to be made.
- Apart from this, sample signatures of Directors, shareholders, authorized signatory, and beneficial owners have to be given.
- In case of a new business venture or extension of an existing one, audited financial statements are required.
- Hong Kong ID proof, proof of residence and a valid passport is required.
- Both Certificates of Incumbency and Good Standing are needed.
However, with all these details in place as well you can face problems regarding their placement in correct manner. To ensure that details of business bank account requirement are carried on in a correct manner, contact professionals from Executive Solutions Limited for best results.