How to open a bank account in Bank of China Hong Kong Limited

Beginning of cooperation	Last contact	Last update
February, 2015	December, 2021	August, 2021

GSL reference about the bank *

Primary requirements:
- to open an account, you must visit Hong Kong (at least one director of the company);
- before visiting the bank, 2-3 weeks before the trip, you must schedule an interview at the bank;
- the bank offers the opening of current accounts for individuals and legal entities;
- annual turnover - from 1,000,000 USD;
- the term for opening an account - case by case (check with the consultant);
- quite convenient Internet banking

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Bank's characteristics

General information and rating

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Global rating	Countrywide rating	Countrywide rating of the head bank	Global rating of the head bank	Credit rating
Not rated	Not rated	—	—	A

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Year of foundation	1937
History	Bank of China Ltd (BOC) is the oldest Chinese bank. It was founded in 1912. From 1912 to 1942, the bank, on behalf of the government, issued banknotes together with the major banks of that time: Central Bank of China, Farmers Bank of China and Bank of Communications. Subsequently, the Central Bank of China and the People's Bank of China were successively transferred to the functions of the central bank of China. In 1949, the bank began to specialize in internationally serving the interests of the Chinese government. In 1994 it was transformed into a state commercial bank. The bank provides a full range of banking services in China, Hong Kong, Macau, Taiwan and 37 other countries. One of the twenty largest banks in the world
Personnel	The staff speaks English
Bank’s shareholders	Among the major shareholders of Bank of China are the state investment fund Temasek from Singapore, Asian Development Bank, Swiss UBS and British Royal Bank of Scotland
Confidentiality	Double Taxation Agreement with Russia is signed; AML legislation is strictly observed

Minimum requirements

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Minimum balance, €	Transactions permitted per month	Initial deposit of funds, €	Deadline for the initial deposit, month	Minimum turnover, €/year
—	—	0	6	1 000 000

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Initial deposit of funds, €	No down payment requirements
Minimum turnover, €/year	Minimum turnover - from 1,000,000 USD per year

Tariffs and services

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Outcoming transfer, €	Incoming transfer, €	Account maintenance, €/year	Payment limit for credit cards, €/day	Funds to be blocked for CC issue, €
N/A	N/A	N/A	N/A	N/A

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Distant access to the account	Internet Banking
Financial products	The main activity of the Bank is commercial banking services, including corporate banking, personal banking

Account opening procedure

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Days to open for incoming transfers	Days to open for outcoming transfers	References	Business description	Purpose of the account
case by case	case by case	Not necessary	Detailed	Current

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Visit to the bank	A visit to the bank is required (at least for one director)
Required	Standard set of corporate documents of the company. A set of copies of documents of a foreign shareholder. Copies of Russian and foreign passports of the director and beneficiary.
Types of accounts	Personal; Corporate; Current
Opening procedure and Due Diligence	it is possible to open an account without visiting a professional introducer
Chances to open an account	Predictable
Business description	Requirements for the description of activities are standard: a story about the current state of the business and its formation, disclosure of the source of origin of funds, biography of the beneficiary of the account and contact information

How to open a bank account in Bank of China Hong Kong Limited

GSL reference about the bank *

Bank's characteristics

General information and rating

Minimum requirements

Tariffs and services

Account opening procedure

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