GSL / Offshore and International Law / Offshore Banking / HSBC Bank (HK) PLC

How to open a bank account in HSBC Bank (HK) PLC

GSL reference about the bank What is it?

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GSL rating

Beginning of cooperation

August, 2001

Last contact

December, 2022

Last update

September, 2022
  • opens current accounts;
  • opens accounts for foreign trading companies;
  • the requirements of the Bank to the documents provided, the types of activities of the company are quite standard and do not cause additional difficulties, although they are more likely to be "strict" than liberal;
  • the term for opening an account - case by case (check with the consultant);
  • Internet banking is friendly and does not cause any difficulties at all, it is possible to use the Internet bank in Russian and Kazakh languages;
  • in general, everything related to day-to-day standard operations is excellent in the Bank. But when solving non-standard issues, certain difficulties may arise associated with the need to find an employee who has a desire to delve into the problem and sufficient authority.

Bearing in mind that the bank opens accounts for local companies only and that until recently it only did so after a client’s visit, which is not always possible, our experience with this bank is smaller than with many others. The bank’s requirements for the documents and types of business are fairly standard and do not create any problems, though they can rather be called ‘strict’ than liberal.

The bank meets the declared time limits for assessment of account applications, which is, of course, a positive note.
The internet banking is friendly and causes no difficulties. Generally, in whatever concerns everyday standard operations, the bank gets an ‘A’ mark. However, some issues may arise when an unordinary case needs to be dealt with, the main difficulty being to find an officer who would be willing to investigate the problem and have enough authority. The lack of Russian-speaking staff might also be a little inconvenient

GSL rating
Beginning of cooperation
August, 2001
Last contact
December, 2022
Last update
September, 2022
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General information and rating

41
Global rating
1
Countrywide rating
Countrywide rating of the head bank
Global rating of the head bank
Year of foundation
1865
History
The HSBC (The Hong Kong and Shanghai Banking Corporation) Group was established in 1865 and is headquartered in London. The HSBC Group services more than 128 million clients with 10 000 offices located in 83 countries in Europe, Pacific Region, North and South America, in the Middle East and Africa. With $2,354 billion of assets as at 31 December 2007, the HSBC Group is one of the world’s largest organizations providing banking and financial services. HSBC is marketed worldwide as 'the world's local bank’.
Personnel
The staff speaks English and Chinese
Bank’s shareholders
HSBC Asia Holdings BV (Amsterdam Netherlands) - 100%
Confidentiality
Judicial Cooperation Agreement with Russia is signed; Double Taxation Agreement with Russia is signed; AML legislation is strictly observed
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    Minimum requirements

    Minimum balance, €
    Transactions permitted per month
    1 000
    Initial deposit of funds, €
    No restrictions
    Deadline for the initial deposit, month
    Initial deposit of funds, €
    The initial deposit is EUR 1 000
    Deadline for the initial deposit, month
    There is no deadline for making the initial deposit
    Minimum turnover, €/year
    The Bank prefers turnovers from USD 1,000,000 per year
    How fast payments are executed
    Through internet – instantly; by telephone and fax – within 3 banking days

    Tariffs and services

    10
    Outcoming transfer, €
    0
    Incoming transfer, €
    180
    Account maintenance, €/year
    N/A
    Payment limit for credit cards, €/day
    Outcoming transfer, €
    Transfer fee (depending on the tariff plan): from 0 to 75 HKD
    Incoming transfer, €
    The Bank does not charge a fee for crediting
    Account maintenance, €/year
    Monthly account maintenance fee (depending on the tariff plan): from 0 to 150 HKD
    Distant access to the account
    Phone, fax, Internet. Internet-banking fee is 200 HKD. HSBC.net advanced provides for the use of a standard internet bank in Russian and Kazakh. Service cost - 1,000 HKD per month (130 USD). During the interview for opening an account, a manager comes with a special laptop, registers the client, and in case of opening an account, the client gets the opportunity to use the Internet bank in Russian (or Kazakh)
    Financial products
    The bank provides a wide range of banking and financial services, including loans, insurance, stock market, deposits, bonds
    Credit/debit cards
    Business Card, Corporate Card, Purchasing Card
    Hold mail
    Provision of bank recommendations - 300 HKD

    Account opening procedure

    Days to open for incoming transfers
    case by case
    Days to open for outcoming transfers
    case by case
    References
    Not necessary
    Purpose of the account
    Current
    Visit to the bank
    Visiting the Bank is required
    Required
    1. Original or certified copy of Business Registration Certificate; 2. Original or certified copy of Certificate of Incorporation; 3. Original or certified copies of Forms D1, D2A, D2B, AR1 (annual return), and SC1 (return of allotted shares); 4. Original or certified copy of Memorandum & Articles of Association; 5. Organizational chart is required if one of the major shareholders holding at least 10% of the voting shares is a legal entity. The chart must show the legal connection between the ultimate beneficial owner (an individual) and shareholders (legal entities); 6. Identification document and proof of address for at least two 2 directors (or 1 director if the company has a sole director), shareholders (holding at least 10% of the voting shares), bank signatories, and beneficial owners; 7. Business description (business plan)
    Types of accounts
    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
    The business description (business plan) needs to contain: • business carried on by the company; • why a Hong Kong account is required; • how the company is managed and financed; • country where the main business of the company is carried on; • estimated monthly volume of bank transactions, incoming and outgoing payments

    Banks of Hong-Kong

    Bank
    The cost of opening an account, $
    Global rating
    Countrywide rating
    GSL rating
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