Standard Chartered Bank (HK) LTD

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GSL reference about the bank

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It will not be an exaggeration to say that Standard Chartered is one of the leading banks in such regions as Africa, Asia, and the Middle East.
Throughout its more than 150-year history the bank has not only created a very impressive client base, but also has become one of the three Hong Kong note-issuing banks.
The bank’s speciality is trading accounts and it offers to its clients the state-of-the-art internet banking and relatively low bank fees. What is also important is that the bank opens yuan accounts and processes yuan payments.
However, since 2011 the bank has almost stopped opening accounts remotely, so a client would now need to personally meet the bank’s representative in one of Hong Kong’s branches. Neither does the bank now open accounts to companies with a nominee shareholder

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    Bank's characteristics

    General information and rating

    Global rating Countrywide rating Countrywide rating of the head bank Global rating of the head bank Credit rating
    188 4 9 AA-
    Year of foundation 1859
    History The history of Standard Chartered in Hong Kong dates back to 1859. In 1969 the Standard Chartered Group acquired its present-day form following the merger of The Standard Bank of British South Africa, established in 1863, and of The Chartered Bank of India, Australia and China, established in 1853. The Standard Chartered Bank is now one of the three note-issuing banks in Hong Kong. The bank’s shares are listed on the London and Hong Kong Stock Exchanges. The SCB has over 30 000 staff and more than 500 offices in 50 countries worldwide. On 1 July 2004, the bank merged its Hong Kong branches, namely: Standard Chartered Bank, Manhattan Card Company Limited, Standard Chartered Finance Limited, Standard Chartered International Trade Products Limited and Chartered Capital Corporation Limited. The bank is a Hong Kong licensed credit instruction and operates under the name of Standard Chartered Bank (HK) Limited
    Personnel The staff speaks English and Chinese
    Bank’s shareholders Standard Chartered PLC (London UK) - 100%
    Confidentiality Judicial Cooperation Agreement with Russia is signed; Double Taxation Agreement with Russia is signed; AML legislation is strictly observed; Active member of OECD, FATF, Basel Commitee, Egmont Group etc.

    Minimum requirements

    Minimum balance, € Transactions permitted per month Initial deposit of funds, € Deadline for the initial deposit, month Minimum turnover, €/year
    0 No restrictions 1 000 2 No restrictions
    Minimum balance, € The bank has no requirements for the minimum balance
    Transactions permitted per month The bank has no restrictions as to the number of transactions
    Initial deposit of funds, € In order to activate the account, it is necessary to transfer the amount equivalent to EUR 1000
    Deadline for the initial deposit, month The initial deposit needs to be made within 1-2 months of the account opening
    Minimum turnover, €/year The bank has no requirements for the minimum turnover
    How fast payments are executed Through Straight2Bank – instantly; by internet, telephone and fax – 3 days

    Tariffs and services

    Outcoming transfer, € Incoming transfer, € Account maintenance, €/year Payment limit for credit cards, €/day Funds to be blocked for CC issue, €
    20 5 360 N/A N/A
    Outcoming transfer, € Transfer to another Standard Chartered account – free of charge. Transfer to another Hong Kong bank – EUR 1. Other transfers through Straight2Bank – EUR 20
    Incoming transfer, € Depending on the category of the client: Priority Banking Customers – free of charge; Exelbanking Customers – EUR 3.6; International Trade Account Customers – EUR 4.76
    Account maintenance, €/year Account maintenance fee (International Trade Account) – EUR 30 per month. One-off fee for the issue of Vasco Token (required for the operation of Straight2Bank) – EUR 100
    Payment limit for credit cards, €/day The payment limit depends on the amount of insurance coverage and card class. The bank issues cards only for a Hong Kong company account
    Funds to be blocked for CC issue, € The insurance coverage must reach 100% of the card spending limit
    Distant access to the account Straight2Bank system (bank-client software); telebank
    Financial products Letters of credit, stock market, deposits
    Credit/debit cards Business Card Visa

    Account opening procedure

    Days to open for incoming transfers Days to open for outcoming transfers References Business description Purpose of the account
    14 14 Necessary Detailed Savings & current
    Visit to the bank A visit to the bank is required in the majority of cases
    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. Certificate of Good Standing – if the company is older than 1 year; 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. Bank reference letter for the beneficial owner of the company; 8. 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); 9. Company’s seal
    Types of accounts Personal; Corporate; Savings; 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 Relatively detailed: in addition to the description of the business, the origin of funds needs to be disclosed
     
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