Step 4 — Set up a Corporate Bank Account

It is essential to use dedicated business banking when starting a new business.

After your business has been registered with the Companies Registry, it’s time to proceed and open a local bank account. Hong Kong is a global leader in banking and offers varied banking services to meet your requirements.

Basic documents for an account opening process

• Account opening application forms;
• Corporate registration documents;
• Copies of passports of major members;
• Resume;
• A bank reference letter and bank statement of each major member;
• Proofs of business such as agreements, invoices, contracts, etc. of the current company or any related one.

Additional documents may be requested by the bank after their compliance check.

Tip: Fulfil the requirements by the bank in a manner that is as detailed with clear information as possible for a higher rate of success of your application.

Fees

An initial deposit is required upon opening. A corporate bank account’s initial balance can range from HK$5,000 to HK$10,000.

In addition, the average monthly balance required ranges from HK$10,000 to HK$50,000. However, please note that some banks might have a high average monthly balance requirement. For instance, the monthly minimum balance requirement for HSBC (Business Vantage account) is HK$500,000 and DBS is HK$200,000.

Note: No tax on interest is earned in the bank account opened in Hong Kong, which makes it a major advantage for the business bank accounts!

Stay tuned to this simple yet informative 5-step blog series to find out the last step to starting your own recruitment company in the quickest way possible!

Get in touch with Castle Peak Recruiter Hub if you want to get your business up and running in just 1 step!