HSBC – The Hongkong and Shanghai Banking Corporation

HSBC (Hong Kong) is a part of the largest banking and financial group “HSBC Holdings plc.” The head office of the group is located in London, and 8 thousand of its offices operate in 87 countries of the world: in Europe, the Asia-Pacific region, North and South America, Middle East and Africa.

HSBC Holdings plc. Shares are listed on the London, Hong Kong, New York, Paris and Bermuda stock exchanges. The number of shareholders worldwide reaches 220,000. Holding company HSBC Holdings plc. was founded in 1991, and the legal entities (banks, companies) included in the group were created much earlier. Some of them trace their history back to the second half of the 19th century. For example, “The Hongkong and Shanghai Banking Corporation Limited” (Hong Kong) is the founding bank of the group and was established in 1865.

HSBC - The Hongkong and Shanghai Banking Corporation

HSBC - The Hongkong and Shanghai Banking Corporation
TYPES OF ACCOUNTS
PERSONAL Yes
CORPORATE  Corporate (multicurrency).
ACCOUNT MANAGEMENT Internet bank (in Chinese and English). Payment orders are encoded using a touken device. You cannot manage your account by fax.
MINIMUM REQUIREMENTS
UNREDUCED BALANCE No requirement.
AN INITIAL FEE USD 1,200, only after the transfer of this amount, access to Internet banking is provided.
TARIFFS
OPENING AN ACCOUNT: For a non-Hong Kong company: HKD 2000 (~ USD 266). Free for a Hong Kong company.
ACCOUNT MAINTENANCE:
INCOMING PAYMENTS:
OUTGOING PAYMENTS:
TRUST MANAGEMENT:
PLASTIC CARDS: Debit cards (ATM):

annual service – free;

cash withdrawal from HSBC ATMs around the world – HKD 15 – 20 per transaction (~ USD 2 – 2.7), from ATMs of other banks – HKD 20 – 25 per transaction (~ USD 2.7 – 3.4).

INCOMING PAYMENTS: HKD 60 (~ USD 8).
OUTGOING PAYMENTS: HKD 110 (~ USD 15).
REQUIREMENTS FOR OPENING AN ACCOUNT A mandatory requirement is a personal meeting of the director of the company and the manager (s) of the account with a representative of the bank in Hong Kong. Travel to Hong Kong for the beneficiary (s) of the company, if they are not the account holders, is optional.

Standard list of documents for opening an account:

1. For persons traveling to Hong Kong in person – directors, account managers, beneficiaries:

– a notarized translation into English of all pages of the internal passport and the original of the foreign passport.

2. For beneficiaries not traveling to Hong Kong:

– notarized translation into English of the internal passport (all pages) and foreign passport (1 page with a photo is enough).

3. A short business plan of the company in free form: the goals and objectives of creating a company, the offered products / services and their promotion strategy, target consumers and the geographical market, pricing, sales forecast, organization of management in the company and key personnel.

4. Originals or notarized copies of contracts as confirmation of the client’s previous activities in a similar business area: a party to the contract can be either the company itself, to which the account is opened, or another affiliated company (including Ukrainian). In the latter case, it is necessary to provide the bank with documentary evidence of the relationship of the beneficiary (s) with this affiliated company: an Incumbency Certificate or an extract from the state register. For a Ukrainian company, such confirmation is a notarized translation into English of an extract from the EDRPOU.

5. Company documents in original or notarized copies, plus a seal.

At the meeting, it is advisable for the director and account managers to have business cards in English indicating the company to which the account is being opened.

Depending on the structure of the company, the bank may request additional documents.

NEED FOR PERSONAL MEETING WITH BANKER: Yes.
TIME FOR OPENING AN ACCOUNT Account details can be issued immediately at a meeting in Hong Kong with a bank employee. From this moment on, the account is already working to receive incoming payments. The account is fully activated 2 weeks after the meeting in Hong Kong, subject to the availability of a full package of required documents. The client gets access to Internet banking 2 weeks after the initial deposit of USD 1,200 is transferred to one of the accounts.

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