Bank Account Opening

Mercury International has established strong partnerships with numerous international banks in Hong Kong and overseas, allowing us to arrange account openings and provide related banking services for our clients. We negotiate with banks on behalf of our clients for services such as with East West Bank (USA), HSBC (Singapore), OCBC Wing Hang Bank (Singapore), HSBC (Hong Kong), Hang Seng Bank (Hong Kong), Citibank (Hong Kong), Bank of China (Hong Kong), Standard Chartered Bank (Hong Kong), HSBC Offshore, Standard Chartered Offshore, Hang Seng Offshore, and China Merchants Bank.

A Hong Kong local account refers to a bank account opened by a Hong Kong-based enterprise in a local bank in Hong Kong.

An offshore account refers to an account opened by a Hong Kong-based enterprise in a bank outside of Hong Kong. For example, if a Hong Kong company opens an account in Shenzhen, Shanghai, Guangzhou, Switzerland, Malaysia, the United States, or any other region outside Hong Kong, it is called an offshore account.

Reasons for Bank Account Opening Rejection

Excessive Inactive Accounts: When banks find many unused accounts during inventory checks, it can lead to wasted management resources, causing stricter policies;

Financial Regulation: As financial regulation tightens globally, banks are required to rigorously monitor and impose limits on account openings;

Non-Preferred Customers: With bank accounts reaching saturation, selecting premium clients has become a common practice within the industry;

Involvement with Sensitive Countries: Restrictions apply if business operations or financial transactions involve countries under sanctions or in conflict, like Iran, Russia, Afghanistan, Congo, and Belgium.

Advantages of Overseas Bank Corporate Accounts

1.No foreign exchange controls, allowing for free transfer of funds;

2.Convenient for settling payments in international trade;

3.Various currencies can be freely converted;

4.Easy daily account operations, with online banking available for transactions;

5.Facilitates trade financing with international banks.

Advantages of Hong Kong Personal Accounts

1.Free to receive foreign exchange without restrictions;

2.Convenient for investing in Hong Kong stocks;

3.Can purchase Hong Kong insurance;

4.Easy account operations;

5.Personal SOHO (Small Office/Home Office) for receiving foreign exchange.

Documents Required for Opening a Bank Account

1.Personal Information: ID cards, passports, or Hong Kong/Macau travel permits for directors and shareholders, and proof of address within the last three months;

2.Basic Information for Overseas Companies: Company business background, sales/purchase contracts, company articles of association, company registration certificate, and other related documents;

3.Basic Information for Domestic Companies: Business license, sales/purchase contracts, bills of lading, customs declarations, value-added tax invoices, and company bank statements.

Process for Opening an Overseas Bank Account

1.Prepare the required documents and submit them for bank pre-approval;

2.Once pre-approval is granted, schedule an appointment with the bank for account opening;

3.After passing video verification/in-person signing, the headquarters will review the documents;

4.Once approved by the headquarters, the account information will be sent;

5.Upon receiving the account information, log in to activate the account.

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