<p><span lang="EN-US"><span style="font-family: Calibri; font-size: medium;" face="Calibri" size="3">Hong Kong, continuing to confidently hold the position of one of the world's leading global economic centers, attracts the attention of both small enterprises and large corporations for the effective account in Hong Kong to conduct business both with Southeast Asia in general, and with China in particular.</span></span></p><p><span lang="EN-US"><span style="font-family: Calibri; font-size: medium;" face="Calibri" size="3">However, given the position of Hong Kong not only as an international financial center, but also a kind of financial gateway for China, local banks have to withstand the onslaught of both international regulators, primarily located in the United States, and regulators from China, which have recently focused on containing outcoming flow of money.</span></span></p><p><span lang="EN-US"><span style="font-family: Calibri; font-size: medium;" face="Calibri" size="3">Therefore, the banks of Hong Kong, in order not to fall under the punitive hand, increase control over the opening of new accounts, as well as over existing accounts. The growing tendency to reduce the opening of accounts for foreign companies has led to the fact that now such accounts are opened in very limited quantities.</span></span></p><p><span lang="EN-US"><span style="font-family: Calibri; font-size: medium;" face="Calibri" size="3">In practice, if a foreign company meets the needed conditions, then there are chances of opening an account in Hong Kong. The banks of Hong Kong, when working with non-residents, accept both separate conditions and groups of conditions in the aggregate. In this case we are talking about the following:</span></span></p><p><span lang="EN-US"><span style="font-family: Calibri; font-size: medium;" face="Calibri" size="3">The company must have a confirmed history of conducting international business for at least 3-5 years. The activities of company should be easily documentary verified from open sources of information.</span></span></p><p><span lang="EN-US"><span style="font-family: Calibri; font-size: medium;" face="Calibri" size="3">The company's activities should not be associated with countries in the high-risk zone, according to the Hong Kong banks. If the activity is related, then the share of such countries in the total volume of operations should be insignificant, excluding, of course, countries that are under international sanctions established by the UN (for example, Syria, South Sudan, Iran, North Korea, others).</span></span></p><p><span lang="EN-US"><span style="font-family: Calibri; font-size: medium;" face="Calibri" size="3">The company's activities should not be related to the sale of dual-use or military goods, fuel resources and minerals (gas, oil, precious metals), as well as financial services (requires a separate license) and some Internet services.</span></span></p><p><span lang="EN-US"><span style="font-family: Calibri; font-size: medium;" face="Calibri" size="3">The company is part of an international holding company with a proven history that can be checked through open sources of information.</span></span></p><p><span lang="EN-US"><span style="font-family: Calibri; font-size: medium;" face="Calibri" size="3">The company is established in a country that is not a high-risk country, according to the Hong Kong banks. Documents of the company, ideally, should be compiled originally in English.</span></span></p><p><span lang="EN-US"><span style="font-family: Calibri; font-size: medium;" face="Calibri" size="3">The company should to have a transparent and simple ownership and management structure, ideally, one or more directors (individual), with experience in this area and one or more shareholders (preferably individuals, but legal entities are also allowed if they are part of international holdings with a history, with a confirmed legal source of income, having previous experience in this area, living or registered in a country with a reduced risk, according to the Hong Kong banks.</span></span></p><p><span lang="EN-US"><span style="font-family: Calibri; font-size: medium;" face="Calibri" size="3">The company should to have close business relations with Hong Kong and China in the form of concluded contracts with local resident companies-suppliers, or among the company's clients there are local residents. This is the main determining condition for opening a corporate account for non-residents in Hong Kong.</span></span></p><p><span lang="EN-US"><span style="font-family: Calibri; font-size: medium;" face="Calibri" size="3">The company is a holding company in relation to one or several local Hong Kong companies.</span></span></p><p><span lang="EN-US"><span style="font-family: Calibri; font-size: medium;" face="Calibri" size="3">The company was registered with the Hong Kong Register of Companies as a Registered Non-Hong Kong Company and operates in the territory of Hong Kong. An example is a number of holding companies registered in BVI, Bermuda, Cayman Islands, investing in Hong Kong and China.</span></span></p><p><span lang="EN-US"><span style="font-family: Calibri; font-size: medium;" face="Calibri" size="3">The company is ready to cooperate with the bank in terms of purchasing proposed investment products for the company itself and for its participants (director, shareholder). We are talking about accumulative insurance plans, investing in shares, promissory notes, other securities.</span></span></p><p><span lang="EN-US"><span style="font-family: Calibri; font-size: medium;" face="Calibri" size="3">The list of Hong Kong banks that are willing to open accounts for foreign companies on the above conditions is very limited. Only a few banks in Hong Kong are ready to take on such a company.</span></span></p><p><span lang="EN-US"><span style="font-family: Calibri; font-size: medium;" face="Calibri" size="3">Success in opening a non-resident account in Hong Kong does not mean that you should calm down and forget about the risks of sudden closure of this account. As it was said at the beginning, Hong Kong banks are under strict supervision, therefore they control both incoming and outgoing transactions. This is especially true for foreign companies with accounts in Hong Kong.</span></span></p><p><span lang="EN-US"><span style="font-family: Calibri; font-size: medium;" face="Calibri" size="3">To maintain and maintain a successfully opened bank account in Hong Kong, you should follow certain rules. Attention! These rules apply not only to accounts of foreign companies in Hong Kong, but also accounts of local companies registered in Hong Kong:</span></span></p><p><span lang="EN-US"><span style="font-family: Calibri; font-size: medium;" face="Calibri" size="3">Always answer calls, electronic and ordinary letters within the time frame set by the bank with the maximum disclosure of the required information and the provision of the necessary supporting documents.</span></span></p><p><span lang="EN-US"><span style="font-family: Calibri; font-size: medium;" face="Calibri" size="3">Large transactions that you conduct through Hong Kong banks, it is better to break up into parts so that they do not exceed 50 000 - 100 000 USD.</span></span></p><p><span lang="EN-US"><span style="font-family: Calibri; font-size: medium;" face="Calibri" size="3">If there is no possibility to split the payment into parts, it is better to coordinate with the bank in advance incoming and outgoing payments exceeding the specified limit, providing information and documents in advance.</span></span></p><p><span lang="EN-US"><span style="font-family: Calibri; font-size: medium;" face="Calibri" size="3">Try, at the maximum, when carrying out large transactions, use currencies other than the US dollar.</span></span></p><p><span lang="EN-US"><span style="font-family: Calibri; font-size: medium;" face="Calibri" size="3">Each transaction must be accompanied by documents (invoice and contract).</span></span></p><p><span lang="EN-US"><span style="font-family: Calibri; font-size: medium;" face="Calibri" size="3">Watch out for whom you get the money from. It is necessary to avoid companies that are on the sanctions lists. It is also important to avoid companies with names that partially or completely coincide with the companies from the sanctions lists (this may cause additional questions of the bank). Always check with your buyer company-payer.</span></span></p><p><span lang="EN-US"><span style="font-family: Calibri; font-size: medium;" face="Calibri" size="3">Keep an eye on the person you pay for. It is necessary to avoid companies that are on the sanctions lists. If the names of companies overlap with the names of companies from the sanctions lists - prepare for additional questions from the bank. Always check with your supplier of the receiving company of the transaction originating from your account in Hong Kong.</span></span></p><p><span lang="EN-US"><span style="font-family: Calibri; font-size: medium;" face="Calibri" size="3">Always specify in detail the purpose of payment when making payment. Negotiate with your customers the description of the payments to you on the account.</span></span></p><p><span lang="EN-US"><span style="font-family: Calibri; font-size: medium;" face="Calibri" size="3">Make sure that both incoming and outgoing payments to you account in Hong Kong are carried out within the previously announced fields of activity. If you change the scope of activity, it is better to inform the bank about it beforehand.</span></span></p><p><span lang="EN-US"><span style="font-family: Calibri; font-size: medium;" face="Calibri" size="3">Avoid end-to-end transfers of identical amounts during the day, meaning that if a certain amount comes to the account, then the outgoing amount is not recommended to be set in the same amount. This can raise questions and suspicions on the part of the bank in money laundering.</span></span></p><p><span lang="EN-US"><span style="font-family: Calibri; font-size: medium;" face="Calibri" size="3">Avoid frequent and unreasonable payments from individuals 'accounts and to individuals' accounts.</span></span></p><p><span lang="EN-US"><span style="font-family: Calibri; font-size: medium;" face="Calibri" size="3">Avoid changing the description of the purpose of the payment upon receipt and subsequent payment of payments. If the fixed assets come for the goods, then they must go for the goods, and not for the services, for example. This causes suspicion of the bank.</span></span></p><p><span lang="EN-US"><span style="font-family: Calibri; font-size: medium;" face="Calibri" size="3">In general, to sum up this article, I would like to say that at the moment it seems more realistic to open an account for a company registered in Hong Kong and having a physical presence in Hong Kong in the form of a rented office and, preferably, local employees in the state that has business contacts (suppliers or buyers) in Hong Kong and China, carries out its operations primarily with countries that have a reduced level of risk. Directors and shareholders of such companies need to have proven business management experience in this area, as well as a confirmed legal source of income, it is desirable to have a residence address in a country with lower risk.</span></span></p><p><span lang="EN-US"><span style="font-family: Calibri; font-size: medium;" face="Calibri" size="3">Nevertheless, every case of an account opening is currently being considered on an individual basis, we are ready to estimate the chances on the basis of information received from you and offer advice on the possibility of opening an account with a bank in Hong Kong.</span></span></p><p><span> </span></p>