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Why Fail to Open HK Bank Account?WHY FAIL TO OPEN HK BANK ACCOUNT? International banking is necessary for more and more individuals and companies and we should make the most of this to cope with globalization for study, work, travel and business. However, you probably have realized that it has become more and more difficult to open bank accounts in Hong Kong, Singapore and USA,etc. Especially under the CRS, most banks have more strict requirements for applicants, either individuals or companies. We has helped many clients with both personal and company bank account opening, based on experience, here to share a few common reasons why applicants fail to open accounts and what we can do to deal with the issues to make the process go well for account opening. 2. The director or shareholders are not trustworthy or professional as business people. If the background of the company director or shareholders are not very much to do with business, the behaviors and answers during the bank interview are not professional, etc, banks may have doubts about your business management skills and company profit and have less confidence and trust. So it is critical that the company representative should be well prepared for the interview to win the trust. From the way he/she dresses to the way he/she speaks in the interview, the bank manager will evalute and if there is credibility issue, the application is probabaly rejected. So make sure to get familar with business deatails and behave professionally. Some applicants may get upset when the bank managers try to recommend financial products, Gomax reminds you that it is probably just part of their job, simply refuse respectfully if you don't need, which does not take you off the list of quality clients. 3. You can't provide sufficient valid correct documents. There are 2 main factors banks need to evaluate from the documents provided, one is to know the background of the applicant, if it is a company, then the business information of the company or relevant company of the director and shareholders, including the contracts with global clients and suppliers, invoices, B/L, bank statements,etc. Of course the documents of individuals are required too, especially the business background like the work experience, main responsibilites in managements, etc. You have to make sure all documents are relevant. The names, the dates, the goods and services, etc should match. Never try to make up documents. If there is contradiction in the information, the bank probaly will ask for more documents, or even worse, decide not to approve the application. However, not all banks ask for such details but applicants need to be prepared even if documents are not required it is possible that some questions during the interview may cover these. 4. Your company or business has blacklist issues. Make sure your Hong Kong company statutory secreatary is not in the blacklist, your Singaporean director is not in the blacklist, your director and shareholders are not in the blacklist, etc. Some people may not even know if the blacklist issue is the reason they fail to open bank accounts, so from the very beginning, when you register your offshore company, take this into consideration as well. Also make sure the countries and regions you trade with are not in the bank blacklist. As long as it involves sanctioned countries and countries in war, banks probably reject you right away. We assists clients with both personal and corporate bank account opening, including local corporate accounts for WFOE, Chinese companies and NRA ( Non-Resident Account) for overseas companies, offshore bank accounts in Hong Kong and Singapore. If you need further assistance, please feel free to contact us. marketing@gomaxgroup.com |