The mission to open a corporate account in Hong Kong has never been easy, but most of the difficulties were overcome in one way or another, and the businessman eventually got the opportunity to conduct his business.
However, the situation has now deteriorated considerably. Banks are “frightened” by the tightening of control over the offshore business and often refuse to cooperate even if the client’s business is absolutely legal and transparent.
But there are still some opportunities to open a corporate account in Hong Kong, and DBS Bank is one of the few remaining options. This financial institution is actually a local branch of The Development Bank of Singapore, so opening a corporate account here is quite feasible (provided that you allow the experts of our portal to represent your interests!).
DBS Bank in Hong Kong – First Among Equals
Presentation of a solid and respected bank (like DBS Bank in Hong Kong) is not an easy thing to do, especially if you are planning to open a corporate account with this institution. Therefore, we decided to simply tell you about the capabilities of DBS Bank in Hong Kong, and we hope that a mere look at their list will convince you that this bank can definitely be trusted!
Branches of DBS Bank
- Across Southeast Asia – in Burma, Vietnam, Hong Kong, Dubai, India, Indonesia, China, Malaysia, Thailand, Taiwan, Philippines, South Korea, Japan, and also in the UK and the USA.
DBS Bank wealth management services in Hong Kong (the choice depends on the size of the client’s assets)
- DBS Treasures – from EUR 220,000
- DBS Treasures Private Client – from EUR 940,000
- DBS Private Bank – from EUR 3.1 million
Enhanced Investment Opportunities of DBS Bank in Hong Kong
- Entry into the markets of the entire Southeast Asia region, the Middle East, the United States, and the European Union
- A large selection of treasury products
- Mutual trusts
- Bonds
- Telephone trading
DBS Bank Model Portfolios
- Protective – preservation of capital, very low level of risk
- Conservative – moderate profitability, low risks
- Balanced – average profitability, risk and profitability balance
- Growth – improving general welfare, and active use of assets with an increased level of risk
- Aggressive growth is the maximum possible use of the assets’ potential, investments in risky assets of the majority (or all) of the client’s assets
Discretionary portfolio management at DBS Bank in Hong Kong: main advantages
- Simplicity
- Professional assistance and advice from DBS Bank experts in Hong Kong
- Selection/creation of investment portfolio diversification programs
- Direct access to technical expertise
- Absolute transparency (enhanced investment control capabilities)
Discretionary portfolio management at DBS Bank in Hong Kong: range of services
- Global Tactical Asset Allocation mandate
- Mutual fund mandate
- Traditional portfolio
- A classic portfolio with a focus on Asian markets
- A portfolio of investments tailored to the client’s specific requirements
Opening accounts with DBS Bank in Hong Kong
- Multi-currency account
- Account for expats
- Deposit in foreign currency
- Deposit in SGD
- DBS Multiplier Account
Payment Cards at DBS Bank in Hong Kong
- Debit cards (Treasures, Treasures Private Client, Private Bank [Visa]).
- DBS Insignia Visa Infinite Card
- DBS Treasures Black Elite Card [American Express]
- Other DBS Bank debit/credit cards
Payments at DBS Bank in Hong Kong
- PayNow — via smartphone
- Scan and Pay — via smartphone (QR code)
- Local payments – via smartphone, internet bank, branch of DBS Bank in Hong Kong
- DBS Remit (for a number of countries)
- Simplified payment system for local payments (in Hong Kong)
- Samsung Pay
- Apple Pay
- Google Pay
Lending at DBS Bank in Hong Kong
- Loan for housing
- Real estate investments (London, Australia)
- DBS Overseas Property Financing
- Auto loan
General Advantages of DBS Bank in Hong Kong
- 24/7 account control
- Preferential mortgage packages (Singapore, London, Perth, Sydney, Melbourne)
- Inheritance planning and protection
- Exclusive education for children
- AA1/AA- credit ratings
- IDEAL, the bank’s financial platform (Internet banking, mobile banking)
- Top safety
- Possibility of opening a DBS Bank corporate account in Hong Kong AUD, CAD, CHF, DKK, EUR, GBP, HKD, JPY, NOK, NZD, SEK, SGD, USD
Corporate Accounts with DBS Bank, Hong Kong
- Settlement/Savings account in HKD
- Settlement account in USD
- Multi-currency savings account
- Corporate account in CNY
Discuss the details with an expert
Check the list of required documents, and get the details of the process, terms, and costs.
Contact a consultantLet’s talk via messenger
Opening a Corporate Account with DBS Bank in Hong Kong
The procedure is relatively simple and clear, but few clients cope with it on their own. We strongly recommend engaging an expert from our portal to guide you through the process.
Basic (main) stages of opening a corporate account with DBS Bank in Hong Kong:
- First acquaintance. You send us a request letter by e-mail (info@qwealthreport.com, alternative options) where you set out your wishes and requirements.
- Discussion of the project. As soon as we have analyzed your case, assessed its feasibility, and selected additional products and services, we will schedule a meeting to discuss the situation with you.
- Payment. If you are satisfied with our terms and conditions and we are absolutely sure that we will be able to fulfill your order, you pay the invoice in any convenient way. The approximate costs start from USD 2,000 (if we provide services to the company). Otherwise, the cost of services will be from USD 3,000.
Here is an approximate list of documents required to open a corporate account with DBS Bank in Hong Kong for an offshore company (mind that the list will differ for a legal entity registered in another jurisdiction!):
- Valid Business Registration Certificate
- Certificate of Registration of Oversea Company
- Certificate of Incorporation
- Latest Memorandum and Articles of Association
- Resolution of the Board of Directors on the account opening and the appointment of any authorized signatories
- (for a company with a corporate shareholder) Director’s declaration incorporating an ownership scheme which shows the company name, country of incorporation, % of ownership of the shares for each intermediate holding company
- Certificate of Incumbency issued by a registered agent within 6 months or a comparable company report issued in the country of registration
- Documents for all directors and beneficial owners: photo ID, proof of citizenship (for persons without Hong Kong ID or Hong Kong resident status), proof of residential address
- Documents for all signatories: photo ID, proof of citizenship (for persons without Hong Kong ID or Hong Kong resident status)
- Information on all directors, authorized signatories, and beneficial owners: name, type of identity document (including its identification data – for example, number and series), citizenship, date of birth
- Certificate relating to FATCA law
Opening a Corporate Account with DBS Bank in Hong Kong: Additional Information
DBS Bank in Hong Kong offers extremely favorable terms of service, which means that opening an account with this bank is a kind of investment in the future and it is better to take a chance here rather than agree to compromise options (such as a pure offshore jurisdiction with a minimum of requirements for the client). But you should remember that DBS Bank in Hong Kong favors only clean and transparent business and any doubts or suspicions will lead to the account blocking and refusal to cooperate.
Here are some items worth paying attention to for those who intend to open a corporate account with DBS Bank in Hong Kong:
- All (!) directors and shareholders must be present at the interview requested by the bank.
- You will need to justify your desire to open a corporate account with a bank in Hong Kong in general and DBS Bank in particular, and this point cannot be omitted.
- All documents drawn up in a language other than English must be translated and certified by a notary.
- An approved preliminary application does not mean that you will be able to open a corporate account with DBS Bank in Hong Kong.
- Your application to open a corporate account is considered within no more than one month on average.
- As of the date of this article, you cannot open a corporate account with a bank remotely (without visiting Hong Kong)! This applies not only to DBS Bank in Hong Kong but also to any other financial institution.
- An attempt to open an account with a bank in Hong Kong for an offshore company is doomed to failure, and the same is true for the cases where the company has a nominee director or shareholder.
This restriction, which is unfortunately associated with the procedure of opening an account with a Hong Kong bank, can be legally circumvented by using a holding corporate structure, but such projects are individual and require careful preliminary study!
- The probability of refusal may be quite high if your company/business has just been established (the restriction is not absolute, and it can be legally circumvented).
- Basic knowledge of English or Chinese is highly desirable.
- All transactions (incoming and outgoing) must be documented.
- If the transaction exceeds USD 50-100 thousand, you will be requested to confirm the payment purpose.
After you have finally got all approvals and opened a corporate account with DBS Bank in Hong Kong, you will become a client of one of the safest and most reliable Asian banks with the largest capital in South-East Asia! Please contact us by email to start the process of opening a corporate account.
How to choose a foreign bank to open an account?
The choice of the bank will largely depend on the characteristics of your business and the services you need. For example, if you do not have the opportunity to visit another country to open an account, you can choose a bank that will do this remotely. However, today we see the situation where it is not the client who chooses the bank but, on the contrary, the bank chooses the client. Use a professional consultant’s help to increase your chances of opening an account in the institution you like.
Can I open a corporate account with DBS Bank without visiting Hong Kong?
Unfortunately, you can’t. Non-residents wishing to open a corporate account with DBS Bank in Hong Kong are required to come to the bank in person for an interview. Remote opening of an account in Hong Kong is currently possible only in the Hong Kong payment system.
Open a Corporate Investment Account in Hong Kong
