Hong Kong and Singapore have a number of prestigious banks and FinTechs to meet the banking needs of their entrepreneurs.
Both cities use the Know-Your-Client (KYC) process to accurately filter the applications they receive, properly establish the business's source of income, and what types of transactions they should expect from their accounts.
In bank account opening in either Hong Kong Company or Singapore, you must submit a completed application form along with the following:
Hong Kong
- If it is leased, it must have a physical registered address in Hong Kong as well as a rental agreement in the name of the HK company.
- The company director's HK ID card or work visa
- Company incorporation documents and a certified true copy of the Business Registration Certificate
- Supporting documents include audited financial statements, business plans, contracts or agreements, and invoices.
- Process time: 3 weeks
Singapore
- A registered residential address for directors, shareholders, and ultimate beneficial owners.
- True copy of directors', shareholders', and company secretary's passport, certified or notarized
- Company incorporation documents, including a certified true copy of the Certificate of Incorporation, the Company's Business Profile, and the Company's Memorandum and Articles of Association.
- Supporting documents include a short-term business plan, proposed activities, prospective customers and suppliers, and funding sources.
- Process time: 4 weeks
Because traditional bank account openings take time due to their time-consuming procedure, most entrepreneurs prefer Financial Technology accounts (FinTechs) as an alternative to making instant global transactions.
