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Airwallex: A Great Alternative to Traditional Banks for Quick Business Account Opening

OneStart Business Centre provides professional corporate bank account opening services to expedite the account opening procedures, maintain close contacts with multiple banks, and offer various corporate banking services.

1. What is KYC?

KYC STANDS FOR Know Your Customer

KYC is a requirement for banks based on the "Guidelines on Anti-Money Laundering and Counter-Terrorist Financing" by the Securities and Futures Commission (SFC) of Hong Kong and the Code of Conduct for Persons Licensed by or Registered with the SFC 5.12., Banks are mandated to conduct KYC reviews and verify the identity of each customer before opening a corporate account.. Customers must provide various information such as Documents proving substantial business operations and business registration certificate. KYC helps banks understand and scrutinize high-risk customers, ensuring that their business activities do not involve illegal activities like money laundering and funding terrorism.

Crime Prevention

The KYC check process prevents unidentified funds, money laundering, and fraudulent activities.

Terrorism Prevention

KYC certification helps banks detect potential terrorist financing transactions, ensuring transparency and legality of fund transfers.

Understanding Customer Needs

Offering more suitable services and products based on their business, which aids in enterprise development.

KYC Prevents Illegal Transactions

Banks use the information provided by customers to understand the identity, background, and transaction records of both the company and individuals, thereby verifying the authenticity of the customers. Continuous monitoring of daily transactions and capital flows is conducted to prevent the use of banking services for illegal activities. Thorough scrutiny effectively reduces the risk of banks being accused of facilitating money laundering. 

2. What Documents Are Required to Open a Corporate Account?

A smoother and higher quality transaction experience.

According to bank regulations, personal accounts are not to be used for commercial purposes , Large transactions through personal accounts may draw the attention of the banks. If abnormal transactions or suspicious funds are detected, the bank may inquire with the account holder. Improper handling could result in termination of services or freezing of funds by the bank. Therefore, it is necessary for every company to open a corporate account.

The following documents are required for opening an account in Hong Kong:

• Certificate of Incorporation (CI/CR)
• Valid Business Registration Certificate (BR)
• Annual Return (for companies established over a year) / NNC1 (for newly established companies)
• Identity proof documents of directors, shareholders, and authorized signatories
• Address proof of relevant individuals
• Bank statements of relevant individuals
• Contact details of relevant individuals
• Documents proving substantial business operations or director's relevant work experience
• Hong Kong company's bank statements / financial statements (if available)
• Mainland China company's business license, recent three months' bank statements, and financial statements (if available)

3. Bank Account Application Process

1. Apply for opening a bank account along with the required documents. The bank's due diligence department conducts the KYC review, which may take 4 to 6 weeks to complete.
2. Once the KYC investigation is passed, the final account number is issued, and further account-related items are provided.
3. Mail out the chequebook.
4. Send out online banking passwords.
5. Confirm activation of online banking password.
6. First-time login to online banking services.
7. Mail out or collect the ATM card and password.

Enjoy Commercial Banking Services

Offering a range of corporate banking services including preferential bank loans, corporate credit cards, and complimentary payroll services to support business development. (Please note that the above services are for reference only; actual details of banking services should be confirmed with the bank providing them.)

4. Conclusion

KYC is an essential verification process for banks that helps prevent illegal transactions and ensures the safety and legality of business operations. It reduces the risk of crime and fraud, thereby increasing customer trust in transactions. To open a corporate account, simply submit the required documents to facilitate a smoother KYC review process, which can enhance and expedite the success rate of opening the account.

OneStart Business Centre has years of experience and dedicated staff to assist enterprises in opening bank accounts. Please feel free to call or WhatsApp (852) 3575 6888 to our OneStart Business Consultant.

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