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HK Business Bank Account - Search for Lowest Fees and more

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  1. #11

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    Feb 2012
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    Hi emx, I registered my HK limited company in November 2012 and I have been actively working on growing my business and getting revenue, but I just recently started getting revenue. This means I didn't have anyone wanting to pay my business, so I didn't bother to open an HK business bank account. Now things are changing, and thus I'm just now deciding which bank is the best for my needs.

    I have an HKID, but not a permanent one, so most if not all banks will require me to use my US passport alongside my HKID to open an account.

    HowardCoombs I believe you're right about opening a business bank account with HSBC being fast. They seem to be the go to choice for companies that help others especially those not living in HK register an HK Limited Company. I just didn't like the service I received from HSBC. I don't like HSBC's account opening fee and their CHATS and electronic clearing fees. HSBC probably does have the best online banking system in HK, but if the other ones work I'd rather use them.

    I do have a personal HSBC account because when I didn't have an HKID they were the only bank I knew would let me have an HK bank account. Ideally, I'd like to separate my personal HSBC account from my business HK account, but as long as I keep good records I might use it to pay and receive money locally from clients I'm working with that use HSBC for their business or school.

    Does anyone know if I can send and receive money using my personal HK bank account for my HK business, then just transfer it back to my HK business account, and keep records of all such transactions?

    MovingIn07, thanks for the extra information about Geo putting me at greater risk for spam. I trust Gmail to help filter out email spam, if people want to spam call me I'll just have to deal with that, and for snail mail spam I haven't encountered that since I put a "No Circular Mail" sticker on my mailbox.

    If you want to reduce the number of HK paper mail you receive that isn't addressed to you, you can request a "No Circular Mail" sticker to be sent to you for free at http://app1.hongkongpost.com/CGI/nocir/e_reg.jsp.


  2. #12

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    Mar 2007
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    Quote Originally Posted by loganhair:
    HowardCoombs I believe you're right about opening a business bank account with HSBC being fast. They seem to be the go to choice for companies that help others especially those not living in HK register an HK Limited Company. I just didn't like the service I received from HSBC. I don't like HSBC's account opening fee and their CHATS and electronic clearing fees. HSBC probably does have the best online banking system in HK, but if the other ones work I'd rather use them.
    Forest, trees and all that. I just get the feeling that you are over analysing this a bit much; unless you've got some seriously high transaction volumes, its not not going to matter all that much.
    Does anyone know if I can send and receive money using my personal HK bank account for my HK business, then just transfer it back to my HK business account, and keep records of all such transactions?
    Yes, you can and no one will say anything about it except for your accountant and/or Auditor. You'll have to explain the money movements to them and as long as you keep them happy (with good records) no one will care about what bank account you'll be using.

    I use my personal account *all* the time for business purposes. Its a non-issue.

  3. #13

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    Feb 2012
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    Thanks pat_togo. I currently have low volumes. My margin is mainly my time since I'm offering my knowledge as my service.

    Personally, I just want the lowest fees and as long as their online system works and is secure that will work for me. I considered looking at smaller HK banks, but I'd also like them to have a branch in Tsing Yi and/or Kwai Fong since I live in Park Island. Regularly using ATMs and paper checks just seem to be the status quo of doing business in HK, and as much as I'd like to avoid that I also have to accept it at times. I want to know I can get cash, deposit cash, and deposit checks in a convenient way when the time calls for it.


  4. #14

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    Feb 2012
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    Quote Originally Posted by HowardCoombs:
    I use my personal account *all* the time for business purposes. Its a non-issue.
    Thanks HowardCoombs for that information. I'll make sure to keep good records, which unfortunately means paper records. Physical paper can be lost, stolen, burned, thrown away, the ink can fade (I can't read many of my ParkNShop receipts from a few months ago), and physical paper has other limitations that electronic records saved on reliable servers that are backed up in significantly different geographic locations don't.

    In my opinion, almost any physical paper complicates my life. I like keeping things simple, but I don't live in a paperless world, so I'll just do my best.

  5. #15

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    Quote Originally Posted by loganhair:
    Thanks HowardCoombs for that information. I'll make sure to keep good records, which unfortunately means paper records.
    Nope, who told you that?
    I keep a lot of things electronically and print if/when requested.
    As long as your Auditor is kept happy, I dont know of any *paper* requirement for company transactions.

  6. #16

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    Oct 2006
    Location
    Kowloon
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    Other than BEA, you might want to check with DBS and the "Chinese" banks (ICBC, Bank of Communications, CITIC Bank) if they have branches in Tsing Yi as their fees should be lower than the larger ones.


  7. #17

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    Feb 2012
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    Quote Originally Posted by pat_togo:
    DBS and the "Chinese" banks (ICBC, Bank of Communications, CITIC Bank) if they have branches in Tsing Yi
    When I search on Google Maps for those banks in Tsing Yi I don't get any results. Some do have Kwai Fong branches. If an HK bank has a branch location in Tsing Yi I'd want it to be in Maritime Square in Tsing Yi.

    I went to HSBC, SCB, Hang Seng, and Dah Sing Bank branches in Tsing Yi last Friday. I saw Bank of China, but I don't remember seeing any of those other banks in Maritime Square.

    The thing holding me back with BEA is if it really does take 3 to 4 weeks to open a CorporatePlus account with them. If ICBC, DBS, Bank of Communications, and CITIC Bank also require 50,000HKD to avoid monthly fees then I'd rather just wait for the BEA to eventually open an account for my business.

  8. #18

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    Feb 2012
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    Well hopefully I can find an certified HK auditor that will accept my scanned copies of paper receipts and my other electronic receipts.

    As a new HK Limited Company, I have 18 months from my incorporation date before I need to get all my accounts audited. I wanted to do the regular accounting work myself, and just provide an HK auditor will all the information about my accounts and have them certify my records.

    I'm open to suggestions for an HK auditor that anyone uses for a small HK limited company. I have a friend that's an HK accountant, but he isn't an a member of the Hong Kong Institute of Certified Public Accountants (HKICPA) yet, so he might refer me to another colleague or friend he knows that could help me get everything I need in order.


  9. #19

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    Mar 2007
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    Quote Originally Posted by loganhair:
    Well hopefully I can find an certified HK auditor that will accept my scanned copies of paper receipts and my other electronic receipts.
    You seem like a thorough kind of guy. Find that auditor now instead of later. That way you will know what they will expect of you.
    I wanted to do the regular accounting work myself, and just provide an HK auditor will all the information about my accounts and have them certify my records.
    thats a perfectly reasonable thing to do.
    LoganH likes this.

  10. #20

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    Mar 2007
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    Quote Originally Posted by HowardCoombs:
    Nope, who told you that?
    I keep a lot of things electronically and print if/when requested.
    As long as your Auditor is kept happy, I dont know of any *paper* requirement for company transactions.
    Same here. We keep almost everything electronic. Our invoices are PDF's and we only print and mail for clients in Manila who seem to love paper!
    LoganH likes this.