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HSBC has rejected my business bank account application

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  1. #31

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    Mar 2008
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    Why do you need an account in Hong Kong? I would try banks in your country of residence if it is just for remittance for payments. If you really get stuck, there are a number of offshore banks willing to open accounts, although the fees are usually higher, and you would only use these banks for remittance.


  2. #32

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    Nov 2007
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    Quote Originally Posted by dagnai
    I feel much better about it knowing that i'm not a separate issue but part of a bigger problem...
    I got in touch with ANZ and probably will try to get a meeting with them. Also will try DBS.

    How about Chinese banks like BOC?

    BTW: I have used a service provider... after hsbc meeting he just booked me another one with the Hang Seng... HS lady asked twice if I came through a referral from that company/person. So maybe they have a better connection with them, who knows.

    We are currently trying with UOB but they tell me they are more conservative than HSBC but without knowing the reason that it was rejected it's hard to determine what their appetite to risk is because as far as I am concerned there was none with this particular company and the transaction totals would run into the hundred of thousands if not millions of USD.

  3. #33

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    HSBC is operating under the Deferred Prosecution Agreement with the US Treasury to beef up their standard of controls around financial crimes. You take this combined with the HKMA AMLO, which are the most onerous in the world, add in the FATCA requirements and you get what you get. Banks don't really want to deal with unknown customers with zero track record, not resident in HK, and I don't blame them.


  4. #34

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    There is no law compelling an independent financial service provider to accept business with people that don't fit their criteria.


  5. #35

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    Mar 2007
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    Quote Originally Posted by threelittlepigs
    ...and I don't blame them.
    I do
    They brought this on themselves.

  6. #36

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    It's politically driven. US Treasuy went after the UBS, BNP, SCB, and HSBC of the world first - why would they do this when the BAML, JPM, GS, MS have the same crap going on as we will soon see?

    shri likes this.

  7. #37

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    Oct 2006
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    Obviously the irony is that of you are a real crook (i.e the billionaire property oligarchs, dodgy African presidents, corrupt SOE officials, etc) you will have no problems whatsoever opening a bank account.

    smarti likes this.

  8. #38

    Join Date
    Sep 2014
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    11
    Quote Originally Posted by threelittlepigs
    HSBC is operating under the Deferred Prosecution Agreement with the US Treasury to beef up their standard of controls around financial crimes. You take this combined with the HKMA AMLO, which are the most onerous in the world, add in the FATCA requirements and you get what you get. Banks don't really want to deal with unknown customers with zero track record, not resident in HK, and I don't blame them.
    Quote Originally Posted by threelittlepigs
    There is no law compelling an independent financial service provider to accept business with people that don't fit their criteria.
    Huh, the thing is that they have all the requirements written on their websites. It's not like i'm trying to launder some money or get a huge loan from them. I want to use bank account for my business to grow - which automatically means that their business is growing as well. By all those obstacles they really just shoot themselves in the foot. It's not like i'm unknown person. I provide as much data as asked about. Damn, even my CV and stamped proof of work experience. Let them choke on it. I do have a track record, in different country with a different bank. Also provided them with it. According to the rules/law I don't have to be a resident here to open a company/bank account there here I came. If I knew that this place is without so called logic I wouldn't ever come here. Seriously, is this worth all this hassle?

    Summing-up:
    1. HK Banks got themselves caught up in some political games.
    2. End-client is paying the price for it.
    3. HK is no business friendly/start up friendly anymore.

    What else I can say, really? I'm not going to make excuses for them.

    Anyway, big thanks to everyone for the input. I really appreciate this place, as I can receive some advice + cry a bit

  9. #39

    Join Date
    Jun 2014
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    219

    don't put the blame on the banks, put the blame on US


  10. #40

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    Dec 2009
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    Wasn't there some new HK company law which came into force in May this year that at least one of the company directors had to be a HK resident?


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