Congratulation to Simon on his business bank account opened in HSBC (Sharing HERE). And this reminded me to share a brief outline of HSBC bank account opening procedure to allow a better communication and arrangement to push the case towards success.
Time Frame and Procedure Outline
Time Frame :- Approximately 6-8 weeks (depends on complexity of the case)
How we do :-
Company incorporated and ready at its place;
Preparation phase of bank account opening;
Catcherbiz to review and comment the case;
Plan your schedule to attend HSBC in person (all Shareholders, Directors and Authorized Signers);
Catcherbiz to submit online application and prepare all necessary documents;
Attend HSBC interview in Hong Kong;
Follow up and wait for the result;
Preparation of HSBC Bank Forms and Interview
Let’s take a look of several HSBC bank forms before explaining why it takes so long to open a bank account. All links are extracted from HSBC Form Download Centre:-
In short, the banker of HSBC will conduct interview with you which takes around 1-2 hours as part of the due diligence process and to complete the bank account opening form that covers below main topics:
Entity Detail (Including Parent Companies detail);
Commercial Detail (Nature of Business and Source of Wealth);
Estimate Account Transactions (Nature, Countries, Amount, Frequency, Risk Level);
Contact Detail (Including Business Location Information);
Due Diligence Requirements (KYC, AEOI, FATCA, AML … etc);
Banking and Servicing Needs;
The banker is the first decision maker, yet, there are other positions to review and approve the case, because of this, if a case is NOT well prepared, due to the risk adverse approach of the bank nowadays, most likely, the case will be rejected. Furthermore, be aware that Business Proofs are required to provide as supporting under all the circumstance when applicable.
Engage with Catcherbiz services, we will help client to prepare the documents for bank account opening, review the chance of success, provide the necessary assistance through-out the process; if you are interested-in, feel free to drop us an email at firstname.lastname@example.org for a consultation.
Continuous reading:- Why my Hong Kong bank account opening application being rejected?