2 Tips for New Businesses Opening Bank Accounts

Be Prepared

Entrepreneurs, regardless of the size of their business, must be prepared to submit documents, contracts, and agreements to the bank with their application for a Hong Kong bank account.

Every Hong Kong bank has a Know Your Client policy that requires startup owners to meet with bankers who ask about the business, particularly the flow of money, to understand how the business works and determine if there are suspicions of money laundering or other crimes.

Keep your optimism

Every business starts with an idea. After that, there are bound to be a lot of challenges, especially if you want to change an industry. The most fundamental obstacle to establishing a bank account in Hong Kong is running a business. As a local startup, it uses the owners’ personal bank accounts to run the business and continues to apply for bank accounts while expanding. At the very least, their application was accepted by a bank after its first anniversary.

This new business would have failed without a doubt if it had concentrated solely on bank accounts.

You can also check out our website for complete business bank account opening guidelines :
https://asiabc.co/services/bank-account/hk-company-business-account-opening/

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