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Hang Seng Bank Limited Account Opening

Source:   |  Update: 25/09/2018, 16:14 (UTC+8)  |  

Bank Profile

Hang Seng Bank Limited is a Hong Kong-based banking and financial services company with headquarters in Central, Hong Kong. It is one of Hong Kong's leading public companies in terms of market capitalisation and is part of the HSBC Group, which holds a majority equity interest in the bank.

Hang Seng Bank is a commercial bank whose major business activities include retail banking, wealth management, commercial banking, treasury services, and private banking. Hang Seng Bank operates a network of around 260 service outlets in Hong Kong. Besides, the subsidiary runs a mainland China network of 46 outlets in Beijing, Shanghai, Guangzhou, Shenzhen, Dongguan, Fuzhou, Nanjing, Hangzhou, Ningbo, Tianjin, Kunming, Foshan, Zhongshan, Huizhou, Xiamen, Zhuhai and Jiangmen with 12 branches and 34 sub-branches.For foreign currency wholesale business, Hang Seng Bank maintains branches in Shenzhen, Macau and Singapore, and also a representative office in Taipei.

Business Overview:

1. Personal Financial Services

Provides banking and wealth management services to personal customers. Banking services include deposits, credit cards, mortgages and other retail lending. Wealth management includes investment, insurance and private banking services.

2. Commercial Banking

Manages middle market company and small and medium-sized enterprise (SME) relationships and specialises in trade-related financial services.

3. Corporate Banking

Handles relationships with large corporate and institutional customers.

4. Treasury

Engages in balance sheet management and proprietary trading. It also manages the funding and liquidity positions of Hang Seng and other market risk positions arising from banking activities.

5. Other

Manages of shareholders' funds and investments in premises, investment properties and equity shares.

Hang Seng Bank Limited Account Opening

After completing the establishment of the Hong Kong company, the next is to open a bank account. The Hong Kong government does not require the company to open a bank account, but the company can decide whether to open a bank account according to its actual situation.

Local and offshore accounts: For enterprises, local accounts refer to accounts opened by Hong Kong companies in local Hong Kong banks; offshore accounts refer to accounts opened by Hong Kong companies outside Hong Kong, for example, the accounts opened by Hong Kong in Shenzhen, Shanghai, Malaysia, and the United States.

Account Opening Situations of Hang Seng Bank Limited and HSBC

Similarities:

1. Documents for Account Opening: Certificate of Identity of the Director (Passport or Exit-Entry Permit for Travelling to and from Hong Kong and Macao) Original / Original Business Registration Certificate / Original Certificate of Registration / Original Articles of Association (English Version) / Company Seal / Meeting Records/ Account Opening Documents signed by accountants

2. Directors personally sign the bank: Regardless of Hong Kong local accounts or domestic offshore accounts, banks require all directors to sign the bank in order to protect the interests of shareholders. Therefore, when registration, KD will remind clients to pay attention to whether the directors and shareholders of the company can be able to sign personally in the bank.

Differences:

Domestic offshore accounts cannot be deposited in cash due to the restrictions of the transfer, so the checks issued by offshore accounts are restricted to be used in the same city.

Account opening situation between Hong Kong and domestic Hang Seng Bank Limited

 

Hong Kong Hang Seng

Domestic Hang Seng

Important Notes

Director's address proof, allowing online financial management

An introducer is needed, who needs a company checking account. If the shareholders first open a personal account in Hang Seng, he must have certain funds. Besides, online financial management is not allowed. 

 

Account Opening Fees

The search fee is HKD100

The search fee is 100 Hong Kong dollars

Import Fee

Import to overseas countries charges HKD 50 each; Hong Kong KD 10

HKD 50 each

Export Fee

Export charges HKD150-260 each

Remittance 1 / ‰ + telegraph fee 50 Hong Kong dollars

 

Cash Withdrawal Fee

No commission charges

Cash withdrawal fee: HK$1.5‰

Deposit Fee for Letter of Credit

Collection amount HKD200+ postage + overseas bank charges; withdrawal of Hong Kong dollars does not charge fees; withdrawal of US dollars is charged at 0.25

 

US Company Account Opening

The identification of the account holder; the company's full set of documents;the presence of all directors; the presence of more than 10% of shareholders;the  account number will be issued in one week

 

For US companies that have opened accounts in Hang Seng for at least one year

UK Company Account Opening

The search fee is HKD100, and it takes two weeks for an account number. Others as above.

For UK companies that have opened accounts in Hang Seng for at least one year