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Recently, there are always people asking why the bank account opening policy in Hong Kong is getting stricter and stricter.

Today is the day to share the real reasons for this situation, breaking it down and analyzing it carefully.

If you really need to open an account badly, then I would suggest you to open a Bank of China (Hong Kong), mainly because of its advantages, which we mainlanders use a lot.

01 Why is Hong Kong's bank account opening policy tightening?

1) Regulatory and Compliance Requirements

Anti-Money Laundering and Counter-Terrorism Financing

As an international financial hub, Hong Kong must comply with stringent global anti-money laundering (AML) and counter-terrorist financing (CFT) rules.

Banks are required to ensure that the funds are of legal origin and to prevent them from being used for money-laundering, terrorist activities and other illegal acts.

When opening an account, the bank will scrutinize the identity of the customer and the source of funds, such as requesting the customer to provide pay slips, tax records, transaction flows, and so on, so as to confirm the legitimacy and transparency of the funds.

②Tax Compliance

Hong Kong has implemented the CRS (Common Reporting Standard) with over 110 countries and territories, including the Mainland.

Banks need to confirm the tax residency of their clients and automatically report the information of their Hong Kong accounts to the tax authorities in the Mainland or other countries.

Therefore, banks will scrutinize the tax status of their customers when opening accounts to avoid falling into compliance risk due to their tax issues.

2) Banks' own operational considerations

①Resource and cost pressures

Over the past few years, a large number of mainland customers have gone to Hong Kong to open accounts, resulting in overcrowded bank branches and taking up the resources of public banking services for Hong Kong residents. In addition, some customers have become "zombie accounts" with very low activity after opening their accounts, and banks not only have to bear the costs of account opening and maintenance, but also fail to reap the corresponding revenue. In order to optimize the customer structure and reduce operating costs, banks will tighten their account opening policy to screen out more valuable and active customers.

②Risk Control

Strict checking by banks at the account opening stage is an important precursor measure for risk control. In the event of problems in anti-money laundering, compliance, and so on, the HKMA often fines banks as much as tens of millions or even hundreds of millions of Hong Kong dollars. Therefore, banks would rather open a few less accounts than take the risk of being heavily fined.

3) Financial flows and regulatory harmonization

①Control of capital outflow 

Despite the fact that Hong Kong has an independent financial system, it needs to align with the regulatory objectives of the Mainland in terms of general direction. The Mainland implements a foreign exchange control policy under which each person is allowed to purchase US$50,000 of foreign exchange annually. If Hong Kong banks become a "channel" for mainland funds to circumvent the exchange control, it will bring pressure on the Mainland in terms of capital outflow, and Hong Kong banks will also face pressure themselves. Therefore, banks in Hong Kong will tighten their account opening policy to prevent irregularities in the flow of funds.

②Cross-border fund supervision 

There is a need for greater coordination between Hong Kong and the Mainland in the regulation of cross-border funds. Banks must ensure that the flow of funds complies with the regulatory requirements of the two places, so as to avoid abnormal flow of funds and risks. Tightening the policy on account opening will help banks better monitor the flow of funds and safeguard the stability of the financial system.

4) Industry competition and market changes

①Industry Disorder Remediation 

In the past, there were chaotic phenomena such as intermediaries soliciting people to form groups to open accounts, resulting in the inability of account managers to provide quality service to casual customers on the doorstep. In order to standardize the market order and improve the quality of service, banks will tighten the account opening policy and strengthen the account opening process and customer management.

②Changes in the market environmentWith the changes in the global financial environment, banks in Hong Kong are facing increasingly fierce competition in the market. Banks will tighten their account opening policies in order to adjust their strategies and raise their customer thresholds to attract high net worth customers, thereby enhancing their competitiveness and profitability.

Enterprise Caiying Group provides Hong Kong company registration, Hong Kong company bank account opening, MPF declaration, company annual audit, accounting audit, company name change and other services, if you have the need to open a bank account, you can directly consult (WeChat the same number: 13045886252)▼▼▼

02 Bank of China (Hong Kong) [also referred to as BOC Hong Kong] Advantages

Why do mainlanders want to open a Hong Kong Card when they go to Hong Kong? The core lies in 5 major advantages.

1) Free circulation of foreign exchange

No foreign exchange control, breaking through the limit of foreign exchange purchase amount, multi-currency free exchange, cross-border funds in and out of flexible, suitable for trade, investment and other capital turnover needs.

2) Global Asset Allocation

Free of 500,000 threshold direct investment in Hong Kong stocks, U.S. stocks, can purchase overseas funds, insurance, to achieve diversified asset allocation, hedge the risk of a single market.

3) Deposit Tax Advantages

High interest rates on foreign currency fixed deposits, no interest tax, exemption from capital gains tax and dividend tax, significantly reducing investment costs and enhancing the room for return.

4) Convenient cross-border consumption

Bundled with daily payment scenarios in Hong Kong, the cross-border payment collection and payment rates are low and fast, which is suitable for high-frequency needs such as studying abroad, business travel, and living in the two places.

5) Policy dividends added

Relying on the financial connectivity policy of the Greater Bay Area, cross-border fund transfer and management processes have been simplified to further enhance the efficiency of fund utilization.

Enterprise Caiying Group provides Hong Kong company registration, Hong Kong company bank account opening, MPF declaration, company annual audit, auditing, company name change and other services, if you have the need to open a bank account, you can directly consult the (WeChat same number: 13045886252)▼▼▼

03 How to open an account with Bank of China in Hong Kong

√ Online account

√ Offline account opening.

There are these 2 main ways to open an account.

What the two have in common:All must be in Hong Kong (no account can be opened in the Mainland).

The difference between the two:

(1) Different places to open accounts

Online account opening: Although and offline account opening have to be carried out in Hong Kong, but online account opening as long as the connection to the Hong Kong wifi on the line, download the BOC Hong Kong APP, online operation can be. It is not necessary to go to a branch of the Bank of China in Hong Kong.

Offline account opening: You must visit a BOC branch in Hong Kong for counter application.

2) Different transfer amounts

Online account opening: the maximum limit is 20W/day, you can't buy funds and stocks directly.

Offline account opening: the account opened has better functions, such as: transfer limit can be as high as 100W/day; you can purchase funds and stocks in BOC Hong Kong's APP, etc.

3) Can you get a physical card on the day of account opening

Online account opening: After opening an account, you cannot get the card on the same day, you need to return to the mainland and wait for the physical card to be mailed back, ranging from 2-4 weeks. Due to the use of surface mail, it is not possible to check the courier information, there is also the possibility of loss.

Offline account opening: In general, the probability is that you can get a physical bank card on the spot. However, in some cases, such as renaming or insufficient dynamic bank inventory, it may also take a few weeks to mail to your mainland address, but the account can still be used normally.

(4) Differences in audit materials

Online account opening: you do not need to provide proof of address, proof of investment and proof of income, but you need to provide your immigration records (including your current record of entering Hong Kong this time, available in the WeChat app 12367).

Offline account opening: more materials are required for processing. Most branches will review the address proof, investment records, income flow and other materials. The requirements of different branches will be a little different, some strict branches will not only review the regular address proof, water, but also review the stock trading records, proof of positions, and financial or fund trading records in the last 3 months.

Enterprise Caiying Group provides Hong Kong company registration, Hong Kong company bank account opening, MPF declaration, company annual audit, accounting audit, company name change and other services, if you have the need to open a bank account, you can directly consult (WeChat the same number: 13045886252)▼▼▼

04 How to choose between online and offline account opening?

Many friends will have doubts, want to open an account, but do not know how to choose the way to open an account? Is it online or offline? Therefore, I am here to give some suggestions for your reference.

(1) Recommended circumstances for online account opening

① offline account opening in the official micro or official website to make an appointment to open an account, Hong Kong Bank of China only 7 days in advance to open the reservation number, sometimes it is difficult to make an appointment. In this case, WALK IN directly kill to the branch vs. online account opening, I recommend the use of online account opening. After all, the account opening process is simple, but to accept the physical card can not get the same day, you need to go back to the mainland after waiting for the mail. Some BOC branches in Hong Kong, do not accept direct walk in call number queuing way, means no appointment may not be able to handle. Therefore, the online account opening is a guaranteed method.

② If you go to Hong Kong is mainly for tourism or other purposes, account opening as a "by the way" thing, do not want to queue up offline to spend so much time, then it is recommended to open an account online. Download the BOC Hong Kong APP in advance, up to ten minutes to get it done, very convenient. After returning to the mainland, then sit back and wait for the receipt of the card.

③ If your address proof or investment proof is not perfect, for example, some partners say, I do not have a credit card, real estate license, residence permit, and there is no record of all kinds of investment and finance, how to do? Afraid of offline account opening to review all the information trouble, then it is also recommended that you choose to open an account online. Online account opening does not need to audit the investment record, income flow, address proof and other materials, more convenient.

④ If you make an appointment in advance and go to a BOC branch in Hong Kong, but for some reasons you are unable to open an account successfully, you can open an account online as a guarantee at this time.

(2) Recommendations for offline account opening

① If you come all the way from the mainland to Hong Kong to open an account, the purpose is to open a Hong Kong card, it is recommended that you give priority to offline account opening. After all, getting a physical card on the same day puts one's mind at ease.

② can be in the official microblogging or official website to make an appointment on the time and branch, and the information is more complete friends, directly offline account opening it, try to open an account on the same day the same day to take the card. It should be noted that the online account opening is not necessarily 100% successful. So a relatively good combination of ways is: first book an offline account, online account as a guarantee.

There is also a situation: there is no appointment to open an account offline, and the cell phone online account failed, how to do? Go offline other channels, you can look for enterprise financial surplus group for, welcome to consult me (micro letter same number: 13045886252), or [scan the following two-dimensional code] match your needs, there will be a professional tax consultant and your detailed communication ↓↓↓  

05  Why choose Enterprise Caiying Group?

🏆 Why choose Enterprise Finance? --Professional strength, global trust

Enterprise Caiying Group, since its establishment in 2015, has always been adhering to the mission of "empowering every entrepreneurial dream", focusing on providing one-stop globalized industry, commerce, finance and tax and business services for enterprises.

Our bottom line, from the deep precipitation and authoritative certification:

✅ Service Scale Witnesses Reputation: Accumulated services for more than 300,000+ enterprises, long-term cooperation with more than 50,000+ customers.

✅ Global Network Local Support: Branches are set up in Beijing, Guangzhou, Shenzhen, Hong Kong, Southeast Asia, and the United States, with services covering Asia, Europe, and the Americas.

✅ Official certification qualification escort: with 3 Hong Kong government certified licensed secretarial firms, a U.S. branch and a self-employed Hong Kong accounting firm, and at the same time is the vice president of the Shenzhen Agency Bookkeeping Association, etc., to ensure that the service is fully compliant and reliable.

The four core advantages of Enterprise Caiying's overseas company registration service:

🔹 1. A team of experts to guide you throughout the process

Our team of nearly 400 professionals consists of senior lawyers, accountants, tax accountants and cross-border business consultants. They are well versed in international regulations, handle thousands of high-end cases annually, and can provide optimal customized solutions from structural design to on-the-ground implementation.

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We have spent 20 million RMB to research and develop our own digital system "Echobo", which realizes process standardization and progress visualization. The integration of AI intelligent analysis can provide quick insight into demand and assist in generating solutions, making complex affairs clear, transparent and efficient.

🔹 3. Eco-links, extra value

We connect over 500,000+ entrepreneurs with domestic and international associations. By regularly organizing cross-border salons, tax law seminars and other activities, we not only solve registration problems, but are also committed to linking resources and creating business opportunities for you.

🔹 4. Full-cycle accompaniment for worry-free sailing

Our services go beyond "successful registration". We provide a full life cycle of services from early consultation, mid-term implementation, to late financial and tax declaration, annual audit and maintenance, and compliance consulting, to become your long-term and stable partner for overseas expansion.

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