In-depth analysis: BVI company Hong Kong account opening 80% rejected the truth!

Recently, a large number of customers have asked: Why is the application for a Hong Kong bank account by a BVI company repeatedly rejected? Banks generally require a Hong Kong Business Registration Certificate (BR), is this requirement mandatory? Not to do BR whether there are feasible channels to open an account? Today enterprise financial surplus (customer service WeChat: jxhqcy890 / cell phone: 16625410105) will be a comprehensive dismantling of the core logic of the BVI company Hong Kong account opening, compliance requirements and operational programs. Friends in need, do not forget to collect + forwarding Oh!

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01 Reasons for refusal of BVI company to open HF account in Hong Kong

I. Strict anti-money laundering wind controlBVI companies take information confidentiality as their core advantage, and information on shareholders and directors and financial data are not disclosed to the public, which makes it difficult for banks to complete penetrating due diligence.Inability to accurately screen the background of customers and the legitimacy of their funds.

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Such companies are mostly used to build structures, offshore capital operations, no physical business scenarios, easy to become money laundering, illegal fund transfer carriers, even if the main body of compliance, the bank is still inclined to “one size fits all” refused to approve to avoid compliance risks.

Coupled with the fact that BVI has been listed as a high-risk jurisdiction by the FATF, banks in Hong Kong have upgraded their account opening risks and tightened their vetting standards.

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II. Upgrading of global tax regulation

BVI as a traditional zero-tax jurisdiction.免levy an enterpriseIncome tax, VAT and other taxesthat fits the global demand for tax avoidance. However, with the BEPS 2.0 Global Minimum Tax (15%) landing in Hong Kong, Singapore and other jurisdictions have already implemented it, the world is cracking down on cross-border tax avoidance.

Hong Kong banks need to strictly avoid the risk of assisting tax evasion compliance, and implement stringent audits of BVI companies, which is the core motivation for banks to mandate compliance filing.

If you have a Hong Kong company registration, Hong Kong bank account, BVI company registration and account opening, as well as other overseas company registration, overseas structure building, cross-border e-commerce tax compliance and other needs, welcome to sweep the code to add our online customer service (WeChat: jxhqcy890 / cell phone: 16625410105), to arrange for the manager to answer questions, provide professional advice and full one-on-one service!

02BVI company account why need to apply for Hong Kong BR business registration certificate

Hong Kong Business Registration Certificate (BR) is the core certificate for enterprises to operate legally in Hong Kong and for tax filing. after the BVI company applies for BR, theTo be subject to the supervision of the Hong Kong Inland Revenue Department and to complete annual reviews, audits and tax returns on schedule.In addition, Hong Kong regulators can accurately verify operational compliance. For banks, BR is a key basis for lowering the risk level of a BVI company -No BR can not prove that it is not a shell entity, no compliant business and tax documents, the bank directly refused to approveThe

At the same time, BVI companies are mostly holding, capital flow tools, no entity business and revenue, banks have no incentive to open an account, the only way to meet the basic threshold for opening an account is to confirm compliance through BR.

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Two prerequisites for opening an account::

1. Apply for the Hong Kong BR Business Registration Certificate and be included in the Hong Kong tax supervision;
2. Provide complete business certificates to support the legitimacy of the actual operation and source of funds.

03 Practical Guide to Opening a Hong Kong Bank Account for a BVI Company

The current mainstream large banks in Hong Kong on the BVI company account opening a cautious attitude, only a few banks accept, and the structure design directly affects the success rate of account opening: if the BVI company holding Hong Kong subsidiaries, the difficulty of the audit has increased dramatically, the cycle is extended by more than 1 month; it is recommended that the first personal name of the holding company in Hong Kong to complete the account opening, and then change the shareholders for the BVI company, only need to be filed for the record of the bank can be, and efficiently circumvent the multi-layered structure! Audit.

The market so-called “zero threshold, zero deposit” to open HSBC and other major banks account, are false propaganda.Under the compliance channel, BVI companies need to meet three core audit requirements to open an account::

1. Strictly control the risk of money laundering: the account is limited to receive investment money, prohibit the direct operation of the collection of money;
2. Satisfy the bank's income requirements: large deposits, wealth management or insurance products are required;
3. Implementing compliance filing: Getting a Hong Kong BR or US Federal Tax ID number, completing tax filings, and reducing the pressure on banks to comply.

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BVI company Hong Kong account opening bank and necessary information:

Recommended Account Bank:

HSBC (Hong Kong), Bank of East Asia (Hong Kong), CITIC Bank (Hong Kong), Dah Sing Bank (Hong Kong), East West Bank (U.S.A.) (preferred according to the degree of relaxation of risk control)

Standard account opening information:

1. Full set of BVI company documentsCertificate of Incorporation, Articles of Incorporation, Certificate of Incumbency, Share Certificates and Letter of Appointment of First Director, Minutes of the First Board Meeting, Register of Shareholders/Directors, Company Chop (Chinese translation required for some banks)
2. Director's ProfileIdentity card, passport, Hong Kong and Macau Travel Permit, valid proof of address (credit card statement, utility bill, etc.)
3. Business compliance materialsBusiness scope, partner information, source of funds, estimated annual turnover, trade contracts/invoices/customs declarations and other proof of business.
4. Compliance certification documentsCPA certified copy issued by a Certified Public Accountant in Hong Kong

Although it is difficult to open an account in Hong Kong for a BVI company, it is not unattainable. The core logic isReduce Bank Compliance Concerns, Meet Tax Filing Requirements, and Match Complete InformationThe account opening can be completed efficiently by choosing a compliant service organization to accurately match the channel.

If you need to customize the account opening program, to avoid account opening traps, you can communicate at any time to consult, one-stop solution to the whole process of BVI company Hong Kong account opening problems. Welcome to sweep the code to add our online customer service (micro letter: jxhqcy890 / cell phone: 16625410105), to arrange for the manager to answer questions, provide professional advice and full one-on-one service ↓↓↓