Opening an account in HSBC Hong Kong bank

Opening an account in HSBC Hong Kong bankHSBC Bank was founded in 1865 in Hong Kong and Shanghai to finance the growing trade between China and Europe, and has a rich history. Abbreviation «HSBC» stands for “The Hongkong and Shanghai Banking Corporation Limited” and pronounced as “HSBC”.

Key role in creating the HSBC played Scot Thomas Sutherland, who at the time worked as a manager of the British shipping company P & O (Peninsular and Oriental Steam Navigation Company) and was the first to see that Hong Kong and China coast requires its own financial institution. With it, in March 1865, HSBC has opened its office in Hong Kong at 1 Queen’s Road Central, where it has its head office to this day. And after only one month HSBC has opened a branch in Shanghai.

In the late 19th century and early 20th, HSBC established its branch network in China, Southeast Asia, and offices in India, Japan, Europe, and North America. From the outset, the bank, in addition to other services, specializing in the financing of international trade. In many of its branches, it was the first to introduce modern methods of providing financial services.

HSBC’s network gradually grew, it came to Canada and Australia, acquired in 1959 by the British Bank of the Middle East, and in 1992 – Midland Bank in the UK, and eventually around the bank Hongkong and Shanghai Banking Corporation has grown one of the largest modern international banking organizations – HSBC Group. It was named as well as the bank and now has around 8,000 offices in 87 countries in Europe, the Asia-Pacific region, the Americas, Africa, and the Middle East.

HSBC offers an inclusive list of financial services in four areas: Retail Banking and Wealth Management; Commercial Banking; Corporate, Investment Banking and Markets, and finally, Private Banking – banking services to wealthy clients.

The head office of the Hong Kong Bank Hongkong and Shanghai Banking Corporation is still located at the same place where it was established back in 1865. However, in 1985 in the place of the old building was erected new HSBC office by the famous British architect Sir Norman Foster, which is so beautiful that now is one of the attractions of the financial centre of Hong Kong.

What is required to open an account for a company in the HSBC bank Hong Kong?

Company’s statutory documents (offshore or registered in Hong Kong):

  • Summary of the activities of the company (website, brochure, invoice, completed questionnaires).
  • Justification for opening an account in Hong Kong (contracts with a company in Hong Kong, China or Southeast Asia);
  • Copy of passport / ID;
  • Document confirming the residential address of the beneficiary or the director or signatory (obtained within the last 3 months);
  • The initial deposit of 1,500 USD;
  • The mailing address to receive the security token to work in the clients’ bank account.
  • Document the presence of account in a different bank is strongly recommended, but not required.

Requirements for the minimum account balance are available. When the balance drops below a certain level the bank charged a monthly fee depending on the type of account.

HSBC bank allows very effectively and efficiently to manage the account through online access. Also, at HSBC it is possible to open multi-currency accounts (USD, Euro, Chinese Yuan, Hong Kong Dollar, etc.).

Terms: bank account, Hong Kong, HSBC, offshore
Category: News