B.String Business Consulting Ltd.

international Management cONSULTING

   Open bank a/c in Hong Kong

    ·Why using banks in Hong Kong
    ·Who can open bank account
    ·What is the service fee
    ·What type of bank accounts
    ·What should client prepare for opening bank account
    ·How long it takes to open bank accounts
    ·Visiting Shanghai to open Hong Kong bank account

  Open bank or investment a/c in overseas

    ·What document is required - Apostille
    ·Service fee and time required

  Open merchant a/c to receive credit card payment

    ·General information of merchant a/c
    ·Service providing by PayPal.com

  Importance Notice

   Why using banks in Hong Kong

Hong Kong is definitely well known for its banking infra-structure. There is no restriction for fund flow into or out of Hong Kong bank accounts. The identity of account holder and transaction information are also subject to very high standard of confidentiality. Comparing with some kind of offshore bank account available in certain country, the benefits include:

    ·No risk of service being terminated – banks offering offshore bank account service may not having formal approval           from local government.
    ·Clear location of bank account – the accounts are opened in Hong Kong. But some offshore bank accounts are in
          cities, such as Shenzhen or small offshore islands. Client may never have the opportunity to visit the bank.
    ·Lower minimum bank account balance – in Hong Kong, the minimum bank account balance can be as low as
         HK$3,000. Below which a monthly administrative service fee of around HK$50 will be charged. However, minimum           balance of most offshore bank accounts is around US$5,000 and corresponding service fee is around  US$50. The           difference in service fee is 7 times.
    ·Cash deposit and withdrawal is possible – client may deposit and withdraw fund by cash or by transfer via any
          Hong Kong branch office of banks. However, for most offshore bank accounts, only wire transfer is acceptable.
    ·Available to all nationality - in China, foreign banks offer service of offshore banking for foreigners and foreign            companies (such as a Hong Kong company), however, in case of a company, banks request that majority of the            shareholders are foreigners.

Therefore, most clients are willing to open bank accounts in Hong Kong where he can visit and carry out transaction.

   Who can open bank account

We offer the service of arranging clients to open bank accounts in banks in Hong Kong. Client can be

    ·Personal individual;
    ·Hong Kong registered company;
    ·Offshore registered company, such as BVI company

   What is the service fee

Our service fee is:

   ·contact : info@stringbc.com

Banks in Hong Kong may charge fee in opening bank accounts, especially for limited company. Banks have to carry out company information search before approving application and this will be charged as disbursement from client. Usually, the charge (around HK$200 for HK company and HK$1,000 for BVI company) need to be paid when application for bank account opening is made.

   What type of bank accounts

Standard package of bank accounts include:

    ·HK$ Current Account (cheque book will be available);
    ·Multi-currency Account (including US$, EURO etc);

Bank accounts can be operated by way of:

    ·Traditional over the counter when client is in Hong Kong;
    ·Sending signed instruction form to banks;
    ·Phone banking;
    ·Internet banking.

Optional bank account features are L/C acceptance, ATM card etc. Client should state their request clearly but

    ·Extra service fee may be charged for non-standard bank account opening service.
    ·Banks may raise additional requirement from client before approving their application.

   What should client prepare for opening bank account

(1) Address proof can be any telephone bill, electricity bill, or bank statement showing name and address. Photocopy is required in start of application. Original is required when client is signing the bank a/c opening document.

(2) Our firm can provide sample if necessary. Most bank charges for issuance of such reference letter.

(3) Requirement may be exempted if directors can sign documents in Hong Kong. Our firm can provide sample if necessary.

(4) & (5)Requirement maybe exempted by bank depending on bank policy and history of applicant company. Each certificate costs US$150 and not including in service fee.

   How long it takes to open bank accounts

  If client can sign documents in Hong Kong, it takes 1 to 5 working days to effective the bank a/c.

  If client cannot sign documents in Hong Kong, It takes around 1 month for the whole process.

   
   Visiting Shanghai to open Hong Kong bank account

    ·Bankers have different requirement to meet client in order to open bank account;
    ·Generally, at least 1 director needs to attend in HK;
    ·For HSBC, client can visit our shanghai office, or China offices to complete this process (witnessing ID doc and signature);

Importance Notice

    ·This service costs extra HK$1,000 fee;
    ·This service does not change banker’s requirement on ID document and business activity proof – this just gives client convenience of arranging signature;
    ·Availability of this service is subject to the case structure and situation – if client is interested to use this arrangement, please advise and we can comment;

   What document is required - Apostille

Client may open bank a/c or investment a/c in different countries (other than in Hong Kong). Those overseas bank and investment institution usually request to know complete information about the company. Moreover, they need those documents be certified by 2 levels:

    ·notarized by lawyer in Hong Kong first; and then
    ·apostilled by Court in Hong Kong

This apostille procedure is recognised by most countries as valid document verification.

Documents include:

  Identity of client

    ·Passport

  Information of subject company

    ·Certficate of Incorporation
    ·Business Registration Certificate (applicable to HK company only)
    ·Certificate of Good Standing
    ·Certificate of Incumbency
    ·Minutes to open a/c authorizing signatory

In order to obtain apostille document, client needs to send all original of above listed to us.

   Service fee and time required

Service fee per set of apostille document - HK$2,500

Time required is around 5 working days

In most cases, additional international courier fee will be charged (approximately HK$500) in order to send the documents back to client.

   General information of merchant a/c

It is important to receive credit card payment in e-commerce. Generally a merchant a/c is required. Client may apply for merchant a/c via their banks or payment gateway service companies. Information required include:

    ·Company information - registration documents showing shareholder, director etc
    ·Business information - proving existence of actual business and history
    ·Company bank a/c - a company bank a/c so that the moeny received can be transferred to

Generally, below cost may incur:

    ·merchant a/c setup fee
    ·monthly maintenance fee
    ·transaction fee
    ·money withdrawal fee (from merchant a/c to company bank a/c)
    ·exchange difference

   Service providing by PayPal.com

PayPal.com provides service similar to a mechant a/c so that client can receive credit card payment. The characteristics are:

    ·Both Premier a/c and Business a/c can accept credit card payment
    ·With Business a/c, client's business name can appear in money sender's statement
    ·No business record or history verification is required
    ·Just need client's personal credit card to verify the credibility (within minutes)
    ·[Buy Now] button, shopping cart etc is available to facilitate payment process

   Importance Notice

Banks in Hong Kong may change policy in bank account opening requirements without prior notice. Although we endeavors to keep information update, availability of our service and charges still subject to:

    ·Final approval of the bank.
    ·Overseas branch and office network of the bank.

Our company herewith does not take up responsibility of client’s loss due to unsuccessful opening of bank accounts.