Thanks for that, is Currenxie HK based?
A few points I d like to add though:
- Neat is currently backed up quite a bit. It took them 2 months to deliver the card for my HK resident friend, he ordered it in November, he got it only in January.
- Any bank in HK has to accept the documents for account opening and can't deny account without explanation as per HKMA guidelines, but banks go to great lengths to complicate opening for foreign owned HK companies. One of my clients was told the bank needs 6 months to review his application. The other just got endless requests for supporting documents until he gave up. We have had cases where the bank would "deny" opening an account, we asked them to provide an official denial letter that we will submit to HKMA, that's when the tricks start usually.
- Being from mainland China, having a local/chinese director, having a HK residency or a permanent address increases your chances greatly, as well as having business substance.
- If you are a US citizen or do business with USA it complicates things.
- If you have a complicated business plan - simplify it, it needs to be as simple as A-B-C for the bank manager to understant it.
- Buying a company with already opened account and changing the beneficiary with the bank has a higher success rate then opening from scratch. For a new application the bank needs to do Due Diligence and KYB, for changin the director they already have the KYB from the original application and they just do the Due Diligence on the director.