International offshore company formation - About Bank Account of Company

Bank account may not be opened when that's not necessary, but we suggest that all business contacts shall be operated through the bank account of the company.

2)Q:How can a registered company open a bank
account?

All shareholders and directors must attend the bank account opening procedure, but the requirement s of some banks for shareholders to attend can be different. The company shall carry on its incorporation documents to open account at bank, and can also choose to open account at foreign bank in HongKong or Mainland.

3)Q:What documents are needed in opening bank
account?

Bank will generally ask the company to provide the following documents:

· The original minutes of meetings approving opening of account
· Certificate of incorporation (copy certified by accountant)
· Business registration certificate (copy certified by accountant)
· Notice of appointment of director and secretary (copy certified by accountant)
· Articles of Association (copy certified by accountant)
· ID card/passport of each director
· Personal address proof of each director

4)Q:Is company bank account operated by shareholders
or directors?

The operation of account can be delegated to third party through delegation, in addition to operation by shareholders and directors perse.

     5)Q:Can directors failing to attend the bank account
      opening procedures in Hong Kong and process
      relevant procedures in Mainland?

Directors who desire to open bank account in Hong Kong should come to Hong Kong to process relevant procedures. Directors who are not able to come to Hong Kong can also choose to open offshore account with foreign bank in Mainland.

6)Q:Is there any limitation for cash drawing from
HongKong bank?

Capital in Hong Kong is freely circulated without limitation.

7)Q:Shall the banks charge handling fee to open bank
account in HongKong?

Generally, banks do not charge handling fee, but HK$2,000-3,000 shall be deposited for first opening; overseas company will be charged certain handling fee for opening account.

8)Q:When can bank account operate?

Banks will check the register after account is opened, generally for 2 weeks before the account can operate.

9)Q:Can Chinese resident operate bank account of a
HongKong company?

Yes,Generally, the bank only asks account operator to hold valid passport or travel permit and ID card.

     10)Q:Which cities in Mainland can be used to open
       offshore account? How does the offshore account
       operated in foreign land?

Currently, some foreign banks in Beijing, Shanghai, Shenzhen, Guangzhou, Tianjin, Hangzhou, Dalian, Xiamen and other cities can provide service of opening offshore account s. Clients in foreign country can direct the bank to operate the account by personal passwords, telephone, and fax. Now most banks have put into operation online banking service, so clients can operate their bank account via internet.

11)Q:What are the differences between HongKong
local and Mainland offshore accounts in operation?

HongKong local and Mainland offshore accounts are different in the following aspects:

· Capital is not restricted to come in or go out of HongKong, but offshore account is opened by foreign bank in China, under control of Chinese financial management body. Offshore account in China does not accept cash deposit.
· The documents for opening account are different , Mainland ID card holder can open offshore account, but only holder of passport or travel permit and ID card can open local account in HongKong.
· HongKong local account has complete banking functions, but offshore account is restricted in some functions.

12)Q:Can one company open more than one bank
account?

In HongKong , a bank account is not differentiated by basic account and general account. Enterprise can open more than one account according to needs, and every account has the same function and position.

13)Q:Is there any restriction for remittance and foreign
currency exchange in HongKong banks?

Capital is free to come in and go out of Hong Kong , without any restriction.