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China Merchants Bank (CMBC) Account Opening

Source:   |  Update: 28/09/2018, 11:44 (UTC+8)  |  

After registering Hong Kong company, the next step is to open a bank account. If you choose to open a bank account in CMBC, there are usually the following situations:

1. All directors directly open accounts in CMBC;

2. Account Opening Objects:

Non-residents of the People's Republic of China who are natural and legal persons, government agencies, international organizations and other economic organizations abroad (including Hong Kong, Macao and Taiwan). The objects include branches of Chinese-funded institutions overseas, but don’t include representative offices abroad of domestic institutions.

3. Notes for the Account Opening:

1) Deposit currency: Freely convertible currency such as US dollar, Hong Kong dollar, Euro, British pound, Japanese yen, etc.

2) Account starting amount:

a) Non-resident legal persons equivalent to $50,000 can freely convert currency;

b) Non-resident natural persons equivalent $10,000 can freely convert currency.

3) Nature of the account: Free to open an account, non-cash account which contains characteristics of overseas deposit accounts and current accounts, interest paying on a quarterly basis, bank settlement and payment, etc.

4. Documents required for account opening

The following documents should be provided if the limited company registered in Hong Kong needs to open offshore accounts:

1) Certificate of Incorporation;

2) Business Registration Certificate;

3) Form NC1 And Annual Return (required if the company is registered more than one year);

4) Memorandum and Articles of the Incorporation (M & A);

5) Passports or I.D. cards of directors and authorized signatories.

The following documents should be provided if a sole proprietorship or partnership enterprise registered in Hong Kong opens offshore accounts:

1) Valid Business Registration Certificate;

2) Application by an individual to register a Business Registration Certificate in Hong Kong;

3) The Partnership Agreement should also be provided if the company has it;

4)Passports or I.D. cards of owners/partner and authorized signatories.

The following documents should be provided if the clients need to open offshore account in BVI or CAYMAN islands:

1) Certificate of Incorporation Registration;

2) Resolution of the Subscriber to Appoint First Director(s) and Consent to Act as First Director(s);

If the company's directors change later, the corresponding director's appointment letter and agree to serve as a director should also be provided. If the company has been registered for more than one year, it must also provide the Certificate of Incumbency issued by the registered agent, as well as the Certificate of Good Standing issued by local government.

3) Memorandum and Articles of the Incorporation (M & A);

4) Passports or I.D. cards of directors and authorized signatories;

5)Resolution of the Directors of the Board (sign on site).

The originals of documents above will be verified by CMBC in principal.