(1). The reasons why HSBC rises requirement for account opening:
From the 2016, transformation of HSBC major business is carrying on. Any companies, who are able to prove their business, used to open HSBC account, however presently only large offshore companies deserve HSBC’s service. (According to the reflection of HSBC, a large number of clients expressed their complaint about unsatisfied services as result of the fact that inactive accounts occupy much Bank resources. Therefore HSBC decided to process the adjustment.)
(2). The improvement of standards for opening an account: with the accordance of current policy, clients only who meet with the following criteria enjoy opportunity of HSBC account:
1. Clients shall have real business operation (office, staff),mandatory provident fund and office property (not including secretary office address) in HK.
2. Clients shall have related companies or factories (providing financial statement of over $15,000,000 and bank statement.)
It is said by experts that HSBC will not change this policy in short term, and other banks will also adjust to this trend.
(3). Clients who already have accounts and whose accounts can be used regular please pay attention to the following:
1. Do not lent your account to other for receiving money; avoid financial connections with illegal private bank; avoid receiving the fund from the sanctioned countries and please definite the source of fund;
2. Transaction would be better involved within companies, and payment by L/C would be beneficial for your trading identify;
3. Do not deposit and withdrawal a large sum of money;
4. Keep the accounts with a certain deposit, and avoid arrears. Currently the management fees have raised to 200 HKD per month, this fee will not be charged if the daily average of balance is above 50 000 HKD. Transferring money into your HKD Savings Account would be convenient for banking charges;
5. Be sure that the accounts are in constant operation, otherwise the accounts inactive more than three mouths will be closed;
6. Make sure that your contact address, phone number, and email address reserved in the bank are available in case HSBC will send you survey forms, such as the survey form of compliance.
If you already have HSBC Bank accounts, please use discreetly to avoid being frozen.