Offshore Company Formation Requirements

Anguilla is a British overseas territory in the Caribbean. It is one of the most northerly of the Leeward Islands in the Lesser Antilles, lying east of Puerto Rico and the Virgin Islands and directly north of Saint Martin.

BANK ACCOUNT OPENING


It is now very difficult to open a bank account with HSBC, Hang Seng Bank and Standard Chartered Bank, so we now normally recommend OCBC Wing Hang Bank which still welcomes companies owned by foreign investors with only virtual offices in HK to open bank accounts. We would give a preliminary check of our clients' details to see if they meet their due diligence requirements even before a company has been formed. This can ensure smooth bank account opening process when our clients come to HK.

OCBC Wing Hang Bank is a wholly-owned subsidiary of OCBC Bank which is the longest established Singapore bank and the second largest financial services group in Southeast Asia by assets with an Aa1 rating from Moody's. Recognised for its financial strength and stability, OCBC Bank is consistently ranked among the World's Top 50 Safest Banks by Global Finance and has been named Best Managed Bank in Singapore and the Asia Pacific by The Asian Banker.

BANK ACCOUNT REQUIREMENTS


OCBC Wing Hang Bank

  1. All the directors (or at least 2 if there are more than 2 directors), all bank signatories and shareholders with more than 10% shareholding each must come to HK & provide address proof e.g an original bank statement or utility bill issued within 2 months, a valid driving licence with an address on it. For those directors not coming to HK, their original passports & address proof need to be brought to HK.
  2. One director/shareholder needs to provide documents of an existing company owned by him/her in the same industry as the new company and at least two sales and two purchase invoices with bank statements to support the bank deposits/payments. In the case where no director/ shareholder has owned a business from the same industry before, then one of the directors/shareholders needs to provide proof of their working experience in the same industry e.g. employment contract and/or some emails with at least two customers and two suppliers discussing about the Company's future business.
  3. It is preferrable to provide a simple business plan for the new company specifying its business (e.g. trading including the kinds of products to sell, what kind of consulting service), place of operations including the office location, number of staff to be employed, countries of major customers & suppliers, annual sales, profit margin, amounts going into & out of the bank accounts for the first year.

HSBC

  1. All the directors (or at least 2 if there are more than 2 directors) and all bank signatories need to come to HK or China. All other directors, shareholders & bank authorized signatories may come to Hong Kong or go to their branch/subsidiary in any country (except for Taiwan), so that they can witness their signatures and verify their passport copies.
  2. All directors, bank authorized signatories and shareholders with more than 10% shareholding each need to provide address proof (e.g. original water/telephone bill or bank statement issued within 2 months).
  3. The Company is normally required to have a holding company or a real office and staff working in HK.
  4. Business proof for a new company e.g. the new company's agreement or communication with a potential buyer or supplier, or latest financial information/source of wealth of the beneficial owners, such as tax demand note, bank statement of personal account.

Hang Seng Bank (member of HSBC Group and using the same internet banking system)

  1. All directors and bank authorized signatories need to come to Hong Kong.
  2. All directors, bank authorized signatories and shareholders with more than 10% shareholding each need to provide address proof (e.g. original water/telephone bill or bank statement issued within 2 months).
  3. The Company is normally required to have a holding company with an annual turnover over US$1.5M or a real office and staff working in HK.

Standard Chartered Bank

  1. All directors and bank authorized signatories need to come to Hong Kong.
  2. All directors, bank authorized signatories and shareholders with more than 10% shareholding each need to provide address proof (e.g. original water/telephone bill, bank statement issued within 2 months.) If any address proof is not in English nor Chinese, you are required to have a local lawyer to translate it into English and certify its English version.
  3. The Company is normally required to have a real office and staff working in HK.

BANK ACCOUNT OPERATIONS

Bank accounts in HK can be operated outside HK in the following ways :

Phone Banking Service/Internet Banking Service

All the above 4 banks provide Internet Banking Service, by which you can use Internet to assess your bank accounts for making balance enquiries and transfers.

ATM Card

You can use their ATM card to withdraw money from the Company's bank accounts using any specified ATM machines ("Sirrus" for Standard Chartered Bank and "Plus" for OCBC Wing Hang Bank, HSBC and Hang Seng Bank) in the world. There will be a bank charge for each transaction and some exchange loss.

We will assist our clients to open bank accounts with one bank only.

Taxation In HK, there is no tax charge on fund transfers between bank accounts, including deposits and withdrawal.