MIRRASIA  BUSINESS  ADVISORY

Information on opening a corporate account   ​

If you are not a customer managed by our company as a secretary, the service for opening a corporate account is not provided according to the TCSP and bank guidelines.

The rules for opening a Hong Kong corporate account are quite strict.  Be sure to provide documents proving the business details for the bank's pre-examination of KYC documents.  You must prepare and send it in advance so that you can reserve a bank meeting.  

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OCBC Bank is a Singapore-based Overseas Chinese Banking Corporation Limited (Overseas Chinese Banking) merged with Hong Kong local bank Wing Hang Bank.  

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** Businesses related to cryptocurrency, online gambling sites, gambling mediation, NETELLER exchange transactions, adult products, fakes, counterfeit goods, finance, raw materials, and precious metals are difficult to open a corporate account, and businesses that require related licenses due to business characteristics In the case of , it is difficult to open if you do not have the relevant license.

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Guide to attendees at bank meeting

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The following members must visit Hong Kong in person to attend the bank meeting.

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1. In the case of two shareholders/directors: both of them are present
2. In case of three or more shareholders/directors: Shareholders who hold more than half of the shares and directors who can vote by more than half (  2 or more directors with 50% or more shares)
3. In the case of 2 shareholders / 1 director: If the sole director holds more than 50% of the shares, he or she can participate alone.
 

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Caution is required when opening a corporate account  Sectors:

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Cryptocurrency-related business, oil, petroleum, natural gas, energy, resources, finance, professional investment, raw materials, precious metals, etc.

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** If you fall under any of the above industries, you must first consult with us before proceeding.

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** Bank  When meeting with the person in charge, you must be able to communicate in English or Chinese.  If the corporate representative does not communicate well with the bank manager, the opening may be refused.

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** When opening a corporate account, the company currently operated by the representative  If not, it is difficult to open. (Pre-consultation is required.)

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Notes and References for Opening a Corporate Account

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Hong Kong as of 2014  Banking regulations related to account opening have been greatly strengthened. (Strengthening anti-money laundering regulations)

Customers who request corporate establishment and bank account opening all at once  Please make a request after checking the above PPT procedure and required documents.  

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It is difficult to open a corporate account in Hong Kong.  case:

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1) If you do not have a related license despite the industry that requires a license:
Broker dealers, mutual/hedge funds, trusts, securities trading, futures trading, foreign exchange dealers, insurance companies or brokers, banks, foreign exchange trading, etc.

2) Cyber Cash (money), online points that can be converted into cash, and alternative payment and deposit systems (Bank Law Regulations)

3) Unauthorized public offering/private offer  Issuance and operation of funds, and overseas funds  disguised  Business such as stock trading and network marketing (multi-level)

4) Unauthorized sale of adult material, counterfeit products  and business dealing with or selling counterfeit documents or ID cards, etc.

5) When a non-profit organization such as a religious organization or an association is operated without government permission

6) The nationality and residence of the shareholder/director/customer, etc.  If you are in a high-risk country (such as FATF and OFAC banned countries)

7) Cryptocurrency;  ICO, virtual token issuance, etc. related or related  business  

** In Hong Kong, in accordance with the Know Your Customer (KYC) Principle, to the best of our ability as a bank and financial officer, we need to know who your customers are, what they do, what accounts are required for transactions, and which businesses You should start trading after understanding specific information such as where you are operating, with whom in which country you plan to transact, and how much money you need to send and receive from which country.  This is a further strengthened regulation to prevent money laundering of international crimes (terrorism, narcotics, war, weapons, etc. felony crimes), which have recently become an issue. and energy resource trading and other  Due to the nature of the industry  If these risks are aggravated, the bank will require strict documentation and examination.

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** Even though it is a legal business, if you have difficulties in opening a corporate account due to the nature of the business, it is recommended to proceed after consulting with KYC, Due Diligent and Compliance regulations.

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** Distortion of the business type (in case the type of business declared at the time of opening a corporate account and the characteristics of the transaction was discussed with the actual transaction)  In this case, the corporate account may be closed, representative examples of which are as follows.

1. Cryptocurrency exchange, ICO, finance, investment, foreign exchange, FX,  Despite the fact that it is an industry that deals with futures margin trading and remittance of gambling sites,  When opening a corporate account, disguising as a trading or consulting corporation to open a corporate account

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2. In the case of establishing as a trading corporation, but sending or receiving funds on behalf of an acquaintance at the request of an acquaintance, or conducting illegal foreign exchange transactions

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3. After establishing a corporation and opening a securities account, lend it to others, or after attracting trading customers online  When trading on behalf of

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4. In case of sending or receiving a foreign exchange transaction or remittance through a private illegal exchange office despite a normal trade transaction

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**Currently, in Hong Kong, distortions of industry and business are seriously viewed in relation to banking transactions, and if such conduct is involved in money laundering, illegal foreign exchange transactions and violations of financial laws, further investigation may be required.

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** Due to the recent strengthening of Hong Kong's money laundering regulations, only receiving illegal funds on behalf of or receiving funds from others whose source is unknown (receipt or transaction through cash/bank/goods) alone will be investigated by the prosecution and (if there is a suspicion ) is punishable.

 
** For residents of Korea and the United States, opening a bank account may be refused or restricted when proceeding with an offshore corporation.

** Corporations in tax avoidance areas cannot open accounts with Korean banks.

** Passports of countries where banking is not allowed (accounts cannot be opened.)

** Link to Hong Kong Monetary Authority's webpage about PREVENTION OF MONEY LAUNDERING

http://www.hkma.gov.hk/eng/key-information/guidelines-and-circulars/guidelines/20001222.shtml

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​ (View with Google Korean translation)

Countries prohibited from trading by the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC)
Balkans, Belarus, Myanmar, Ivory Coast, Cuba, Congo, Liberia, Iran, Iraq, Lebanon, Libya, North Korea, Russia, Somalia, Sudan, South Sudan, Ukraine, Yemen, Venezuela, Zimbabwe

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A Guide to the Provisions of the Foreign Account Financial Tax Cooperation Act (FATCA) for Americans

In order to prevent offshore tax evasion of its citizens, the US requires financial companies (banks, securities, insurance, etc.) of other countries to submit financial information of US taxpayers among its customers to the Internal Revenue Service (IRS) (FATCA: Foreign Account Tax Compliance Act). is effective from July 1, 2014.

   - If you are a US citizen or permanent resident, or a resident of the US for US tax purposes;
   - If you were born in the United States;
   - The owner of the address of residence in the United States or the address of the mailing address in the United States;
   - Holders of US phone numbers;
   - If there are several or repeated remittances to a US address or US account;
   - A valid authorization or proxy signing is transferred to a person domiciled in the United States;
   - If the only address is the proxy pick-up or postal custody address;

You are obligated to notify your bank if it is related to the United States of any of the above.

In relation to the US FATCA agreement, the main purpose is to withhold tax from the US and to obtain related information,  After the establishment of the Hong Kong corporation, it is recommended to issue an EIN number and fill out the W-9 form for smoother account opening.  You can obtain an EIN number after submitting an application to the US Internal Revenue Service (IRS).
If you register online, it can be issued on the same day, and if you register by fax, it usually takes about 4 days.  It's possible.

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The links below are information related to EINs provided by the US IRS.

http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/How-to-Apply-for-an-EIN

Korean page of US IRS  is.
https://www.irs.gov/English