The Hong Kong Monetary Authority (HKMA) collaborates with banks, offering a dedicated webpage (https://www.hkma.gov.hk/eng/smart-consumers/account-opening/) and email (accountopening@hkma.gov.hk) for inquiries and information on account opening and maintenance.

It’s advisable to be in Hong Kong for the corporate bank account registration to prevent potential delays, as banks always have the right to request the beneficial owner’s physical presence for approval.

The duration varies based on the bank’s verification process. Opening a new corporate bank account may take a few weeks to months. Without physically presence of the beneficial owner, the processing time can be extended.

Every Hong Kong-incorporated firm must submit an annual statutory report that comprises Audited Financial Statements, encompassing prior-year figures, a balance sheet, income statement, and possibly a cash flow statement. These statements require a valid Certified Public Accountant’s (“CPA”) signature.

Indeed, a Hong Kong-based company can recruit foreign workers within the region. However, each employee must undergo an employment visa application process, subject to approval. Various visa schemes apply to different employee categories:

• Non-local graduates with a degree from a locally accredited Hong Kong program.
• Individuals with foreign education but possessing valuable, special skills or knowledge and not readily available in Hong Kong.
• Chinese residents with exceptional skills, knowledge, or experience and not readily available in Hong Kong.

It’s essential for the company to be incorporated before initiating the employment visa application.