Blog - Company information

HSBC Beijing bank account opening for HK Limited Company

Hello, if you would like to open up a bank account for Hong Kong Limited Company from Beijing HSBC Branch, kindly follow up these steps. This is one of the customer advice. For Hong Kong Company formation, let us know once the company is opened, we will issue company documents and you will contact Beijing HSBC branch. This is an email from our customers based in Beijing, they have opened the bank account remotely!

Helo Tomas,

1. We went to HSBC Beijing Branch. 

2. We had all the documents prepared and gave the documents to the representative at the Beijing Office. All directors were present at the meeting.
3. We had a 45 minutes video conference call with the agent in Hong Kong. She asked several questions such as the business scope, the business experience, our needs and financial forecasts. Questions were very generic and fairly easy to answer. 
This whole process is now fairly common. Following the meeting, there is a two weeks waiting period for them to review our documents and process the bank account opening.
It should be ready fairly soon, I’m still waiting for updates.

Merchant Account for Hong Kong Limited Company

It has been a while ago since we have been searching for most effective merchant account provider for Hong Kong companies, I must say there is barely a few choices if you want to find good gateway! However if you find one, there is a lot of criterias to fit in. When I was meeting all providers it looks like that you have to persuade them to become their customer.  I’m sure that in different business model it wont work everyone wants to get a customer! Customer is the key. However if you would like to know the criteria here you are, you will be requested by all merchant providers once applying for merchant solution.

Here is the fuel email (I’m just wondering why it’s so difficult? To get a Paypal, it takes just a few minutes to set it up), many merchant providers will ask for:

Before we deliver the tailored made payment solution and better understand for your business, we would like to collect some information regards to your business in Hong Kong.

Here are 2 company requirements if you want to set up the merchant account in Hong Kong~


I.  Company requirements:

1.      When did/will you launch your business in Hong Kong market?

2.      What is the nature for your business?

3.      What services you would like to apply for? Wire/Wireless terminal, Mobile terminal,  internet payment gateway, MOTO or instalment plan?

4.      What is your estimated total sales and card sales volume per year for Hong Kong market since this piece information to calculate the transaction fee for Visa and Master.

5.      What is the average ticket size for single transaction?

6.      How many card type you do prefer, i.e. Visa, MasterCard, CUP & Amex?

7.      How many currencies you want to accept for your online payment (if applicable)?

8.      Provide us with the audited account

9.      Company must be 2-4 years on the market. Explain in detail.


II.  Company requirements:

And I am pleased to advise the basic requirements that apply to E-Comm merchant account as below.

We will charge (1) E-Comm merchant account set up fee HK$50,000.00

(2) Merchant account annual service fee HK$30,000.00                  

                        (3) Merchant account discount rate at 6.5% pre transactions.
                        (4) All charges for technical/electronic connections will be on merchant’s own account.
                        (5) A deposit may need to be placed under lien to GPAP by the company as security in support of the e-commerce merchant account (minimum deposit amount :HKD$500,000)
Please provide respective documents listed below for opening an e-commerce merchant account with GPAP on credit card acceptance services.(1) HK Business Registration Certificate
(2)Branch Registration Certificate
(3)Certificate of Incorporation
(4)Identity Card/Passport of both Directors
(5)Latest 3-Month Main Banker Account Statement
(6)Notification of First Secretary and Directors (Form D1)
(7)Notification of Changes of Secretary and Directors (Form D2)
(8)Consent to Act as a Director (Form D3)
(9)Business Plan Proposal
(10)Latest 3-Year Financial Audit Statement
(11)Transaction Procedures e.g. Refund and Delivery
(12)Products Price List / Leaflet*Please note that all application from the merchant , the company MUST BE set up in Hong Kong for at least three years. Otherwise the application cannot be accepted.

The Guidelines for Dormant Case – Hong Kong Limited Company

The Guidelines for Dormant Case

As you confirmed that the company is being dormant since the date of incorporation, the following information must be double confirmed:

1.      To determine the financial year ended date.


2.      To confirm the company is being dormant during the whole financial year (e.g. Period from the date of incorporation to the first year ended date).


3.      To remind that Inland Revenue Department (“IRD”), the Hong Kong Tax Authority, would issue Profits Tax Return (“PTR”) to the company after 18 months since the date of incorporation of the company normally to their registered office.


4.      To remind that any issued PTR should be completed and submitted to IRD within the required period (normally is within one month since the date of issuance of the PTR), any late submission will be subject to penalty charged by IRD which the maximum amount is HK$10,000 each. For the dormant company, only a “Nil” PTR will be submitted to IRD. IRD exempt the company to submit the audited financial statements for the respective financial period.  However, the audited financial statements for the said period is still required to prepare and IRD may be request for submission in future.  Also, the details of the audited financial statements (including the name of auditors and the date of auditors’ report) are required to fill in the PTR.


5.      According to Hong Kong Company Ordinance, any limited company registered in Hong Kong should perform audit on the financial statement and present the audited financial statement in annual general meeting (“AGM”). No exemption will be granted for the company was dormant during that period.


6.      If the company commences or recommences to earn assessable profits (before the set-off of any loss brought forward), then the company must inform the Commissioner of “IRD” in writing within 4 months after the end of the accounting period for that year of assessment. Failure to do so may render the company liable to a fine of HK$10,000 and a further fine not exceeding 300% of the tax undercharged or would have been undercharged.


7.      The company is still required by law to keep sufficient records of its income and expenditure to enable the assessable profits of its trade or business to be readily ascertained. Such records must be kept for at least 7 years after the completion of the transaction to which they relate. Failure to do so may render the company liable to a fine of HK$100,000.

Should you have any question, please feel free to contact us.


Best Regards

William – Startupr Accountant | [email protected]