DOCUMENTS REQUEST FOR CORPORATE ACCOUNT ANNUAL REVIEW WITH BANKS

BANK ACCOUNT

2020-09-11

What is Annual Review for Corporate Account?

Banks in Hong Kong need to undertake a process of annual review for the corporate account. The purpose is to ensure the bank maintains the latest information about your company. Otherwise, your corporate bank account activities will be restricted.

 

Herein below, we have included a list of document and information bank always ask for when arranging review with the corporate accounts. We suggest our clients to always have these document ready for banks.

Prepare Up-to-date documents

  1. Latest Tenancy Agreement / MPF Proof
  2. Current 3 years audited financial report
  3. Current 3 months bank statement from other bank
  4. Latest Tax Demand Note
  5. 5 sets counter-signed supplier invoices and delivery documents
  6. 5 sets counter-signed buyer invoice and delivery document / bill of lading
  7. The inventory insurance certificate

Additional update information 

  1. What is the latest business nature
  2. Which countries are the main source of suppliers?
  3. Which countries are the main buyers?

Relationship and roles of the companies

Furthermore, if your company’s mode of operation and directorship structure has a few hierarchies. It is very common for the bank to request further documents to verify the relationship between your parent company and the subsidiary company.  The role of each of your company, the background and their Tax ID as well. Nonetheless, the bank will ask who are the ultimate beneficial owner, their tax residency and also proof of tax payments. 

 

For further information, please contact us.

You may want to read: COMMERCIAL BANK ACCOUNT OPENING

 

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