Peculiarities of creating a merchant account in Hong Kong banks

Opening a merchant account with a Hong Kong bank involves using a banking product that can be used to pay with electronic checks, cards, and electronic currency on the Internet. Such an account can only be opened in the name of a legal entity. The advantage is that it is possible to provide payments to buyers from different countries.

How does the merchant account work?

Registration of a merchant account in Hong Kong is required to make payments online. The buyer enters the details of the bank card. When the payment is made the amount is deducted from the customer's account and sent to the company's account.

It is possible to open such an account for residents and non-residents. Local financial institutions are authorized to perform this type of work. To accept funds from clients after opening a merchant account in 2021, the owners of the site must have a contract with a bank.

Site requirements:

• There are payment system logos;
• User data must be protected;
• There is a description;
• There is the name of the organization and its details.

The bank will need to submit corporate documentation and personal information on the director and shareholder, information on goods or services, and a plan for business development. In advance, you'll need to make a description of the return of payments, obtain a license, provide an account statement at the bank and contracts with clients.

Top 3 banks to open an account

To choose the right financial organization, pay attention to the requirements, reputation, and the specifics of the bank. Contact our specialists at IT-OFFSHORE for fast account opening.

BANK OF CHINA HONG KONG LIMITED

The bank was founded in 1912. A high level of secrecy is provided. It may require a visit to the bank. You will need to prepare statutory documents, as well as details of the account manager and beneficiaries.

HSBC BANK (HK) PLC

Financial institution was founded in 1865. Staff speaks English and Chinese. A high level of secrecy is ensured. Time of opening an account is about 2 weeks. There’s an obligatory visit to the bank. It is the most famous bank in Hong Kong.

STANDART CHARTERED BANK HONG KONG

The bank was founded in 1859. Provides a high level of confidentiality. Departure is required to open an account. Providing references is required. When opening an account, personal presence of 2 directors, shareholders and all persons authorized to sign the account is required at the interview.