Published in Hong Kong News on 10.08.2016

Hong Kong News: New guidelines shall aim to ease the opening of bank accounts for foreign companies and investors in Hong Kong

The Hong Kong Monetary Authority (HKMA) plans to release new guidelines to simplify the opening process of bank accounts.

Several banks made the account opening for start-ups and foreign SMEs very difficult. The HKMA urges all banks to strike a balance between compliance requirements and the providing of basic services for the public. The requirements should be adapted to the company size to make the account opening for start-ups and SMEs easier.

Against this background the processes of account opening should become reviewed and refined. The review of unsuccessful applicants should be accelerated.

The full article you find at scmp.com.