Hong Kong, with its advantageous geographical location, has become a global trading  and commercial center, known as a city where the East meets the West, and more  and more Hong Kong companies are registered. Hong Kong companies operating  in practice need to open a Hong Kong bank account. Improper maintenance of  the Hong Kong company's bank account number or personal account may result  in the account being frozen or closed. So how should Hong Kong bank accounts  be maintained?

Hong Kong Bank Corporate Account
 In recent years, the global economic situation has been complex and volatile,    and terrorist activities have become increasingly rampant. The anti money    laundering situation both domestically and internationally is facing new    challenges. Therefore, the supervision of Hong Kong company bank account    opening is gradually increasing, strengthening the supervision of offshore    accounts and reviewing existing accounts. It is expected that the control    of opening accounts in Hong Kong will be stricter in the future.

Under the influence of the CRS environment and the anti money laundering situation  both domestically and internationally, Hong Kong companies are facing a situation  where it is difficult to obtain a single account. The review process is strict,  and the threshold for opening an account has been raised, making it increasingly  difficult for Hong Kong companies to open a bank account. If mainland enterprises  want to open an account in Hong Kong, they must be well prepared in order to  effectively respond to due diligence investigations by customer managers on  money laundering, tax evasion, and foreign exchange evasion, and reduce the  probability of rejection.

How to maintain a Hong Kong bank account
 ① To maintain effective communication with the bank

In the case of non same name transfers with a certain transaction amount in  the company account, the bank backend will further investigate and understand  the relevant transactions to determine whether there is money laundering behavior  in the bank account. Frequent use of personal accounts for company business  purposes may be considered abnormal by banks, and in severe cases, the account  may even be closed.

Individuals or companies holding accounts must maintain effective contact  with the bank and use channels. Many times, due to domestic customers not being  able to connect to overseas calls or not paying attention to the bank's text  messages or emails, they may miss the time limit set by the bank.

② Maintain account activity

The activity level of a bank account is crucial for maintaining it, so it  is recommended to log in to online banking as much as possible once a month.  Firstly, it is necessary to ensure that there is a certain amount of deposit  balance in the bank account. If the account balance is zero for a long time,  it is easy to be cleared as a "zombie account"; In addition, for  small balance accounts, usage and trading should be active; It is best to match  the account balance with the transfer transaction. If the account balance is  small and the usual transfer transaction limit is large, it is easy to be targeted  by the bank.

③ Regarding the downgrade of bank accounts

For bank accounts with large transaction amounts, it is best not to use downgrade  processing. Because downgrading may result in the loss of specialized services  from the account manager, it may be inconvenient to communicate with the bank  when there are trading issues with the account, increasing the risk of account  usage.

For some small amount bank accounts, within the reasonable range of maintaining  account management costs, account downgrading can be chosen. Because the deposit  amount in the bank account does not meet the corresponding requirements, the  account will incur management fees.