Opening an account with OCBC Wing Hang Bank

OCBC Bank opened a representative office in China in 1925. In 2007, he established a local company, OCBC Bank (China) Limited.

In 2016, OCBC Bank (China) Limited and Wing Hang Bank (China) Limited merged to form OCBC Wing Hang Bank (China) Limited, which is directly owned by OCBC Wing Hang Bank Limited, a subsidiary of OCBC Bank registered in Singapore.

We offer a support service for opening a corporate account with OCBC Wing Hang Bank (China) Limited. Account opening takes place at a provincial bank branch in Shenzhen, mainland China.

In the process of working with a bank account, the client can count on our full support during interacting with the bank. We strive to ensure that the connection between the bank and the client is organized efficiently and that the opened account lasts as long as possible.

Activities that are welcomed by OCBC Bank

The most acceptable for the bank is trade and logistics.

In general, different types of business can be considered, not just trade and logistics.

The bank definitely does not welcome high-risk activities such as forex, gambling, dating. Including trade in fossil energy resources is not encouraged.

For each operation, the bank must provide all accompanying documentation: consignment notes, contracts, invoices and other documents confirming the reality of transactions.

Companies from which jurisdictions are able open an account with OCBC?

1. Hong Kong;
2. UK (LTD, LLP, LP);
3. Seychelles;
4. British Virgin Islands;
5. Marshall Islands.

For companies from European jurisdictions, OCBC Bank, as a rule, does not want to open accounts. At the same time, the bank offers to register a company in a jurisdiction that OCBC understands, for example, in Hong Kong.

Are there any restrictions for beneficiaries from CIS countries?

No, the bank does not limit the opening of an account if the beneficiary of the company is a citizen of Ukraine, Russia, Belarus or other countries that are often considered high-risk.

It is important that the caliber of the company's beneficiary matches the caliber of the company's business. This means that drivers, ski instructors or other "pounds" will not be perceived by banks as the real ultimate owner of the business.

OCBC bank's attitude to nominee service

The presence of nominee directors and nominee shareholders in the structure of companies is allowed if the legal relationship between them and the beneficiary is properly secured (by an agreement on the provision of nominee services, a trust declaration).

As mentioned above, the use of so-called “nominal beneficiaries” is not allowed.

Currencies in which an account can be opened with OCBC

Dual currency account:

• USD;
• EUR.

OCBC Shenzhen Tariffs

Which documents and information are needed to open an account with OCBC Wing Hang Bank (China) Limited

Company Information:

• Company address;
• Names of all directors;
• Names of all shareholders / beneficiaries;

KYC (Know Your Customer) information block:

• Detailed description of the activity;
• The country in which business is predominantly conducted;
• Availability of statements for other bank accounts or accounts in payment systems;
• Beneficiary background / CV;
• Background of directors / resume;
• Names of counterparties for incoming payments;
• Outgoing payment counterparties;
• Affiliated (related) companies;
• Expected annual turnover;
• Basis of payment for incoming transactions;
• Basis of payment for outgoing transactions.

Company documents required to open an account with OCBC:

• Standard set of statutory documents (charter, certificate of registration);
• Fresh extract from the register of companies (not older than 3 months);
• Other documents confirming the corporate structure of the company and regulating the legal relationship between the beneficial owner and the denominations, if any, in the structure of the company;
• Important! When opening an account for a Hong Kong company, corporate documents of the company do not need to be certified by an oath official or a notary in Hong Kong, nor do they need to be apostilled.

Documents for each director, shareholder / beneficiary:

• Passport for traveling abroad;
• Proof of residence - utility bill or internal passport with registration;
• Resume (CV).

Proof of business documents:

• account statements;
• primary documents: contracts, invoices, waybills;
• you can provide documents not for the company for which the account is opened (if, for example, it is new), but for another existing company that is associated with the same beneficiary;
• in some cases, you can additionally provide letters of recommendation from counterparties and business partners.

Procedure for opening an account with OCBC Bank China

1. You will send us the necessary documents and information in electronic form;
2. Based on the data received, we fill out a questionnaire;
3. Based on the completed questionnaire and the received documents, we obtain the preliminary consent of the bank to open an account (the so-called "pre-check"). On average, it takes a bank 3-4 business days to approve or reject an application;
4. After receiving from the bank confirmation of the possibility of opening an account, about which we will promptly inform you, you need to pay 50% of the cost of our legal support to start the procedure for opening an account;
5. After the start of the procedure, within 2-3 working days, the bank prepares and sends to the address indicated by the client the questionnaire for signature. Upon signing the questionnaires, we agree with you and reserve the date and time for a video interview with the bank;
6. An interview with a bank manager is conducted in English via a Chinese application. We will help you install it. The interview is short and as formal as possible. Its purpose is customer identification. During the interview, you must show the originals of corporate documents. After the interview, the questionnaire and signed copies of some documents (corporate and personal) must be sent back to China at the address we provided.
7. Having received the questionnaires, the bank directly opens an account, which takes from 5 to 10 working days. Issuance of tokens (devices for authorization in the Internet bank, generation of payment orders, confirmation of payments) takes up to 4 additional working days;
8. Next, we will send you everything you need to manage your account at the address you specified;
9. You need to pay the remaining 50% of the cost of our legal support;
10. An important nuance! The account will work for exactly two months from the date of its opening. During these two months, the director of the company must visit the bank branch in Shenzhen for identification. If within two months the director does not visit Shenzhen and does not pass identification, the account will be suspended by the bank until the identification is completed. Given the fact that China has effectively stopped issuing visas due to the COVID pandemic, a visit to Shenzhen may not be a feasible task. Taking this into account, we managed to agree with the bank on the remote identification of the director of the company. With the remote procedure, an attorney is additionally appointed who will visit the bank on behalf of the company and its director for identification. At the same time, such an attorney must have the original foreign passport of the director of the company and the originals of the corporate documents of the company. This means that the director's passport will need to be sent by DHL courier service in Shenzhen. Since, as a general rule, it is forbidden to send passports abroad as a parcel, they have to be masked in a notebook or journal. After the identification is carried out with the help of an attorney, the company account becomes fully operational, and the director no longer needs to personally visit Shenzhen. We return you the original director's passport (also by DHL courier service), as well as corporate documents of the company. The services of an attorney are paid and are not included in the cost of our legal support for the account opening procedure.

OCBC China Bank Account Management

The account is managed through Internet banking and two tokens (one for generating a payment order, the other for confirming it). Tokens, in turn, are managed via SMS messages. Especially for this purpose, in the process of opening an account, we organize the purchase, registration and activation of two Chinese SIM cards.

The term for making payments by the bank is strictly regulated and is only 1 business day.

Operational work has been established thanks to personal contact with bank managers. In the future, we accompany your communication with the bank: the annual KYC procedure - the submission of updated documents, the submission of data and documents in the event of a change in the structure of the company.

Benefits of opening an OCBC account with Taxters

After opening an account, we advise you on the correctness of work with the bank in order to make the account last as long as possible. We will be available to assist in resolving any difficult situation with the bank, if any. A separate area of our activity is the preparation of comprehensive responses to inquiries from the compliance departments of banks. Often a seemingly simple situation requires a non-standard approach to resolve it. Experience in resolving hundreds of problem situations between the bank and the client allows us to quickly find relevant and effective solutions.

Read also our detailed review on opening accounts with foreign banks.

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