Do international trade customers, after the company registered in Hong Kong, and opened a bank account in Hong Kong, but due to the global epidemic and other reasons, the customer business was affected, the account was not used after the opening of a year, the bank forced to close the account.Account opening with Hong Kong companyWhy is the bank forced to close the account? Because every customer is forced to close the account for different reasons, according to our past experience, the following circumstances will be forced to close the account:

1Zombie households that have not been used for a long time

After a customer opens an account, he or she pays the money to activate the account and does not use the account any more, except for monthly fees deducted by the bank1A grace period of years, if1After the year is not used, the bank will be considered a zombie, forced to close.

2, business involves sensitive countries or high-risk areas

The client's business includes operations, suppliers, customers, agents, source or shipping of goods and communication with state or controlled companies/Service coverage.Examples include Afghanistan, Central African Republic, Democratic Republic of the Congo, Eritrea, Guinea-Bissau, Libya, Mali, Sobari, Yemen, Iran, Sudan, North Korea, Syria, Cuba, South Sudan, Belarus or Zimbabwe. If the bank finds out that the customer has done business with sensitive countries or high-risk areas, the account will be closed immediately, because the vast majority of people and money in these sensitive countries or high-risk areas are associated with criminal organizations and do illegal business. Banks will also be implicated and fined heavily by the banking regulator.

3Did not cooperate with the bank economic substance investigation

The bank will carry out random checks every year to investigate the economic substance of the account holder, such as knowing the actual controller of the account, business status and other information. If the bank does not reply within the specified time, the account will be forced to close.

so How can Hong Kong company avoid being forced to close an account after opening an account? First of all, make the bank account active and maintain a good balance of funds. When the business is in good condition, buy some financial products from the bank. After each login of the account, pay attention to the notice of the bank and timely deal with it, and do not have dealings with people or companies in high-risk countries and areas. Do not involve in the black, do not do illegal business, etc.

Do enough procedures, your Hong Kong company account stability can be sufficient to protect.

CycloseFocusing on providing company audit, tax declaration, registration, annual inspection, tax planning and other services in Hong Kong, Singapore, Dubai and other regions. Efficient, rigorous, intimate service has been favored by many large state-owned enterprises and listed enterprises.