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What are the common reasons why Hong Kong companies are forced to close their accounts?

Released Date: Nov 30,2021 Article Source: HUANZE

Many customers in Hong Kong are forced to close their accounts without knowing why. The most common reasons are as follows:

Many customersHong Kong companyEven if you don't know why you are forced to close your account, the most common reasons are as follows:

First: zombie 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 bank1If you don't use it after a year, you will be considered a zombie and forced to close.

Second: the 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. For example: Afghanistan, Central African Republic, Iran, Sudan, North Korea, Syria, Cuba, etc.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.

Third: failure to cooperate with the bank economic substantive 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 to avoidHong Kong companyIf we are forced to close the account, we need to avoid the above three situations and use the account of the Hong Kong company legally and in compliance.

What are the common reasons why Hong Kong companies are forced to close their accounts?

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