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Guide on Offshore Account Opening and Desposit
 

Eligibility for Offshore Account
Non-residents of P.R.C that include individuals, legal persons, and government bodies, international organizations, and other economic organizations living or registered overseas (Hong Kong, Macao, and Taiwan included). The overseas subsidiaries or branches of Chinese-invested organizations are also eligible except the overseas representative offices and business offices. 
Deposit Guideline
Currency: convertibles like USD, HKD, EUR, GBP and JPY
Threshold:
 • USD 50,000 or equivalent in convertible currencies for non-resident legal persons;
 • USD 10,000 or equivalent in convertible currencies for non-resident individuals.
Account Properties: non-cash account with features of both overseas savings and current accounts for savings with interest paid on a quarterly basis and transactions of payment and settlement.
Deposit Categories:
 • Demand deposits: interest is accrued on a daily basis and paid on a quarterly basis. In case of interest rate adjustment, interest is accrued respectively on different rates and related terms.
 • Time deposits: A lump-sum time deposit is provided using a registered non-transferable certificate of deposit. The minimum amount per deposit is USD 50,000 for corporate customers or USD 10,000 for individuals. For other currencies, the threshold amounts are shown below. Principal and interest are paid at maturity. The term of time deposit varies from one week, one month, three months, and six months to one year or more than one year. An automatic renewal service at maturity is also available which deposits principal and accrued interest for the same term as before.
 
The interest rates are determined by the currency’s prevailing price in international market, like interbank offering rates LIBOR or HIBOR. 
            
In 10 thousands

Currency

USD

HKD

JPY

EUR

GBP

CHF

AUD

CAD

SGD

Corporations

5

40

500

4

3

5

6

6

7

Individuals

1

8

100

1

1

1

1

1

1

Account Opening Guideline
Companies registered in Hong Kong are required to provide the following documents:
1. CERTIFICATE OF INCORPORATION;
2. Valid BUSINESS REGISTRATION CERTIFICATE;
3. FORM D of directors’ information if you registered before 11th July 2008; Incorporation Form (NC1 for companies limited by shares or NC1G for companies not limited by shares) and D2A (Notification of Change of Secretary and Director), if any, for companies registered on or after 11th July 2008.
4. LATEST ANNUAL RETURN for companies registered over one year;
5. MEMORANDUM AND ARTICLES OF INCORPORATION;
6. PASSPORTS or I.D. CARDS OF SHAREHOLDERS, DIRECTORS AND AUTHORISED PERSONS;
7. RESOLUTION OF THE DIRECTORS OF THE BOARD signed by a quorum of directors.

The originals of the above documents are required to be verified by OBD. If the original copies cannot be submitted in person, copies notarized by a Hong Kong practicing lawyer/certified public accountant are acceptable.  Alternatively, OBD can be authorized to verify the documents (items 6 and 7 not included).

Sole proprietorships/partnerships registered in Hong Kong are required to provide the following documents:

1. Valid BUSINESS REGISTRATION CERTIFICATE;
2. APPLICATION BY AN INDIVIDUAL FOR REGISTRATION OF BUSINESS (ES) CARRIED ON BY HIM/HER IN HONG KONG
3. PARTNER AGREEMENT for partnerships, if applicable;
4. PASSPORTS OR I.D. CARDS OF OWNERS/PARTNERS AND AUTHORISED PERSONS

The originals of the above documents are required to be verified by OBD. If the original copies cannot be submitted in person, copies notarized by a Hong Kong practicing lawyer/certified public accountant are acceptable.  Alternatively, OBD can be authorized to verify the documents (items 3 and 4 not included).

Those registered in BVI or CAYMAN are required to provide the following documents:

1. CERTIFICATE OF INCORPORATION;
2. RESOLUTION OF THE SUBSCRIBER TO APPOINT FIRST DIRECTOR(S) AND CONSENT TO ACT AS FIRST DIRECTOR(S) for companies registered less than one year. If the director(s) changes thereafter, the corresponding THE RESOLUTION OF THE SUBSCRIBER TO APPOINT DIRECTOR(S) AND THE CONSENT TO ACT AS DIRECTOR(S) is required. And SHARE CERTIFICATE OR SHARE REGISTER;
3. CERTIFICATE OF INCUMBENCY issued by a REGISTERED AGENT in last three months and CERTIFICATE OF GOOD STANDING issued by the local government in the last 12 months for companies registered more than one year. The REGISTERED AGENT must be specified in the MEMORANDUM AND ARTICLES OF INCORPORATION. The valid names and I.D. card numbers (if applicable) of shareholders and directors must be listed on the CERTIFICATE OF INCUMBENCY issued by the REGISTERED AGENT. If there is any change of shareholders or directors, the names and I.D. card numbers of the outgoing shareholders or directors must be listed. If the REGISTERED AGENT is not the one specified in the MEMORANDUM AND ARTICLES OF INCORPORATION, the CERTIFICATE OF CHANGE OF THE REGISTERED AGENT issued by the local government is required.
4. MEMORANDUM AND ARTICLES OF INCORPORATION;
5. PASSPORTS or I.D. CARDS OF SHAREHOLDERS, DIRECTORS AND AUTHORISED PERSONS;
6. RESOLUTION OF THE DIRECTORS OF THE BOARD signed by a quorum of directors.

The originals of the above documents are required to be verified by OBD. If the original copies cannot be submitted in person, copies notarized by a Hong Kong practicing lawyer/certified public accountant are acceptable.

Note:
All the contents stated above are for your reference only. Please consult the local branch of China Merchants Bank for further information. China Merchants Bank reserves the ultimate right of interpretation for the contents in this page.