Archive for August, 2009
Accountant New York: Solve Your Accounting Problems
Peter Terry recently asked:
The most time consuming, tedious and the most crucial aspect of any business is accounting. Whether a business is small or large, it needs the help of accounting or bookkeeping. Accounting is a task in which expertise is required. The person who manages the accounts of the firm has to be reliable. One can always hire a professional expert and his services in order to reap benefits in the company. Accountant New York is one such service provider which can help you get rid of the problems in maintaining books of accounts.
In order to run a business, there is requirement of a lot of management and expertise. It is not merely a child’s play. The professionals at accountant New York prepare a daily record of accounts so that all the financial records of the business are properly maintained and one gets the best from these professional accountants. By handing over the work to accountant New York, one can be rest assured that the work will be done in a proper manner. Maintenance of daily record of transactions is crucial to draw conclusions about the financial status of the business. Accountant New York helps in accomplishing this task. Since a business owner has to see all the aspects of business, so there is very less time left to see the accounting work. Giving the work to accountant New York, he can reduce his workload.
An accountant who is hired from accountant New York firm is ready to work towards the profits of the clients whom he is serving. The accountants at accounting New York firm are specialized in their work and have an updated knowledge about the changing accounting rules and regulations. They work and maintain the books of accounts according to the changing rules and regulations. The software used by the professional accountants is latest and up to date. The accountants at accountant New York provide all crucial details of a transaction that the firm has to bear in a particular time period. The task done by the professionals at any accounting firm involves keeping a check on the invoice generation, billing statements, payment records, trial balance, profit and loss account, balance sheet etc. It is the working of the accounting department that can make or break the success of the business. Accounting department has to be conscious and alert about any transaction that the company bears.
In case of maintaining accounts, accuracy is needed. Accountant New York takes into consideration this important aspect. By hiring an accountant from accountant New York can not only help the business to get the accurate accounting details but also helps to relax and have an eased out accounting session. Accountant New York acts as a guide towards a successful business. Professionals working at accountant New York are thorough with all aspects of accounting and book keeping, so they can prepare the books of accounts in the most efficient manner. A highly efficient accountant can give the business a right direction. The professionals at accountant New York fully understand the concept of your business and can help the business to reach new dimensions.
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The most time consuming, tedious and the most crucial aspect of any business is accounting. Whether a business is small or large, it needs the help of accounting or bookkeeping. Accounting is a task in which expertise is required. The person who manages the accounts of the firm has to be reliable. One can always hire a professional expert and his services in order to reap benefits in the company. Accountant New York is one such service provider which can help you get rid of the problems in maintaining books of accounts.
In order to run a business, there is requirement of a lot of management and expertise. It is not merely a child’s play. The professionals at accountant New York prepare a daily record of accounts so that all the financial records of the business are properly maintained and one gets the best from these professional accountants. By handing over the work to accountant New York, one can be rest assured that the work will be done in a proper manner. Maintenance of daily record of transactions is crucial to draw conclusions about the financial status of the business. Accountant New York helps in accomplishing this task. Since a business owner has to see all the aspects of business, so there is very less time left to see the accounting work. Giving the work to accountant New York, he can reduce his workload.
An accountant who is hired from accountant New York firm is ready to work towards the profits of the clients whom he is serving. The accountants at accounting New York firm are specialized in their work and have an updated knowledge about the changing accounting rules and regulations. They work and maintain the books of accounts according to the changing rules and regulations. The software used by the professional accountants is latest and up to date. The accountants at accountant New York provide all crucial details of a transaction that the firm has to bear in a particular time period. The task done by the professionals at any accounting firm involves keeping a check on the invoice generation, billing statements, payment records, trial balance, profit and loss account, balance sheet etc. It is the working of the accounting department that can make or break the success of the business. Accounting department has to be conscious and alert about any transaction that the company bears.
In case of maintaining accounts, accuracy is needed. Accountant New York takes into consideration this important aspect. By hiring an accountant from accountant New York can not only help the business to get the accurate accounting details but also helps to relax and have an eased out accounting session. Accountant New York acts as a guide towards a successful business. Professionals working at accountant New York are thorough with all aspects of accounting and book keeping, so they can prepare the books of accounts in the most efficient manner. A highly efficient accountant can give the business a right direction. The professionals at accountant New York fully understand the concept of your business and can help the business to reach new dimensions.
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Putting Service First is Key at Danbro the Contractors Accountant
Danbro - Accounting Solutions for Contractors recently asked:
At Danbro, we understand the importance of looking after all of our clients. We recognize that customer service plays a key role in the success of a service including the Umbrella Service sector and is one of the main ways we differentiate ourselves from other umbrella service providers.
With an ethos of “it’s always the small things that make a big difference”, we are constantly striving to ensure a high level of customer service. In order for DANBRO to maintain such a high level of service we are constantly carrying out training for all of our employees right across the company and pushing the importance of providing a quality service.
We regularly receive feedback from contractors expressing their positive views about our service, many of which can be found on our website www.danbro.co.uk. One client recently explained, “the customer service is excellent and I trust the people at Danbro. Any queries are dealt with quickly and you never feel you are being ‘fobbed off’.” (K. Berry, 04/2008).
Evidence of this high quality service can also be found on many of the umbrella comparison websites, including Umbrella Supermarket and Bytestart. These sites compare the 100’s of different Umbrella Companies, helping contractors to choose the right umbrella company for them.
Umbrella Supermarket’s rating system does not solely rely on the site’s personal opinions but compiles the votes of thousands of contractors. They recognize that a contractor’s experience of an Umbrella Company’s online facilities is very important together with customer service and of course the contractor’s net pay. Danbro is positioned second from top on the Umbrella Company League with an overall rating of 81%. This is a very encouraging figure not only for the contractors but the whole team here at Danbro.
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At Danbro, we understand the importance of looking after all of our clients. We recognize that customer service plays a key role in the success of a service including the Umbrella Service sector and is one of the main ways we differentiate ourselves from other umbrella service providers.
With an ethos of “it’s always the small things that make a big difference”, we are constantly striving to ensure a high level of customer service. In order for DANBRO to maintain such a high level of service we are constantly carrying out training for all of our employees right across the company and pushing the importance of providing a quality service.
We regularly receive feedback from contractors expressing their positive views about our service, many of which can be found on our website www.danbro.co.uk. One client recently explained, “the customer service is excellent and I trust the people at Danbro. Any queries are dealt with quickly and you never feel you are being ‘fobbed off’.” (K. Berry, 04/2008).
Evidence of this high quality service can also be found on many of the umbrella comparison websites, including Umbrella Supermarket and Bytestart. These sites compare the 100’s of different Umbrella Companies, helping contractors to choose the right umbrella company for them.
Umbrella Supermarket’s rating system does not solely rely on the site’s personal opinions but compiles the votes of thousands of contractors. They recognize that a contractor’s experience of an Umbrella Company’s online facilities is very important together with customer service and of course the contractor’s net pay. Danbro is positioned second from top on the Umbrella Company League with an overall rating of 81%. This is a very encouraging figure not only for the contractors but the whole team here at Danbro.
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Importance of Accounting Records and Companys Accounts For Business
Terry Cartwright recently asked:
in importance of accounting records lies in the fact that it holds true for all uneven situations and keeping a proper note of financial transactions can prove useful for you in times of problematic conditions. So whether business is big or small accounting records prepared in the proper manner will never loose value and is always recommended so that the business can potentially grow and outgrow others and stand as a reputable organisation.
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in importance of accounting records lies in the fact that it holds true for all uneven situations and keeping a proper note of financial transactions can prove useful for you in times of problematic conditions. So whether business is big or small accounting records prepared in the proper manner will never loose value and is always recommended so that the business can potentially grow and outgrow others and stand as a reputable organisation.
Importance of Accounting- A Helping Hand in Outsourcing Business
In this growing age of money oriented society one generally opts for becoming an entrepreneur rather than slogging for hours as an employee in a company owned by others and there arises the need and importance of accounting records. If you are someone who wants to break into a new business, the importance of accounting should never be ignored. Accounting and finance are two very useful terms in business whether you are working on the day to day accounts activities or the longer term strategies that face you when setting up and running a company. Accounting software is always an option as it can mean low setup fees along with helping you begin your business with good bookkeeping and accounting principles from the outset.
Accounts for business and accounts formats help in managing a company well. A company’s accounts records held on an accounts ledger give the detailed description about its profits and losses in a cash spread sheet format. Auditors study the financial statement and thus determine the accuracy and integrity of your business and an accounting statement distinguishes the success ratio of your present business from past progress using accounts formats that are recognised by other companies and bodies.
The importance of accounting can be discovered from the fact that accounting principles such as double entry bookkeeping are compulsorily to be followed by all companies to avoid any future mishaps and this is clear when you look back at larger company crisis, small businesses can suffer more than larger companies through accounting ledger errors as they are less likely to have the assets available for sale should finances go wrong. Accounting asset of a company is calculated so that banks can easily provide loans and fund any projects you wish to take on in future. The strategy to be followed to establish a new business varies with accountant planning. With this in mind, if you wish to have a well established business then you need to take accounts for business very seriously from the start.
Knowledge of accounting software can help expand your business and help in building a bright future in accounting and finance. Accounting asset can include your employees, monthly input, services offered by them, products being produced. Accounting statements can track the entire positive and negative aspects of your company’s growth therefore having knowledge of accounts formats can help you in reach new heights and in turn business success.
Referral to accounts for business is a great way of keeping a note of the entire accounting asset, liabilities, profits and loss occurring in any organisation in a form of account ledger. It records all the transactions taking place in a company so that you can always have a check on the losses if required and according to generally accepted accounting principles, the basic framework of accounting should always include finance and accounting records. This is because accounting is relative to finance and goes hand in hand with it. Finance talks about the happenings of a company the profits and losses that it is facing. So importance of accounting plays a vital role in determining your goals and objectives.
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Danbro Sets Sights on 2009 Accountancy Age Awards
Danbro - Accounting Solutions for Contractors recently asked:
Specialist accountants Danbro are setting their sights on success in prestigious national awards for the accountancy sector in 2009 after being pipped at the post this year.
The firm, which specialises in working with contractors and freelancers had been shortlisted in the Small Firm of the Year and Best Use of Internet: Practice categories in the 2008 Accountancy Age Awards, which were announced on the evening of 12 November at a ceremony at Battersea Park Arena, London.
The awards recognise the very best accountants in business, practice and in the public and voluntary sectors across the UK.
Managing partner Damian Broughton said: “While we are disappointed not to have won, being shortlisted for two Accountancy Age awards is a real achievement in itself and demonstrates the dedication shown by the whole Danbro team. Now we are hoping to go a step further in 2009 and become an award winner.”
Danbro’s shortlisting for the awards was another significant event in an excellent year for the company. During 2008, Danbro has opened a London office, been ranked one of the fastest growing private companies in the UK in the Sunday Times Fast Track 100 league table and rated in the top six in the best accountancy firm and best umbrella service categories by voters in a poll on the Contractor UK website.
Its high quality support was also recognised in an independent compliance audit by Professional Passport, which described Danbro as providing “compliant solutions combined with excellent customer service” and it received HM Revenue & Customs’ seal of approval after a successful December 2007 compliance visit.
For more information contact Danbro at their head office on 01253 600140 or their London office on 0207 836 8400.
Find out more at News, DANBRO - Umbrella Company
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Specialist accountants Danbro are setting their sights on success in prestigious national awards for the accountancy sector in 2009 after being pipped at the post this year.
The firm, which specialises in working with contractors and freelancers had been shortlisted in the Small Firm of the Year and Best Use of Internet: Practice categories in the 2008 Accountancy Age Awards, which were announced on the evening of 12 November at a ceremony at Battersea Park Arena, London.
The awards recognise the very best accountants in business, practice and in the public and voluntary sectors across the UK.
Managing partner Damian Broughton said: “While we are disappointed not to have won, being shortlisted for two Accountancy Age awards is a real achievement in itself and demonstrates the dedication shown by the whole Danbro team. Now we are hoping to go a step further in 2009 and become an award winner.”
Danbro’s shortlisting for the awards was another significant event in an excellent year for the company. During 2008, Danbro has opened a London office, been ranked one of the fastest growing private companies in the UK in the Sunday Times Fast Track 100 league table and rated in the top six in the best accountancy firm and best umbrella service categories by voters in a poll on the Contractor UK website.
Its high quality support was also recognised in an independent compliance audit by Professional Passport, which described Danbro as providing “compliant solutions combined with excellent customer service” and it received HM Revenue & Customs’ seal of approval after a successful December 2007 compliance visit.
For more information contact Danbro at their head office on 01253 600140 or their London office on 0207 836 8400.
Find out more at News, DANBRO - Umbrella Company
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A Bright Future for Accountants
Dennis Everly recently asked:
While most think that the recent economic trends will adversely affect their future, accountants are able to see this downturn in a positive light. Accounting is a very stable career path. Despite being a stable career path, accounting is also quite recession-proof. Though almost all jobs are on the decline, accounting remains one of the top positions searched for by companies these days. There is never going to be an economic downturn for accountants because accountants will be needed for everyday commerce. As long as there is business, there will be a demand for skilled accountants so that companies can allocate costs and reduce them as well as increase production where they are making money. Whether the economy is on the rise or becoming sluggish, accountants will always be safe. A strong economy means that there will be more businesses, meaning more businesses that are looking to hire accountants. Even a sluggish or stagnant economy will has a high demand for accountants because the businesses will want to cut costs as much as they can in order to stay competitive.
The demand for accountants is at an all time high recently because of the Sarbanes-Oxley Act. The Sarbanes-Oxley Act has made businesses pay closer attention to those they hire in the accounting, auditing, and financial fields. Because of this legislation, businesses are looking to hire the most adept professionals in their field to keep up with the new regulations presented by the Sarbanes-Oxley Act. The strict regulations create opportunities for accountants and auditors to audit financial records more thoroughly.
The transition to International Financial Reporting Standards is also playing a role in the all time high hiring of accountants. The shift to IFRS is a very costly process and many businesses and accounting firms are doing all they can to ensure a smooth transition. To do this, firms are looking for accountants with knowledge in both U.S. GAAP and IFRS. The shift from U.S. GAAP to IFRS will take place for some companies in as early as 2009. These companies have been preparing for this for years. They are hiring more accountants to make it a smooth transition.
The recent economic downturn has actually made the demand for accountants rise. Because businesses are looking to save money by cutting costs wherever they can, they are hiring accountants to find out where they are making their money and what sections of their business are less profitable. Unlike most other jobs, accountants are always in demand. Whether business is good or bad, accountants will always be needed. Since the Sarbanes-Oxley Act, businesses are looking to accountants to keep the integrity of their business because of the more complicated business deals that go on daily.
Accountants are also being hired more steadily today because of scandals surrounding the accounting community. The scandals create more accounting jobs because businesses and auditing agencies want more detail in their analyses because of the strict regulations and more auditors means more detail. Accounting is one of the rare professions that have an increase in people hired after there is a scandal involved in that line of work. The demand for forensic accountants has been steadily climbing in the last ten years. Because of the lack of ethics in business today, with crimes such as embezzlement, bribery, and securities fraud becoming commonplace, the demand for forensic accountants to detect illegal financial activity by individuals, companies, and organized crime rings.
Hiring is going so well for accountants that some firms even go to colleges and universities in order to find future employees. Many firms nowadays are looking to hire graduating accounting majors right out of college. One reason accounting firms are doing this is because the firms can train the new graduate in their own way of doing things. Also, because the demand for accountants is so high, firms can seek employees at a much lower cost.
Accounting is a great career path because there are there are many different types of specialties in the field and the fact that the demand for accountants has been increasingly yearly with no end in sight of this trend.
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While most think that the recent economic trends will adversely affect their future, accountants are able to see this downturn in a positive light. Accounting is a very stable career path. Despite being a stable career path, accounting is also quite recession-proof. Though almost all jobs are on the decline, accounting remains one of the top positions searched for by companies these days. There is never going to be an economic downturn for accountants because accountants will be needed for everyday commerce. As long as there is business, there will be a demand for skilled accountants so that companies can allocate costs and reduce them as well as increase production where they are making money. Whether the economy is on the rise or becoming sluggish, accountants will always be safe. A strong economy means that there will be more businesses, meaning more businesses that are looking to hire accountants. Even a sluggish or stagnant economy will has a high demand for accountants because the businesses will want to cut costs as much as they can in order to stay competitive.
The demand for accountants is at an all time high recently because of the Sarbanes-Oxley Act. The Sarbanes-Oxley Act has made businesses pay closer attention to those they hire in the accounting, auditing, and financial fields. Because of this legislation, businesses are looking to hire the most adept professionals in their field to keep up with the new regulations presented by the Sarbanes-Oxley Act. The strict regulations create opportunities for accountants and auditors to audit financial records more thoroughly.
The transition to International Financial Reporting Standards is also playing a role in the all time high hiring of accountants. The shift to IFRS is a very costly process and many businesses and accounting firms are doing all they can to ensure a smooth transition. To do this, firms are looking for accountants with knowledge in both U.S. GAAP and IFRS. The shift from U.S. GAAP to IFRS will take place for some companies in as early as 2009. These companies have been preparing for this for years. They are hiring more accountants to make it a smooth transition.
The recent economic downturn has actually made the demand for accountants rise. Because businesses are looking to save money by cutting costs wherever they can, they are hiring accountants to find out where they are making their money and what sections of their business are less profitable. Unlike most other jobs, accountants are always in demand. Whether business is good or bad, accountants will always be needed. Since the Sarbanes-Oxley Act, businesses are looking to accountants to keep the integrity of their business because of the more complicated business deals that go on daily.
Accountants are also being hired more steadily today because of scandals surrounding the accounting community. The scandals create more accounting jobs because businesses and auditing agencies want more detail in their analyses because of the strict regulations and more auditors means more detail. Accounting is one of the rare professions that have an increase in people hired after there is a scandal involved in that line of work. The demand for forensic accountants has been steadily climbing in the last ten years. Because of the lack of ethics in business today, with crimes such as embezzlement, bribery, and securities fraud becoming commonplace, the demand for forensic accountants to detect illegal financial activity by individuals, companies, and organized crime rings.
Hiring is going so well for accountants that some firms even go to colleges and universities in order to find future employees. Many firms nowadays are looking to hire graduating accounting majors right out of college. One reason accounting firms are doing this is because the firms can train the new graduate in their own way of doing things. Also, because the demand for accountants is so high, firms can seek employees at a much lower cost.
Accounting is a great career path because there are there are many different types of specialties in the field and the fact that the demand for accountants has been increasingly yearly with no end in sight of this trend.
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Choosing a Good Accounting Software (stellar Accounting Software)
Sukhdeepak Singh recently asked:
Have you ever wanted to buy good accounting software or have you experienced error prone software. Companies that handle large amount of accounts prefer good accounting software. Finding of good accounting software is a difficult task. The cost of maintaining manual accounts of the company can be eliminated by good accounting software. Are you looking for best account automated software? Your search ends here. With good accounting software you can increase the productivity of the company manifold.
Accounting Software by stellar has been designed keeping in view the necessities of companies, financial institution, agencies or any other business institution. Accounting software is useful for small, medium and large scale business. With good accounting software you can do the inventory, accounts or any other financial transaction of the company very easily. Owing to very simple, easy to use, error free, outperforming capabilities, flexible in nature, software by Stellar has gained immense popularity in business world. The software with powerful features and capabilities maintain the complete transactions of the company and management of the company can access any real time information without any delay. Once you install accounting software, you do not need to look for any other software because it has abandoned capacity to handle any difficult accounting transactions.
Accounting software by stellar is an affordable solution to any difficult accounting problems. Most of the accounting software’s have something in common. But accounting software by stellar has an edge over others for many reasons. That’s why even reluctant people buying to any software have purchased our software. Our customers are enjoying the benefits of our best quality software. Accounting software provides incredible solutions to any accounting problem. The advent of software by stellar has forced the competitors to decrease their market prices and has led to too much benefits to its customers. This is possible because of constrained efforts done by software expert Team of Stellar. Accounting software by Stellar has outperformed their opponents.
There are number of accounting software companies in the market, but no one has courage to challenge the quality, flexibility, performance of our software. It is very simple and users with little knowledge of computers can use it very easily. Those who have bad experience with any accounting software will find wonderful software here. Those who zeal to buy our software can submit their query to our website http://www.stac.in/enquiryform.htm Once you will buy, you will be free from any sort of tension for maintaining account manually. Accounting software by stellar is a blend of inventory, accounting or any other accounting problem to small, medium or large business organizations. With this invention, the days of manual accounting or any accounting problem are over. This software has distinct modules that are available at very cheaper rates. Even very small businessmen can afford to buy this software. This software is available in every technology. Ever since the complexity in business has increased the demand for accounting software has increased. Today, almost every financial institution or any other business house is looking for best accounting software. Accounting software is a friend in your business. Accounting software is a best accounting technique which is used by every business house in this world. So, always beware of buying any other accounting software. Don’t be mislead by false claims of their owners. Always choose accounting software by Stellar.
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Have you ever wanted to buy good accounting software or have you experienced error prone software. Companies that handle large amount of accounts prefer good accounting software. Finding of good accounting software is a difficult task. The cost of maintaining manual accounts of the company can be eliminated by good accounting software. Are you looking for best account automated software? Your search ends here. With good accounting software you can increase the productivity of the company manifold.
Accounting Software by stellar has been designed keeping in view the necessities of companies, financial institution, agencies or any other business institution. Accounting software is useful for small, medium and large scale business. With good accounting software you can do the inventory, accounts or any other financial transaction of the company very easily. Owing to very simple, easy to use, error free, outperforming capabilities, flexible in nature, software by Stellar has gained immense popularity in business world. The software with powerful features and capabilities maintain the complete transactions of the company and management of the company can access any real time information without any delay. Once you install accounting software, you do not need to look for any other software because it has abandoned capacity to handle any difficult accounting transactions.
Accounting software by stellar is an affordable solution to any difficult accounting problems. Most of the accounting software’s have something in common. But accounting software by stellar has an edge over others for many reasons. That’s why even reluctant people buying to any software have purchased our software. Our customers are enjoying the benefits of our best quality software. Accounting software provides incredible solutions to any accounting problem. The advent of software by stellar has forced the competitors to decrease their market prices and has led to too much benefits to its customers. This is possible because of constrained efforts done by software expert Team of Stellar. Accounting software by Stellar has outperformed their opponents.
There are number of accounting software companies in the market, but no one has courage to challenge the quality, flexibility, performance of our software. It is very simple and users with little knowledge of computers can use it very easily. Those who have bad experience with any accounting software will find wonderful software here. Those who zeal to buy our software can submit their query to our website http://www.stac.in/enquiryform.htm Once you will buy, you will be free from any sort of tension for maintaining account manually. Accounting software by stellar is a blend of inventory, accounting or any other accounting problem to small, medium or large business organizations. With this invention, the days of manual accounting or any accounting problem are over. This software has distinct modules that are available at very cheaper rates. Even very small businessmen can afford to buy this software. This software is available in every technology. Ever since the complexity in business has increased the demand for accounting software has increased. Today, almost every financial institution or any other business house is looking for best accounting software. Accounting software is a friend in your business. Accounting software is a best accounting technique which is used by every business house in this world. So, always beware of buying any other accounting software. Don’t be mislead by false claims of their owners. Always choose accounting software by Stellar.
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Operating A Bank Account In Hong Kong
Gregory Smyth recently asked:
Hong Kong is considered as one of the main financial centers in Asia. With more than 100 licensed banks, Hong Kong offers several finance related services to customers in Hong Kong as well as in Asia Pacific region. You can avail service such as corporate banking, retail banking, investment services and trade financing from each and every bank in Hong Kong. Some of the leading banks around the world including Canadian banks have their representatives here. Based on the feasibility and credit risk of the individual company, most of the banks in Hong Kong provide extended banking facilities. If you are foreigner, you can consult with your existing banker to confirm whether they have a division here. It is also recommended to ask the details of the services they offer.
Nowadays, it is a simple process to open a new account with any of the banks in Hong Kong. To start a new corporate account, the first step is to register your company. If it is already registered, you can open the account with required documents such as company registration certificate attached with related registration regulation forms, certificate of incorporation, memorandum of association and articles of association, identity proof of all the directors and copy of board resolution indicating the approval of board of directors to start a new account.
For bank account opening, the company must be registered in Hong Kong. The authority of Hong Kong do not allow all types of company structures to register, only certain company structures are allowed. Three types of companies are allowed to register including a wholly foreign owned enterprise, joint venture and representative office. You can open an account based on the company structure.
A representative office is limited to open only foreign currency and RMB expense accounts while wholly foreign owned enterprise and joint venture can open certain bank accounts, including basic accounts, capital accounts and ordinary accounts. You can not open a basic account and ordinary account in the same bank.
Type of accounts:
1. RMB Corporate Accounts
This type of account includes basic account, regular account, special account and temporary account.
You can use a basic account for the purpose of fund transfers, payment of salaries, and cash deposits and withdrawals. Regular accounts are for cash management needs and you can not withdraw cash from this account. For special purposes including infrastructure construction, reconstruction, agency business, credit cards, you can go for a special account. If you are planning to start a temporary business in Hong Kong, it is better to go with a temporary account. You can receive inward electronic and draft remittances through this account.
2. Foreign currency accounts:
These types of account include capital account, basic account or settlement account, loan account and loan repayment account.
A capital account is for capital injection and you can do foreign currency operating transactions through settlement accounts. A loan account is for borrowing foreign currency from a bank in Hong Kong. For loan principal and interest repayment, you can use the service of a loan repayment account. The approval of State Administration of Foreign Exchange (SAFE) is needed to open a Foreign currency capital account and settlement account.
You can use bank accounts in Hong Kong outside this metropolis through the following ways.
i)Phone Banking Service/Internet Banking Service
Banks in Hong Kong such as HSBC and SCB provide this facility. You can use this service via internet for making balance enquires and cash transactions. HSBC offers an exception from monthly fee of HK$80, if your account maintains an average monthly balance of HK$50,000. In the case of SCB, it offers an exception from monthly fee of HK$150, if your account maintains an average daily balance of HK$50,000.
ii)ATM Card
You can use ATM cards to withdraw money from the bank account. Specific ATM machines are there to use named “Plus” for HSBC and “Cirrus” for SCB. There will be a charge for this service, if you are making the transaction outside Hong Kong.
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Hong Kong is considered as one of the main financial centers in Asia. With more than 100 licensed banks, Hong Kong offers several finance related services to customers in Hong Kong as well as in Asia Pacific region. You can avail service such as corporate banking, retail banking, investment services and trade financing from each and every bank in Hong Kong. Some of the leading banks around the world including Canadian banks have their representatives here. Based on the feasibility and credit risk of the individual company, most of the banks in Hong Kong provide extended banking facilities. If you are foreigner, you can consult with your existing banker to confirm whether they have a division here. It is also recommended to ask the details of the services they offer.
Nowadays, it is a simple process to open a new account with any of the banks in Hong Kong. To start a new corporate account, the first step is to register your company. If it is already registered, you can open the account with required documents such as company registration certificate attached with related registration regulation forms, certificate of incorporation, memorandum of association and articles of association, identity proof of all the directors and copy of board resolution indicating the approval of board of directors to start a new account.
For bank account opening, the company must be registered in Hong Kong. The authority of Hong Kong do not allow all types of company structures to register, only certain company structures are allowed. Three types of companies are allowed to register including a wholly foreign owned enterprise, joint venture and representative office. You can open an account based on the company structure.
A representative office is limited to open only foreign currency and RMB expense accounts while wholly foreign owned enterprise and joint venture can open certain bank accounts, including basic accounts, capital accounts and ordinary accounts. You can not open a basic account and ordinary account in the same bank.
Type of accounts:
1. RMB Corporate Accounts
This type of account includes basic account, regular account, special account and temporary account.
You can use a basic account for the purpose of fund transfers, payment of salaries, and cash deposits and withdrawals. Regular accounts are for cash management needs and you can not withdraw cash from this account. For special purposes including infrastructure construction, reconstruction, agency business, credit cards, you can go for a special account. If you are planning to start a temporary business in Hong Kong, it is better to go with a temporary account. You can receive inward electronic and draft remittances through this account.
2. Foreign currency accounts:
These types of account include capital account, basic account or settlement account, loan account and loan repayment account.
A capital account is for capital injection and you can do foreign currency operating transactions through settlement accounts. A loan account is for borrowing foreign currency from a bank in Hong Kong. For loan principal and interest repayment, you can use the service of a loan repayment account. The approval of State Administration of Foreign Exchange (SAFE) is needed to open a Foreign currency capital account and settlement account.
You can use bank accounts in Hong Kong outside this metropolis through the following ways.
i)Phone Banking Service/Internet Banking Service
Banks in Hong Kong such as HSBC and SCB provide this facility. You can use this service via internet for making balance enquires and cash transactions. HSBC offers an exception from monthly fee of HK$80, if your account maintains an average monthly balance of HK$50,000. In the case of SCB, it offers an exception from monthly fee of HK$150, if your account maintains an average daily balance of HK$50,000.
ii)ATM Card
You can use ATM cards to withdraw money from the bank account. Specific ATM machines are there to use named “Plus” for HSBC and “Cirrus” for SCB. There will be a charge for this service, if you are making the transaction outside Hong Kong.
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