Banks to help with Qianhai company setup in HK

Shenzhen’s Market Supervision Administration announced that it has partnered with a number of Hong Kong and Shenzhen banks to launch a new service that will allow investors to conveniently register a new company in Shenzhen’s Qianhai district.

The so-called “Shenzhen-Hong Kong Easy Connect, Easy Registration”(深港通注册易) scheme will rely on Bank of China, ICBC, China Merchants Bank and Chong Hing Bank to provide company registration services, in addition to opening bank accounts. The service will not only save on travel time between Hong Kong and Shenzhen, but also make the process a lot easier for a Hong Kong resident who may not be familiar with procedures involved in cross-border investment.

The scheme will start in Shenzhen’s Qianhai Free Trade Zone, which is not far from the Shenzhen Bay bridge connecting to Hong Kong, and later expand to other districts.

Philip S.M Fung, deputy chief executive of Chong Hing Bank, said the new service has “taken down geographic barriers” while also setting an example to push forward increased connectivity among GBA cities while exploring new models for financial services development.