What we do

Workaholic Group is a licensed trust or company service provider. We prepare and project-manage corporate bank account openings for Hong Kong companies and for groups operating across multiple jurisdictions.

We handle scoping, documentation, applications, interviews, and post-approval activation. We coordinate banks, payment institutions, legalisation, and logistics so your team can keep operating.

 

Pricing

• Advisory and starting fee: HKD 120,000
  Scoping, bank selection strategy, risk mapping, document list, preparation templates, interview prep, and application scheduling.

• Success fee: HKD 120,000 per successfully opened account
  Payable when an account is opened and usable for incoming and outgoing payments.

• Expenses: At cost
  Bank charges, notarisation/apostille, certified translations, couriers, KYC reports, travel, meeting rooms, and similar third-party costs. Pre-approved in writing.

No guarantees are given. Banks may decline or close accounts at their discretion.

 

Important constraints and risks

Banks operate under multiple legal and commercial pressures. Respect for these constraints is essential.

• EU and US regimes: Sanctions, export controls, AML/CFT rules, tax transparency (FATCA/CRS), and correspondent-banking risk shape decisions. Banks often adopt conservative “de-risking” policies even where a client is compliant.

• Mainland China considerations: Cross-border flows, capital controls, data and cybersecurity requirements, and sensitivities around sanctioned parties can affect onboarding and transaction monitoring for Hong Kong entities with Mainland nexus.

• Local regulators: Hong Kong’s risk-based AML/CFT expectations apply to all institutions, with enhanced due diligence for higher-risk geographies, industries, or structures.

• Commercial risk appetite: Each bank sets sector lists, geography exposure limits, turnover thresholds, and documentary standards. These move without public notice.

• In-person checks: Many banks require face-to-face meetings for directors and any shareholder with ≥25% interest. Exceptions are limited and conditional.

• Ongoing monitoring: Periodic reviews, evidence of real business activity, and explanations of counterparties are normal. Failure to satisfy reviews can lead to freezes or closures.

 

Where an account makes sense

• Operating companies with demonstrable customers, suppliers, and contracts

• Clear source of wealth and source of funds for owners and the group

• Simple control chains, or well-documented complex ones

• Sensible geography footprints that match the business model

• Clean compliance history and coherent tax posture

 

Typical documents

• Corporate: certificate of incorporation, articles, registers, business registration, ownership chart, group structure chart, board resolutions

• People: passports, proof of address, CVs, source-of-wealth files for UBOs and controllers

• Business: website, product description, invoices/POs/contracts, sample bank statements, office lease, key supplier/customer lists with jurisdictions and expected volumes

• Tax and reporting: FATCA/CRS forms, tax numbers where relevant

• Extras if needed: licences, IP assignments, distribution agreements, audited or management accounts, transfer-pricing documentation

 

Process

1. Scoping and risk mapping
   We assess activity, geographies, ownership, and timelines.

2. Bank and jurisdiction strategy
   Primary bank plus backups. Consider payment institutions for speed.

3. Document build
   We issue a tailored pack and templates. You populate; we review and gap-fill.

4. Applications and interviews
   We submit, schedule meetings, and prepare decision-makers.

5. Compliance follow-ups
   We respond to KYC/EDD queries and coordinate legalisations.

6. Approval and activation
   Account opening, channel setup, and first-payment tests.

7. Post-opening support
   Transaction narratives, monitoring playbooks, and review calendars.

Indicative timeframes vary widely by bank, sector, and client readiness.

 

Alternatives and backups

• Payment institutions / EMIs for faster onboarding and multi-currency IBANs

• Secondary accounts in alternate jurisdictions to diversify risk

• Collection accounts or escrow for specific use cases

• Cash management structures with tiered banks for operations vs. reserves

 

What “success” means

A “successful account” is opened in the entity’s name, with online banking live, and the account can send and receive funds in the agreed currencies within the bank’s stated limits.

 

Limits and expectations

• No introductions to sanctioned persons or prohibited activities

• No nominee arrangements that obscure control or ownership

• No assurances on specific banks or timeframes

• Banks may request further documents at any time or change terms

 

Frequently asked questions

Can you guarantee an account?
No. We improve readiness, documentation, and bank fit. Decisions remain with the bank.

Will EU or US rules affect a Hong Kong company?
Yes. Global banks follow EU/US sanctions and AML expectations through correspondent-banking and group policies. This affects onboarding and payments.

What if we have Mainland operations or owners?
Possible, but scrutiny increases. Expect detailed evidence of lawful flows, substance, and counterparties.

Who must attend bank meetings?
Usually all directors and any shareholder with 25% or more. Some banks may also require key controllers to attend.

How many banks should we apply to?
At least one primary and one backup. Diversification reduces continuity risk.

Which banks will you approach?
Selection depends on risk appetite, sector, and geography. We provide a shortlist during scoping.

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