Can I really open a current account without visiting Hong Kong? Yes! You might wonder how this works, what documents you need and how we are able to do this, while the traditional banks can take months to approve your application. In this post we will answer some of the most important questions about the Neat Business application process.
Who can sign up for Neat Business?
Do I need to visit Hong Kong?
No, our signup is fully digital.
How does the process work?
We ask you to fill out our signup form, which mainly consists of questions about your business. For example, we ask you to explain what you do, what type of customers you have and what payment methods you accept.
Why do I need to answer questions about my business?
We need to get a better understanding of your business to make sure your business meets our compliance requirements. We need to conduct due diligence to make sure we do not onboard any businesses engaged in for example money laundering or other illegal activities.
How long does it take to sign up?
While we need to stay compliant, we do aim to make our signup as easy as possible and it only takes around 15 minutes to fill out all questions. It then takes a few days for our team to verify your business and open an account.
What documents do I need to provide to sign up?
In the form we ask you to submit your Business Registration Certificate and passport of the directors and shareholders.
We do not ask for any other company documents, such as annual return or certificate of incorporation as we download these documents directly from the companies registry. This makes it easier for you as well as more secure for us, as we can be sure that the documents are legitimate.
Is this legal?
Of course! Our patented, digital onboarding process is fully compliant with Hong Kong law. We have also won a Hong Kong ICT award, awarded by the Hong Kong government in 2017. While we aim to make it seamless for the customer, there are many checks happening behind the scenes.
If Neat can do this, why can’t traditional banks?
There are several reasons why it’s become hard for startups and new companies to open a traditional corporate bank account, you can read more here.
One of the most important reasons why we are able to offer an alternative and serve startups is because we have built our systems from scratch, which means that we were able to use the latest tools. Banks, on the other hand, can't change their existing systems easily. We have been able to automate and digitize a large part of our KYC (Know Your Customer) process and have therefore been able to vastly reduce the costs of our compliance process. This makes it possible for us to onboard new companies, in a matter of days.
Ready to sign up for Neat Business? Sign up now.