Hong Kong Company Registartion & WF Account

Opening a WF account can be easier than ever before when integrated with Hongda's Hong Kong company registration package. Start your business today!

Who is WF?

WF was established in 2004, aiming to help businesses overcome the complexities and high fees regarding cross-border transfers and international payments. In 2019, it became part of the Ant Group, who is famous for its digital payment platform, ‘Alipay’.

For startups and medium-sized business owners in Hong Kong, a WF international payment platform account might be an ideal choice, considering the complexities of opening a traditional international bank account in Hong Kong. However, either method has its own advantages.

What are the Differences between Traditional Bank Accounts and WF Accounts?

	WF Account	Traditional Bank Account
Processing Time	Shorter (within a few days)	Longer (several weeks or more)
Opening Method	Online verification	Offline in-person appointment
Account Maintenance Fees	Free	Charged when deposit is lower than the minimum requirement
Daily Compliance Requirements	Easier	Strict
Service Range	Mainly focuses on cross-border payments. Only trading business companies are accepted.	Provides comprehensive banking services like loans, credit cards, investments, etc.
Major Advantages	Can be directly used for payments on certain e-commerce platforms such as 1688. It is more suitable for trade payments in China with RMB settlement. Better suited for e-commerce businesses.	More suitable for physical goods trading businesses. Higher international recognition. Supports multiple currency settlements.
Account Opening Service Fees	Free (Included in the company registration package)	Required
Total Package Price	USD 980 Including company registration and account opening. Separate services are not available.	Case-based pricing The price may vary depending on the nature and business scope of your company

WF Account

Establishing a WF account for a Hong Kong company has significant advantages, especially for cross-border trading companies. The account opening process relies on an online platform, which is simple and convenient. The submission of materials is fast, and the review is efficient, allowing approval to be obtained within just a few days. The charging mechanism is clear and flexible. Diverse charging packages are designed according to different business types and transaction amounts, and some basic services are even free. In daily use, it supports real-time multi-currency exchange, enabling convenient online fund management and unrestricted cross-border receipts and payments, which is very suitable for cross-border e-commerce businesses. With the help of financial technology, it can also quickly respond to emerging businesses and customize fund solutions.

Traditional Hong Kong Bank Accounts

In comparison, traditional Hong Kong bank accounts have their own characteristics. The account opening procedures are cumbersome. A large number of paper documents need to be carried to the bank branches, and multiple rounds of manual review are required, which often takes several weeks or even months. The cost structure is complex. Besides annual fees and management fees, there are often high hidden costs in cross-border transfers and account maintenance. The convenience of use is poor. Limited by the business hours and operating procedures of bank branches, foreign currency exchange needs to be reserved in advance and handled at the branches, and the processing speed of cross-border payments is slow. However, with their strong financial strength and extensive branch networks, they adopt a stable style and excel in risk management, providing a guarantee for the capital transactions of large enterprises.

Hongda’s HK Company Registration and Bank Account Solution

Based on your actual requirements and conditions, Hongda will suggest the ideal business proposal to register your Hong Kong company and solve your international payment settlement problems. We believe there are no right or wrong solutions, only solutions that best fit our clients! We will engage in detailed discussions with you to understand your needs and recommend the optimal company registration and bank account opening solutions. Either our WF account package or traditional bank account package will surely help your business in Hong Kong.

Service Items		Company Registration with WF Account	Company Registration with Traditional Bank Account
Company Registration Stage	Pre-sales Consultation	Free discussion with clients for detailed proposals.
	Document Gathering	Clients prepare the documents required.
	Document Inspection	Examine the materials and documents.
	Application Submission	Submit the application to Hong Kong government for company registration and obtain the Certificate of Incorporation.
End of Company Registration Stage
Bank Account Opening Stage	Due Diligence	Not Required	Required
	Verification	Online verification	Offline in-person appointment
	Post-opening Management	Bank statement monitoring ……	Maintaining minimum balance Bank statement monitoring ……
End of Bank Account Opening Stage
Daily Operation and Compliance	Bookkeeping	Daily operational recording and financial management: Bookkeeping; Annual maintenance; Tax Returns; Company Auditing;
	Annual Maintenance
	Tax Return Reports

Which types of Hong Kong companies can apply for an WF account?

Generally, any legally registered and properly operating Hong Kong company, with a compliant business scope and no major legal violations, can apply for an WF account. Companies engaged in trade, e-commerce, services, and other regular commercial activities are eligible. However, for certain regulated industries, such as parts of the military, high-pollution industries, etc., there may be restrictions. It is recommended to consult WF’s official customer service before applying to confirm eligibility.

Do the documents submitted during the account opening process need to be notarized?

In most cases, routine documents such as the company registration certificate, business registration certificate, etc., do not require notarization. Clear and complete color scanned copies are typically sufficient. However, if the company documents have undergone changes, reissues, or if WallyPay's review team deems it necessary for risk management purposes, they may require certain documents to be notarized. The notary institution must be legally qualified, and it is generally recommended to choose a well-known local notary office in Hong Kong.

Which currencies can be transacted with an WF account?

WF accounts support transactions in multiple major currencies, including USD, EUR, GBP, JPY, HKD, RMB, and other common international currencies. This supports Hong Kong companies engaged in international trade and cross-border e-commerce, enabling them to handle currency exchanges efficiently and reduce exchange costs and risks when settling payments with global partners.

Are there any transfer limit restrictions on the account?

In the initial stage, WF will set a basic transfer limit for the account based on the documents submitted by the company, the estimated business scale, etc. For new account holders, the transfer limit is generally more conservative. As the company continues to use the account with a good transaction record and stable fund flows, they may apply to WF for an increase in the transfer limit. Once approved, higher limits will be granted to facilitate business expansion. However, different currencies and types of business (such as regular trade transfers, e-commerce platform receipts, etc.) may have different limit adjustment rules, which are subject to WF's official regulations.

Sound United is the leading designer and manufacturer of consumer audio products in the US. Sound United has been using Hongda since 2013. Moving one’s operation to China is not a small task. But Hongda’s expert services helped us set up a company and deal with tax issues so we could get on with growing our business in no time at all, and that’s why we continue to use them today.

Jack Peng

Asia Pacific Vice President | Sound United

Hong Kong Company Registartion & WF Account

Who is WF?

What are the Differences between Traditional Bank Accounts and WF Accounts?

WF Account

Traditional Hong Kong Bank Accounts

Hongda’s HK Company Registration and Bank Account Solution

Why Choose Hongda?

Quick Processing

No Success, No Charge

Tailored Services

Trackable Process

Frequently Asked Questions

Which types of Hong Kong companies can apply for an WF account?

Do the documents submitted during the account opening process need to be notarized?

Which currencies can be transacted with an WF account?

Are there any transfer limit restrictions on the account?

Still have a question? Get in touch today!

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