Many friends have asked: I want to buy a company with a company bank account. I need it urgently!
In fact, there is no such market.
When a new shareholder buy the company, the old shareholder exits the board of directors normally, and the bank's authorized signatory also needs to go to the bank to change to the new shareholder. But the bank's procedure is to re-examine the background of new shareholders/directors and conduct due diligence. The procedure is the same as opening a new account, it may take longer, so the conclusion is: it can't be rush.
Some people also say that banks now handle transactions online, and with electronic passwords, new shareholders can operate their bank accounts. This is true. But without notifying the bank to change the authorizer, and using the old shareholder's account and password to conduct transactions, the bank still treats the transaction as the old shareholder. Once problems arise in these transactions, such as serious crimes like money laundering, the old shareholders will be subject to serious criminal liability. So the conclusion is: absolutely don’t do it.
Some people even say that some shares could be transferred to new shareholders first, and then the old shareholders can withdraw after the new shareholders are added as authorized signatories. In fact, the situation is even worse, because it takes longer, and the new and old shareholders are also responsible for the actions of the other party. The conclusion is: more chaos
It is normal and necessary to need a bank account to do business and help handle funds. It may take some time to open a bank account through normal channels, but it is actually the shortest time and the safest way.
Our company has business cooperation with most banks in Hong Kong and can assist customers in handling banking relationships. If you have any banking needs, please feel free to contact us.
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