Recently, Hong Kong brokerages have implemented significant adjustments to their account opening policies. Firms such as Futu Securities, Tiger Brokers, Longbridge Securities, Valuable Capital, Hafoo Securities, Winbull Securities, Tianfeng Securities, Zurich Securities, Zinvest Global, and others have stopped opening new accounts for existing users based in mainland China. This means that existing mainland users can no longer open new accounts by providing proof of their existing status. Mainland users who wish to open an account must now apply using their overseas residency or employment status. This change is primarily to comply with regulatory requirements and mitigate compliance risks associated with cross-border capital flows. Below is detailed information on the overseas employment or residency proof required under the new account opening criteria.

I. What is Overseas Employment or Residency Proof?

Overseas employment or residency proof consists of documentation used to verify that a mainland resident has genuine work or residential status abroad. During the Hong Kong brokerage account opening process, it serves as crucial evidence to confirm the applicant's identity and actual place of residence, helping brokerages adhere to regulatory mandates and ensure compliance for cross-border transactions. By examining these proof documents, brokerages can verify whether applicants meet the account opening conditions, thus reducing potential risks.

II. Common Types of Overseas Employment or Residency Proof

Documents commonly used as proof of overseas employment or residence fall into the following categories:

Financial Documents

• Electronic Statements / Notices: Examples include electronic bank statements or credit card e-statements, which must clearly display the applicant's name, overseas address, issue date, and the issuing institution's name.
• Credit Card Statements: These reflect the applicant's overseas spending habits and residential address, making them one of the most frequently used proof documents.
• Pay Slips: Must show bank transaction records from an overseas company paying the salary, clearly indicating that the applicant's income originates from overseas.

Residential Documents

• Utility Bills: Including water, electricity, and gas bills. These documents serve as proof of the applicant's overseas residential address.

• Telephone Bills: Mobile phone bills or landline telephone bills containing the applicant's name and address.

• Overseas Rental Agreement: A lease contract specifies the applicant's overseas residence location and lease duration.

• Overseas Property Ownership Proof: Such as property deeds (e.g., Hong Kong Title Deed), serving as proof of residence ownership abroad.

Official & Other Documents

• Insurance Policies: Whether life insurance, property insurance, or other types purchased overseas, these policies can serve as proof if they meet the documentation requirements.

• Tax Returns or Documents Issued by Government Agencies: Tax documents issued by overseas tax authorities can verify the applicant's economic activity and residency status abroad.
• Hong Kong Driving License or Driving Licenses from Other Countries/Regions: The address information on a valid driving license serves as evidence of overseas residence.
• Hong Kong/Macau Exit-Entry Permit Showing Valid Residence Endorsement: An endorsement indicating lawful residence in Hong Kong or Macau for the required period can also serve as proof of overseas status.
• Labor Contracts: Employment or service contracts signed with overseas companies prove the applicant's work identity and location abroad.
• Employment Verification Letter (Employment Certificate): A document issued by the overseas employer confirming the applicant's job position, title, work location, and other details.

Important: All proof documents must be issued within the last three months, clearly display the applicant's Chinese or English name, overseas address, issue date, and the issuing institution's full name. Only image file formats are supported.

III. What Documents Cannot Serve as Overseas Work or Life Proof?

When preparing proof documents, note the following types are generally unacceptable:

• Non-Specified Document Types: Such as courier receipts, purchase receipts, etc., unless they fall under one of the accepted proof categories listed above.
• Documents Older Than Three Months: Proof documents must be issued within the last three months to reflect the applicant's current status; older documents are not accepted.
• Incomplete or Illegible Documents: Incomplete computer or mobile screenshots lacking key details (name, address, date); blurry documents where content is hard to discern; low-resolution images. These are not valid proof.
• Documents Unrelated to Overseas Work/Residence: For example, domestic transaction records or call logs without an overseas address do not demonstrate overseas work or residency status.

IV. Requirements for Valid Overseas Employment or Residency Proof

Valid overseas employment or residency proof must typically meet the following conditions:

• Complete and Accurate Information: The document must clearly show the applicant's name, overseas address, unambiguous issue date, and the issuing institution's full name. All information must be truthful, accurate, and complete.
• Meets Time Requirement: The document must be issued within the last three months to ensure it reflects the applicant's current overseas work or residence situation.
• From a Reliable Source: Documents must originate from credible institutions such as financial entities, government departments, or established businesses to ensure trustworthiness and validity.

In summary, mainland users seeking to open accounts with Hong Kong brokers must prepare the required overseas employment or residency proof documents according to the new requirements to successfully complete the application process. Moreover, ensure the proof provided is authentic and compliant to avoid legal risks arising from submitting false information.