Since the compliance tsunami swept across Hong Kong in 2012, banks have an itchy trigger finger, and when they shoot, they tend to go beyond your company business account and take aim at your personal account as well. The number of times I have had panic calls from businessmen whose bank account was closed with only one month notice, and opening a new business account is not a walk in the park, every bank having its own individual policy, method, and timeline.
The first thing we do in this situation is investigate the company to see if the bank were right to pull the trigger. Assuming the company in question passes all our checks, we start examining reasons why the bank decided to cut their ties and educate the company on how to handle themselves better in the future. As this is going on we ascertain the urgency at which a new bank account is needed along with their particular situation. Based on this we advise how best to handle their affairs and open a new bank account with minimum disruption to their business.
Be it a jeweler preparing for the jewellery fair, to a trader preparing for Christmas sales, loosing your bank account at the wrong time can really hurt your business. On top of that, if you hold a personal bank account at the same bank the situation might spill over and the bank might cut their ties with you completely. We have advised many people, and all we can say is always open more than one business and personal bank account at different banks, and do not put all of your eggs in one basket.