Hong Kong offshore banking strategies are popular due to Hong Kongs excellent reputation as a financial and banking centre. The procedure of opening a bank account in Hong Kong is quick and straightforward. The main features of offshore banking in Hong Kong include:
Unique Geographic Advantage
Hong Kong is situated at the south-eastern tip of the mainland of China. A total area of just under 1,100 square kilometers covers Hong Kong Island, Kowloon and the New Territories and Islands. Its population is around 6.8 million.Being both the gateway to South China and the sea-routes nexus of Asia and the world, Hong Kong enjoys its unique geographic advantage. As an international finance and business center, Hong Kong has been elected as the freest trade district for consecutive ten years, by Forbes. Against the backdrop of economic globalization, Hong Kong has become the springboard for Chinese investors to the outside world.
Freedom of Business Environment
Hong Kong is famous for its open economy system and it is one of the world’s premiere financial centers. Its freedom of capital movement, sound legal system, efficient transportation system, state-of-art telecommunication backbones and the wide use of English in business have contributed to its success.
A bank account in Hong Kong is secured: customers are protected by the deposit protection scheme, each depositor is entitled to compensation up to HKD 500,000 in case of bank failure.
Hong Kong is home for 154 licensed banks but basically it’s a handful of banks which is accepting nonresident account openings.
Opening a bank account in Hong Kong was fast and easy, it isn’t the case anymore as a vast majority of banks is asking for many documents and explanation about the business activities.
Your Hong Kong bank account will be multi-currencies, offering excellent internet service and, depending on the selected bank, will have ATM card with access on 350’000 ATM’s worldwide and possibly credit card.
A Hong Kong bank account isn’t linked to any government body and as Hong Kong didn’t signed the OECD automatic data exchange program your privacy is insured.
The bank compliance is serious and you will have to disclose why you decided to open a company in Hong Kong and provide proofs of residence as well origin of funds.
We are specialised in bank account opening assistance in Hong Kong, to open your account you will have to come and meet with the bank in person, we will prepare a full file of explanation and documents for the bank compliance. Our service is by far more detailed and efficient than our competition, our success rate is 100% !
The bank choice depends on the customer profile, we don’t publish our bank selection as an elementary security precaution, we also offer bank introduction services (bank account opening assistance) in various countries with a clear accent on Mauritius as they do accept, at distance bank account opening, without meeting with the clients.
The lead time for a bank account opening in Hong Kong is around a week, some bank are giving you the account number and the ATM card immediately, some not, this again depend on the bank selection but also on the customer profile.
Hong Kong is definitely well known for its banking infrastructure. There is no restriction for fund flow into or out of Hong Kong bank accounts. The identity of account holder and transaction information is also subject to very high standard of confidentiality. Comparing with some kind of offshore bank account available in certain country, the benefits include:
• No risk of service being terminated – banks offering offshore bank account service may not have formal approval from local government.
• Clear location of bank account – the accounts are opened in Hong Kong. But some offshore bank accounts are in cities, such as Shenzhen or small offshore islands. Client may never have the opportunity to visit the bank.
• Cash deposit and withdrawal is possible – client may deposit and withdraw fund by cash or by transfer via any Hong Kong branch office of banks. However, for most offshore bank accounts, only wire transfer is acceptable.
• Available to all nationality – in China, foreign banks offer service of offshore banking for foreigners and foreign companies (such as a Hong Kong company), however, in case of a company, banks request that majority of the shareholders are foreigners.
Therefore, most clients are willing to open bank accounts in Hong Kong where he can visit and carry out transaction.
An offshore account in Hong Kong takes approximately four to six weeks to fully set up. It takes two weeks to prepare a complete account opening application and another two weeks for the bank to review and approve the application as well as provide all necessary details such as i) corporate bank account number ii) ATM card iii) cheque book iv) Internet banking PIN numbers and v) the Internet banking security device.
How to open a bank account in Hong Kong is one of the most frequently asked question to our team, banks in Hong Kong have implemented very strict KYC / compliance process and the rather inquisitive approach see few clients being denied of bank account opening.
We integrated the bank introduction services in our packages, for clients with existing companies we render these services for additional charges.
We are working with 5 banks in Hong Kong and four others offshore.
ElegantInvest will assist you to open your company bank account in Hong Kong, usually you bank accounts will have the below advantages:
. Multi-currencies, you can receive / transfer and keep the following currencies: Euros, USD, Swiss Francs, RMB etc.. the top ten major currencies are available
. Very secure internet banking, easy to use with an electronic key, real time transfers
. Phone banking with pin, English speaking team
. Business debit card / ATM
. Visa credit card on inquiry
. HKD cheques book
To open your bank account you are obliged to come to Hong Kong and meet with a bank representative, all parties saying differently are wrong, ElegantInvest will not mislead you, so to be safe you have to open your company before traveling to Hong Kong.
Depending on the selected bank you will have to meet with them at our associated office or at one of their Small and Medium Enterprises centers.