Hong Kong is definitely well known for its banking infra-structure. There is no restriction for fund flow into or out of Hong Kong bank accounts. The identity of account holder and transaction information are also subject to very high standard of confidentiality. Comparing with some kind of offshore bank account available in certain country, the benefits include :
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.
In Hong Kong, the minimum bank account balance can be as low as HKD 3,000. Below which a monthly administrative service fee of around HKD 50 will be charged. However, minimum balance of most offshore bank accounts is around USD 5,000 and corresponding service fee is around USD 50. The difference in service fee is 7 times.
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.
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.
According to company's quorum stated in the Articles of Association, if there is only 1 director, such director must visit bank in person for business account opening meeting.
If there are more than one director, at least two director needs to attend meeting. Other shareholders, directors and bank operator shall verify their identity documents & signatures if not attend meeting in Hong Kong.
Different banks have different requirements for account opening. In general, business plan, address proof and passport copy are required and it will take approximately 7 – 10 working days.
For more information, please contact our Corporate Service Manager.