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.
In general, at least 1-director is responsible to visit bank in person for business account opening. Under normal circumstances, the formality for opening a bank account can be completed on the same day, so-called “Pre-opening”, with concrete business proof and plan for bankers to provide such pre-opening service; otherwise it will take approximately 7 – 10 working days (cases varied).
For more information, please contact our Corporate Service Manager.
AsiaBusiness, corporate services partner with Hong Kong HSBC, received Valuable Business Partner Award in 2008 and Business Advisor Award 2009, 2010, 2011 and 2012.
Hong Kong's most proactive local and foreign companies setp upstage to be honoured with the Hong Kong's Most Valuable Companies Trophy of Excellence. Thanks again for the nomination from Mediazone Group 2014.