A favorable political climate, a developed economy, a convenient location, a stable banking system; all these and other advantages attracts entrepreneurs from all over the world to Hong Kong. As before, today opening Hong Kong bank account is of particular interest among businessmen. A bank account in Hong Kong enhances the company’s prestige, has a positive effect on building strong relationships with customers and suppliers in the local market, and is also an excellent tool for entering international markets. In addition to all this, Hong Kong banks are known for providing advanced financial instruments such as trade finance and transferable letters of credit.
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Why open bank account in Hong Kong
Let’s consider the key factors making Hong Kong so popular among international businessmen:
- Geographic location.
- Unique culture.
- Loyal taxation.
- Wide opportunities.
- Hong Kong bank account reliability.
Hong Kong ranks 6th in the Global Competitiveness Report 2017–2018. This study is conducted by the World Economic Forum, which defines national competitiveness as the ability of the state and its institutions to ensure stable economic growth. According to the authors of the study, countries with a high indicator of competitiveness provide the highest level of well-being of their citizens.
You need to know that starting in 2015, it is impossible to open bank account in Hong Kong online. Nowadays, even with a personal visit to Hong Kong to open an account, having an EU passport, residence permit, or passport of the countries of the British Commonwealth, for a higher probability of a positive result, it is better to use the services of specialists. You can contact our financial and legal experts on the website to get more details regarding the required documents and the whole procedure of opening a business bank account in Hong Kong.
Typically classic offshore companies required to provide the following corporate documents:
- Copy of Certificate of Incorporation.
- A copy of the Appointment of First Directors and Secretary.
- Subsequent resolutions on the change of director and secretary (if any) (Amending resolution).
- Certificate of Beneficiary issued by a registered agent (Certificate of Incumbency (COI)). Instead of this document, you can provide a Director’s Declaration (DSD).
- Letter from an audit/law firm from the EU / FATF member countries or similar jurisdiction (Certification Letter) confirming relevance.
Benefits of Hong Kong offshore bank account
The reliability of funds placed in offshore bank account Hong Kong is guaranteed by Hong Kong’s compliance with international law, as well as its high level of financial legislation. Due to the high security of funds and other capital placed in Hong Kong banks, as well as their inviolability, they have established themselves both in the financial world of Asia and the rest of the world.
Hong Kong simple tax code and relatively low taxation make it one of the most business-friendly environments in the global business world.Atrium Business Solutions
Bank accounts for non residents
Hong Kong banks offer to open multicurrency accounts having 10 popular currencies, including Chinese Yuan. By the way, operations in RMB are not limited in quantity or amount. This will significantly simplify trade relations with Chinese suppliers. Secondly, there is no currency control in Hong Kong, that is, you can receive any amount from where you want and send them wherever you want. Thirdly, bank account Hong Kong non resident provides very convenient account management including Internet and telephone banking. And bank transfers are carried out very quickly, which is convenient when conducting a large number of transactions.
How to open bank account in Hong Kong
Foreign companies seeking to open bank account in Hong Kong ought to provide proof of business. For example, a license to conduct business, an audit financial report, copies of letters of credit, invoices, contracts, and more. To confirm the business of a new company, for which a bank account is opened, most often documents confirming the business of another company affiliated with the new company should be submitted. In this case, documents are needed to confirm the existence of communication between these enterprises. These may be general shareholders, directors, or owners. Originals not in Chinese or English must be accompanied by an officially certified translation. It is advisable that the business has a website or business plan showing the connection of the business with Hong Kong, China, Southeast Asia.
Types of bank accounts you can open in Hong Kong
Hong Kong banks will be happy with the decision of future customers to place savings with them. As elsewhere, the banking rules and conditions of one of the three leading financial centers in the world have their own characteristics. Depending on the goals and intentions of a future customer bank, representatives will inform whether it’s better to open a personal or corporate account. Therefore, the banking system of Hong Kong is thought to be one of the best, and most importantly reliable in the world.