香港銀行

Opening an account with an overseas bank means a bank account opened by a bank other than the country. The client prefers to open an account in Hong Kong or
Singapore, and the account opening behavior is not controlled by the foreign exchange agency. For example, Taiwan OBU, China offshore accounts, Hong Kong, Singapore, and other regional banks opened accounts, this is called overseas bank account opening, also referred to as overseas account opening. Account opening in Hong Kong and Singapore should pay attention to local account opening conditions.

  • Registering an offshore company is not a difficult matter now. The focus is on the operation and use of the overseas company after registration, and whether it can meet the needs of the company or individual. After an overseas company registers, if there is no (overseas) bank account, it can be said to be ineffective, so it will open an account abroad, and the company’s overseas company bank account will choose the region’s overseas such as Hong Kong, Singapore, etc. Hong Kong as one of the world’s financial centers, it is the first choice for many multinational companies to invest and open bank accounts.
  • However, the examination of the documents about the current account is becoming more and more rigorous. Each bank has different requirements for the opening of the account and the required information. The person in charge of the enterprise often delays the time and has multiple trips because the required information is not fully prepared or is not familiar with the relevant account opening procedures. It is even listed as an object of refusal to open an account.
  1. Saving taxes;
    (Generally, an account is opened in an overseas bank, and the gift tax and inheritance tax can be waived)online banking has saved the cost of running the bank and has a high degree of security.
  2. Avoid risks and preserve value;
  3. Safe and high density;
    (Overseas bank accounts generally have no right to check and be protected by privacy laws.)
  4. Global smooth, convenient and fast;
  5. Reduce exchange losses, multiple currency choices.

Ⅱ. Hong Kong Business Banking Account

Hong Kong bank account is equivalent to an account opened in an overseas bank. After the establishment of an overseas company, an overseas company is required to open an account.
At present, many companies choose to open a commercial wealth management bank account in Hong Kong for capital operation. It increases the requirement of Hong Kong bank account opening. Hong Kong is one of the international financial centers in Asia. Not only are international financial institutions/big banks gathered here, but Hong Kong accounts for the following characteristics:

  1. No Tax Doubts:
    Foreign companies opening accounts in Hong Kong does not involve Hong Kong local tax laws and do not need to pay taxes.
  2. Foreign Exchange Is Not Regulated:
    The wealth management account opened in Hong Kong does not sell foreign exchange control/ freedom of funds transfer.
  3. Customer Data Confidentiality:
    Opening an account in Hong Kong, the confidentiality of customer information is high unless illegal activities are involved.
  4. International Banking / Financial Institutions:
    Hong Kong is one of the international financial centers, major financial institutions / international banks such as HSBC, Citibank, Standard Chartered Bank, etc., and major Taiwan-funded banks also have branches here. Attracting many multinational companies to open accounts in Hong Kong.

As one of the primary choices for the capital and finance of major international companies, the requirements for opening an account in Hong Kong are more stringent, the conditions for review are relatively strict, and the threshold is high. If you want to open an account in Hong Kong, it is recommended to ask an experienced secretarial company first. Providing assistance to open an account in Hong Kong can increase the chances of passing the review.

Ⅲ. Top banks in Hong Kong

  • Major local banks

DBS Bank

DBS Bank (Hong Kong) Limited is a licensed bank incorporated in Hong Kong. It is a subsidiary of DBS Bank headquartered in Singapore and it is also the seventh-largest bank in Hong Kong by total assets.

HSBC Bank

HSBC is a wholly owned subsidiary of HSBC, the largest bank in Hong Kong, and operates branches and offices throughout the Indo-Pacific region, and in other countries around the world.

Standard Chartered

Standard Chartered Bank established its first branch in Shanghai in 1858. It is an old British investment bank. Hong Kong is the largest of the Standard Chartered Group Market.

Hang Seng Bank

It is a Hong Kong commercial bank founded on March 3, 1933. It provides diversified banking and account opening services. It was once one of the major Chinese banks in Hong Kong and became a member of the HSBC Group after 1965. In addition, Hang Seng Bank is also expanding branches in Hong Kong and China to establish a wider network.

OCBC Wing Hang Bank

Formerly Wing Hang Bank Limited, it is a licensed bank in Hong Kong. In terms of total assets, it is the eighth largest bank in Hong Kong. In July 2014, Wing Hang Bank became a subsidiary of OCBC Bank of China in Singapore. OCBC Wing Hang Bank is the second largest financial service institution in Southeast Asia in terms of assets.

Citibank

Citibank came to Shanghai, China in 1902 and opened its first branch. It was also the first overseas branch operated by Citibank in Asia. Now, Citibank has become one of the largest foreign banks in China, providing a wide range of financial products and services to the widest customer base.

BEA Bank

Founded in 1918 and registered in Hong Kong, the company is a leading Hong Kong financial services group that provides customers with innovative and value-added banking services and is one of the largest foreign banks in the Mainland. The Bank of East Asia is a leading Hong Kong financial services group.

Ⅳ. Opening an overseas Hong Kong bank account-Q&A | INTER AREA

A:When opening an account in a Hong Kong bank, all directors must be present to sign in person.

A: Generally, it will take 1-2 months to obtain a bank account after the data is ready.

  1. Companies should avoid setting up in countries where banks refuse to open accounts.
  2. Account opening in Hong Kong will be based on different bank requirements. Banks may require information on shareholder members in the company’s structure. And must be verified by an international practicing accountant or lawyer. Establish a detailed customer information file. According to the actual situation and structure of the customer, the information required by the bank will be different.

A: The account opening review in Hong Kong is very rigorous. In addition to the need to make an appointment with the bank in advance, all the information that needs to be prepared should also be confirmed in advance. It would be better if you can referral to a familiar bank staff or agency, which will save communication with the bank. time. What is the purpose of opening an account at the same time? Is it for investment and financial management? Or international trade? This is also one of the key points that banks need to understand KCY during review. Bank regulations will also change from time to time. It is recommended to consult friends or professional consulting companies who have practical account opening experience to avoid unjustified ways.

A: Yes. You can choose to open an account in different banks in Hong Kong.

A: When the bank account information needs to be changed, the new director or shareholder needs to go to the bank to handle it in person. The required documents are:

  1. Directors’ register, this register needs to be certified by an accountant.
  2. Proof of residential address within three months.
  3. passport.
  4. First-level agent certificate.

Overseas Bank Account

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Taiwan Bank
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