- Announcement on matters related to pre-tax deduction of advertising expenses and business promotion expenses
- China no longer classifies foreign-funded enterprises according to Sino-foreign joint ventures and cooperation
- Guangzhou implements a convenient plan for free customs clearance of trade in the Greater Bay Area
Overseas Bank Account Introduction
- Currently, registered an oversea company is not difficult, the point is after registration, the operation and purpose are in line with business or personal needs? If an oversea company is not opened an oversea bank account can be said to exist in name only. The country of opening oversea bank account for oversea company such us HK, Singapore, etc. In 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. At present, audit the documents of open an account in HK or other oversea bank account is more rigorous. Each bank has different requirements for opening an account and the required information.
The representative of an enterprise often fails to complete the required opening procedure because of the lack of the required information or is not familiar with the procedure of opening an account.
- Inter-Area has years of experience, we can service for clients not only oversea registration and open the oversea bank account (ex: open account in Taiwan, Singapore, Hong Kong, Philippines, etc.). Inter-Area has professional personnel, familiar with the oversea company and oversea company’s account opening affairs, accompany clients to open accounts. We service from planning, registration, actual operation cases and related considerations and the latest information, provide clients with the most complete, quick and reassuring service. The focus is on the background and purpose of customer practice investment, and different products and services produce new experiences that determine the value of the future.
I.The functions of opening an oversea bank account
- Tax savings.(Generally, opening an oversea bank account, gift tax and estate tax can be exempted)
- Hedge and maintain value.
- Safety and high secrecy.(Generally, no right to examine the oversea bank account or be protected by private law)
- Unimpeded, convenient, fast.Unimpeded, convenient, fast.
- Multiple currency options to reduce exchange losses.
II.Basic documents of oversea bank account opening
- Company registration certificate.
(if it is a Hong Kong company, provide a business license).
- Organization Memorandum and Rules.
- Certificate of incumbency, or proof of good reputation.
(if the company is established more than 12 months).
- Company structure diagram.
- Director’s valid documents.
- Business certification documents.
- The documents and conditions required by each bank are different and often change .The actual information must be determined by the currentbank requirements.
III.Process of opening an overseas bank account
- Account opening document preparation
(Company documents/certificates/business information…)
- Submit information for bank pre-audit.
- Make an appointment to open an account and be there for the guarantee.
- Obtain an account number and open a bank account.
IV.Introduction of National Banks
Generally, when opening a bank account overseas, most people will choose Singapore, Hong Kong or Taiwan. The following briefly introduces the key points about opening bank accounts in Singapore, Hong Kong and Taiwan.
- Open a business account in Singapore
Singapore is the third finance center in the world, surpassed only London and New York. As a result, Singapore’s financial system is intact and internationally renowned, all of the large-scale banks are established the branch in Singapore. When attracting many multinational companies to choose an overseas company to open an account, they will open an account in Singapore and conduct financial/capital operation. And also because of the Singapore bank account funds account for free, the Bank of Singapore (KYC), in addition to the stringent requirements of the responsible person must personally to the scene on the outside, the bank account for different conditions and the basic deposit are also different, if you plan to Singapore to open an account, be sure to first Singapore bank and local threshold to confirm the clear data, or seek experienced service agency to assist, not because of unclear bank account and not a requirement, not only a waste of time and money, so the company funds more delayed operation time.
- Open a business account in Hong Kong
HK bank account equivalent to an account opened at an overseas bank. It must to open an oversea account after established the oversea company, currently, lots of enterprises choose to open a business finance account in HK to do the capital operation. HK is one of the international financial Center, all of the financial institutions and large-scale banks have established the branch in HK such as HSBC, Citibank, Standard Chartered, etc. Attract to transnational enterprise open account in HK. Therefore, opening an account in HK is more rigorous, conditions are relatively strict, we recommend consulting with experienced agency and provide clients to open accounts, it can increase the probability of approval.
- Taiwan OBU Account
OBU (OFFSHORE BANKING UNIT) is an abbreviation for branches of international financial business. OBU is often referred to as “offshore companies”, and correctly speaking, “OBU” refers to an account opened by an overseas company in Taiwan, the government separated with the local financial system, foreign currency transactions to brokers, overseas customers as the trading object, give tax relief or exemption, financial regulation and other preferential conditions, to attract international financial industry to engage in the financial business. In opening bank accounts overseas in Hong Kong and Singapore, banks will provide documents in accordance with the actual situation of the client company. Therefore, the documents required to open accounts in overseas banks in Hong Kong and Singapore and the bank account opening process are extremely important. Inter Area has professional and valuable experience in providing and assisting customers to open overseas bank accounts in Hong Kong and Singapore.
- As the rigor and complexity of the financial market system grows, we will continue to strengthen its execution and integration. At the same time, the accelerated accumulation of practical experience has strengthened our ability to deal with the imbalanced challenges of economic recovery in the coming year. We will continue to improve its processes, and increasingly use resource integration to improve the effectiveness and efficiency of customer service. Healthy competition is very conducive to stimulating motivation, but the focus should always be on achieving goals, especially at this fluctuating time point. We should all be more focused to respond to the latest environment and operating mode to ensure that the company can operate reliably. To avoid unnecessary time and money costs.