Opening a Bank Account in Hong Kong: An Overview It is undeniable that Hong Kong is close to the pinnacle of global business banking due to having numerous reputable institutions to its name. However the entry, especially for foreigners, can be quite hard owing to the strict screening protocols and requirements for signatory presence. Thus, being equipped with adequate knowledge is crucial for opening a bank account started in this country. Undoubtedly Hong Kong is among the world’s most reputed jurisdictions for its image as an international financial mecca. In particular, its extensive network of banks and effectively transparent regulations are remarkable points.As per the reports by HKMA, this destination has more than seventy of the largest hundred banks across the world, with nearly thirty multinational banks that have established their regional headquarters in Hong Kong. Due to this, Hong Kong has become one of the top picks for offshore banking jurisdictions for non-residents. Advantages of opening a bank account in Hong Kong Various advantages of opening a bank account in Hong Kong are Anonymity and security Opening an offshore account in Hong Kong can guarantee to ensure anonymity as the financial information of the account holder will be kept confidential and anonymous, thereby protecting them from various frivolous lawsuits. The facility of Remotely Opening the Account The banks of Hong Kong provide the facility for opening an offshore account without having to visit the banks personally, i.e. remotely. Everything can be done online straight, from the submission of all the documentation to the verification of the same. The wide range of financial services Hong Kong is a financial centre providing a wide range of financial services designed for catering to the different needs of individuals or corporations like internet banking, letter of credit, checking accounts, debit and credit, wealth management systems, etc. Well Regulated Banks Banks in Hong Kong are well-regulated and have the latest technology. The place is well equipped for any kind of financial service needs the entrepreneur will ever require. A High Concentration of Expertise Hong Kong is populated with millionaires, and with it comes the need to manage all their money, so the place has one of the highest concentrations of well-competent and qualified financial managers and advisors. So, you can rest assured that the money of the account holder is well taken care of. Lower Minimum Bank Balance: The offshore account balance in Hong Kong can be as low as 5000 HKD. Below which, an administrative charge of around 50 USD will be charged. Ease of Operating An offshore account in Hong Kong will prove to be very convenient and helpful when doing business in Asian markets, along with no restriction on fund inflow or outflow of Hong Kong bank accounts. No Tax for Account Holders One of the primary reasons that most of the wealthy clients or investors intending to opt for need offshore banking services choose Hong Kong are due to the absence of any tax being imposed on the account holders. Long History of Performance Hong Kong is well regulated and has a long solid history of best performance with regards to handling the financial assets of the account holders. Documents Needed for Opening a Bank Account in Hong Kong The below mentioned documents are needed for opening a bank account in Hong Kong. The official ID, such as a passport or an HK ID card; Address proof, such as a bank statement, a utility bill or a mobile phone bill (less than 3 months old), In the absence of a Hong Kong address, address proof of the entrepreneur’s home country A valid visa. Documents regarding the directors and shareholders - such as passports or HK ID cards. In the absence of a valid HK ID card, the entrepreneur may still be able to file an application for a business account with a multi-national bank. BOD's resolution approving the opening of the account and giving one person the authority for handling the application with the bank Official company documents, such as a company registration certificate, AOA and/or certificate of incorporation A business plan enumerating the nature of the business and highlighting the projections for expenses and revenues for the subsequent 12 months. Procedure to Open a Bank Account in Hong Kong The procedure to open a bank account is discussed below - Choose a bank There are numerous banks in Hong Kong; therefore, it is essential for the entrepreneur to carry out thorough research to find the right one for his business. Some banks specialise in certain types of clients or offer particular services. It may be useful to contact several banks to compare services and costs. Arrangement of the Necessary Documents The requisite documents for opening a bank account in Hong Kong may differ between banks. However, the entrepreneur must make the arrangement of the basic documents discussed above. Fill in an Application to open an Account. The entrepreneur must fill out the application in the prescribed manner and ensure to provide all the required information along with carefully going through the terms and conditions. Deposit the Funds Such banks often require a minimum management deposit to open a bank account for foreign companies. The amount of this deposit shall vary between banks and the risk of the business activity. The entrepreneur must ensure to check the deposit requirements with the chosen bank before depositing funds. Submitting the Requisite Documents The entrepreneur must provide documents such as the COI AOA, personal identification documents, bank references, a business plan and an organisational chart of the structure down to the final beneficial owners. Document requirements can vary from bank to bank, so the entrepreneur mustknow the requisite documents for opening a bank account in this destination Bank’s Approval After submitting all the required documents and depositing the necessary funds, the entrepreneur must wait for the bank’s approval for opening the account. The waiting time may vary depending on the bank, but it may take several days or even weeks. Be prepared to be asked questions about the company’s activity, the names of the customers, the names of your suppliers, the number of incoming and outgoing transactions, and the funds' source of funds. Accessthebank account: Subsequent to the opening of a bank account in Hong Kong, the entrepreneur will have access to his account online, via a mobile application or in person at the bank. He shall be able to make transactions and view his balances and transaction history, followed by performing other routine banking operations.