Offshore Banking Hong Kong

The benefits if offshore Banking In Hong Kong –

3. An offshore company with a Hong Kong bank account will find ease and comfort in doing business in the greater Asia markets.
4. Hong Kong, considered one of the world’s largest international banking centers, has over 200 licensed banking entities, of which 40% are representatives of foreign banks, offering offshore banking services.
5. Under law, all Hong Kong offshore banks are required to maintain a paid in capital representing billions of dollars, which means investments held in Hong Kong Offshore banks are protected and secure.
6. Hong Kong is unique in that it is NOT considered an offshore tax haven by the Organization for Economic Co-operation and Development (OECD), and by this it is considered to be a legitimate international financial center.
7. HK has not signed any information exchange treaties with anyone. There is a double tax agreement with Belgium and Thailand only.
8. Hong Kong is a no-tax jurisdiction. It should come as no surprise then that many wealthy clients or investors who need offshore banking service in greater Asia choose Hong Kong for their offshore banking needs. Hong Kong offshore banking sector is well regulated and has a long history of solid high performance banking. The Hong Kong Banking Ordinance provides the official framework for banking supervision in Hong Kong, in which the principal function of the Hong Kong Monetary Authority HKMA is to "promote the general stability and effective working of the banking system."

Hong Kong offshore banks must maintain strict 'know your client' procedures specifically to ensure the capital sources are legal. As a result of the KYC process it is sometimes more complicated for international offshore companies to open Hong Kong offshore bank account, but a task made easier through the use of experienced offshore service providers.

Typically, the client information often requested in order to open a Hong Kong offshore bank account in Hong Kong includes:

• A detailed business plan containing business information, nature of business and products and services of the business.
• contracts and invoices generated by and for the newly incorporated company to support application
• proof of address for each of the bank signatories (in English)
• passport copies of bank signatories
• A bank reference letter for the bank signatories

The process to open on offshore bank account in Hong Kong takes approximately four to six weeks to fully set up. The individuals applying for Hong Kong bank account do not need to visit Hong Kong in order to set up an offshore bank account. Hong Kong Offshore banking is secure and the confidentiality laws have been upheld for as long as offshore banking has existed in this top notch financial center. The initial deposit for a Hong Kong offshore bank account is a mere US 2000.

HK banking system operates on a three tier deposit system. Licensed banks, restricted license banks and deposit taking companies. These are the only Hong Kong entities through which legal Hong Kong banking activity can be conducted.

Licensed banks can operate current and savings accounts, and accept deposits of any size and maturity. Restricted license banks (RLB) principally engage in merchant banking and capital market activities and may take in deposits of HK$500,000 and more.

Deposit-taking companies are mostly owned by or otherwise associated with, banks and engage in a range of specialized activities, including consumer finance and securities business. Deposit taking companies (DTC) are permitted to take in deposits if a minimum HK100k and maturity must be three months or longer.

Overseas banks which do not qualify for full licensed for bank operations easily facilitate specific banking needs through the RLB and DTC. These two entities permit banking for whole sale and investment banking business.

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