Offshore Banking Hong Kong
The benefits if offshore Banking In Hong Kong –
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:
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.