Well-found banking facilities: Internet banking for multi-currency account.
Hong Kong is definitely well known for its banking infra-structure. There is no restriction for fund flow into or out of Hong Kong bank accounts. The identity of account holder and transaction information are also subject to very high standard of confidentiality. Comparing with some kind of offshore bank account available in certain country, the benefits include :
The accounts are opened in Hong Kong. But some offshore bank accounts are in cities, such as Shenzhen or small offshore islands. Client may never have the opportunity to visit the bank.
In Hong Kong, the minimum bank account balance can be as low as HKD 3,000. Below which a monthly administrative service fee of around HKD 50 will be charged. However, minimum balance of most offshore bank accounts is around USD 5,000 and corresponding service fee is around USD 50. The difference in service fee is 7 times.
Client may deposit and withdraw fund by cash or by transfer via any Hong Kong branch office of banks. However, for most offshore bank accounts, only wire transfer is acceptable.
In China, foreign banks offer service of offshore banking for foreigners and foreign companies (such as a Hong Kong company), however, in case of a company, banks request that majority of the shareholders are foreigners.
For bank account application in Hong Kong, all sharesholders / ultimate beneficial owners who hold 10% or more voting rights, directors and account authorized signers needs to attend meeting in Hong Kong.
From our experience, we would recommend all sharesholders / ultimate beneficial owners, directors and bank authorized signers to attend the meeting altogether to minimize complication for the account opening and assessment process.
We would recommend to arrange an appointment at least 1 month in advance with the banker as the appointment schedule are usually quite full.
Different banks have different requirements for account opening. In general:
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