Here's Everything You Need to Know About Hong Kong Offshore Company Bank Account

Hong Kong can be viewed as one of the world's top financial centers, as it holds the most elevated number of banking organizations on the planet. The locale is one of the leading objections with regards to offshore company incorporation that has been blasting over some time and has been drawing in a great many investors to venture forward and invest.

Presently, the presence or incorporation cycle of an offshore company in Hong Kong requests the presence of an offshore bank account.

In case you are a business investor and is anticipating putting resources into the offshore company arrangement in Hong Kong, at that point, this guide is for you to comprehend the offshore bank account opening procedure.

Follow the guide to learn about setting up an offshore company as well as opening an offshore bank account to enjoy the benefits.

[Read: How to Buy a Shelf Company in Hong Kong?]

Prerequisites to Open a Bank Account in Hong Kong

So as to open an account in Hong Kong, most banks expect you to hold a Hong Kong ID card, be a Hong Kong inhabitant or lease an office in Hong Kong. The most important question is: which bank to pick?

There are numerous eminent worldwide banks in Hong Kong like (1) Citi Bank, (2) HSBC, (3) United abroad Bank, (4) Deutsche Bank, out of which HSBC is honored, and enthusiastically suggested.

Other local banks involve (1) Dah Sing Bank, (2) Bank of East Asia, (3) Hang Seng Bank, and so forth.

After you pick your preferred bank, the following stage is presenting the documents to submit. You are needed to present the accompanying documents so as to open a bank account in Hong Kong.

Documents Required to Initiate an Offshore Bank Account in Hong Kong

  • A bank account opening structure that is filled and appropriately signed by authorized signatures according to the board resolution
  • A citation of the board resolution favoring the kickoff of corporate bank account
  • A genuine certified copy of the company's testament of incorporation issued by Company Registry
  • A genuine certified copy of the company's Business Registration Certificate, provided by the Inland Revenue Department
  • A genuine certified copy of the company's Articles of Association
  • A declaration that gives the individual points of interest of principal shareholders and directors. The principal shareholder is an individual qualified to exercise or control the activity of 10% or a greater amount of the company's democratic rights
  • A copy of the Hong Kong passport or identity card; private evidence, for example, service charges, bank explanations, driving permit; and so forth, and previous name or alias confirmation (if pertinent) for every one of the directors, approved signatories, principal shareholders, and valuable proprietors of corporate shareholders
  • The list of specimen signatures of authorized signatories
  • Verification of business, similar to a business plan or examined financial proclamations
  • For corporate shareholders of the company: an ensured copy of an organization outline that shows the level of shareholdings held by every person and definitive useful proprietors of the company
  • Details of extreme beneficial proprietors for nominee shareholders of a company
  • For utmost beneficiaries who are trusts: an authorized copy of the trust deed or announcement of trust with details of the settlers, trustees, and beneficiaries

Aside from this, Hong Kong banks have a severe principle and require all company shareholders, directors, beneficiaries, and so forth to visit the bank and sign the essential documents. The all-out expenses and deposits payable are: an underlying installment of HK$1,000 for the underlying arrangement meeting and a deposit of HK$1,000,000 to be made inside 30 days of forthcoming approval (from which HK$5,500 will be taken as search fee for company details verification).

In the event that your application is confirmed, your account ought to be authorized and actuated right away. It takes around fourteen days to make the approval, and you are all set to go.

Banks won't open an account if the companies are engaged with businesses like:

  • Broker-dealers
  • Mutual and hedge funds
  • Online casinos
  • Security exchanges
  • Churches and charities
  • Insurance companies

[Read: How Can Business Consultants Help to Start an Offshore Company in Hong Kong?]

Conclusion

Business Setup Worldwide is outstanding amongst other business experts centered around giving the best business incorporation arrangements. Our business specialists are knowledgeable about the offshore company incorporation process in Hong Kong.

They can help you incorporate a foreign company in Hong Kong and manage the bank account procedures. In the event that you hold any inquiry, don't hesitate to have a word with our guides. Contact us today. We'd be happy to help.

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