Hong Kong can be regarded as one of the top financial centres of the world, as it holds the highest number of banking institutions in the world. The region is one of the top destinations when it comes to offshore company incorporation that has been booming over some time, and has been attracting millions of investors to step forward and invest. Now, the presence or incorporation process of an offshore company in Hong Kong demands the presence of an offshore bank account.
If you are a business investor and is looking forward to investing in the offshore company formation in Hong Kong, then this guide is for you to understand the proceed ahead with the offshore bank account process.
What is an Offshore Bank Account?
An offshore bank account stands as a bank that gets regulated under an international banking license. In other terms, it is referred to as offshore bank account, as it restricts the bank to conduct the business activities within the jurisdiction of company establishment.
Opening an offshore bank account is profitable in the region of Hong Kong because the region has got no foreign exchange control, and it stands feasible for business investors to transfer funds. However, to establish an offshore bank account, specific details need to be submitted accordingly.
Documents Required to Open an Offshore Bank Account in Hong Kong
The specific documents include the following essentials:
- Detailed business plan containing the information regarding the nature of the business, and the relevant services or products that will be delivered
- The contracts and invoices generated during the company formation process
- Proof of identity and address for each of the bank signatories
- Passport copies of the bank signatories
- A bank reference letter signed by the signatories
What is the Process of Opening an Offshore Bank Account in Hong Kong?
Opening an offshore bank account in Hong Kong involves the following steps:
- Figure out a bank that provides the offshore savings
- Submit your relevant documents
- After verification, approval will be issued
- Deposit the required balance
- Start using your offshore bank account
An offshore bank account is recommended to open at the time of offshore company set up process in Hong Kong.
What is the Advantage of Opening an Offshore Bank Account in Hong Kong?
The main advantages of opening an offshore bank account in Hong Kong involves the following:
- It is one of the legal proceedings
- The law guarantees bank secrecy
- Flexibilities like online banking platforms, foreign currency accounts, letters of credit etc. are easily available
- Investment in stock markets, payment gateways becomes convenient
- Low maintenance rates
- Currency diversification in the investment portfolio
The decision of opening a bank account with the offshore company process stands as a profitable one, as it involves less time and removed the future burden. One of the wise decisions that most of the international investors prefer is to outsource the relevant activities to professionals so that they can focus better on building effective strategies and plan the implementation process that requires enormous time and effort. A business expert can help you to sort the relevant tasks in a much faster way as they are well-equipped with the proceedings. Wondering how experts can help you? Have a look below.
Benefits of Availing Professional Services
A business expert can act as a guide who can help you to deal with the offshore business process in a hassle-free way. Here’s a guide that will help you to understand why a business investor hires an offshore business consultant. However, some of the privileges that a business investor can gain by joining hands with business experts to open an offshore bank account are stated below:
- The documentation process can be cleared at a faster pace
- Experts can guide the best bank to be chosen for the relevant business
- The complete proceedings get maintained professionally
- Saves your time and effort
- Streamlines the entire procedures
Business Setup Worldwide is one of the best business consultants that is focused on providing the best business incorporation solutions. Our business experts are well-versed with the offshore company setup process in Hong Kong and can help you to incorporate a foreign company in Hong Kong and also to deal with the bank account proceedings. If you hold any query, feel free to have a word with our advisors. Contact us today-we’d be glad to assist.