In these fast times with an integrated connected world, the need to have an offshore account has been increasing. Businesses are dealing with global suppliers and clients, and multiple international transactions happen on a daily basis. And during such interconnected times, having an offshore account gives us a multitude of benefits that an onshore account couldn’t even get close to.
So, with companies readying to expand and entrepreneurs rising to start their businesses, the popularity of offshore jurisdiction is only increasing. Several offshore jurisdictions have designed to cater to the needs of these international investors, to attract them and boost their nation’s economy. With it comes the need to open an offshore account too.
Some Of The General Benefits Of Having An Offshore Account
- Fast and convenient international money transactions
- Supports multiple currencies
- Letter of credit facility
- Wealth management systems
- Asset protection
- Privacy and confidentiality
- Financial freedom
- Global business-friendly
An offshore account is a bank account registered in a foreign bank other than your home country jurisdiction. Choosing the foreign jurisdiction depends on your needs. The right jurisdiction could provide you the right care and growth of your financial assets just the way you like it. So, it is not a light decision to make while choosing your offshore jurisdiction.
Today, I present to you a very reputable and popular offshore jurisdiction for banking- Hong Kong. Hong Kong is a place with a very large concentration of millionaires in the world. It has a very strong economy with one of the highest concentrations of banking institutions in the world. Around 70% of the largest banks in the world operate in Hong Kong. It has a well-reputed stature of being a financial center, which is mostly built on the basis of its high market transparency and prudent supervision.
Any business, be it a resident or non-resident, will require a bank account to operate the various transactions. Opening a bank account in Hong Kong used to be relatively simpler, but with the recent regulatory changes because of global initiatives against financing terrorism, tax evasion, and money laundering, the process has become more complex. And so, banks have now adopted a risk-based approach to open an account. You are more likely to open an account in Hong Kong if you are to have an office, have customers, and employ Hong Kong people.
Top 10 Benefits Of Having An Offshore Account In Hong Kong
- Anonymity and security: Opening an offshore account in Hong Kong will guarantee anonymity. Your financial information will be kept confidential and anonymous. This will protect you from various frivolous lawsuits.
- Opening of offshore accounts remotely: It is possible In Hong Kong to open an offshore account without having to visit the banks personally. Everything can be done online to provide all the documentation required are well verified.
- The wide array of financial services: Hong Kong is a financial center which provides a wide array of financial services designed to cater to different needs of individual or corporations like internet banking, letter of credit, checking account, debit, and credit, wealth management system, etc.
- Well regulated banks: Banks in Hong Kong are well regulated and are equipped with the latest technology. The place is well geared for any kind of financial service needs you will ever require.
- A high concentration of expertise: Hong Kong is concentrated with millionaires, and with it comes the need to manage all their money and so the place has one of the highest concentrations of well competent and qualified financial managers and advisors. So, you can rest assured that your money is well taken care of.
- Lower Minimum Bank balance: In Hong Kong, your offshore account balance can be as low as 5000 HKD. Below which an administrative charge of around 50 USD will be charged.
- No restriction in fund inflow or outflow of Hong Kong bank accounts
- Ease of operating: Having an offshore account in Hong Kong will prove to be very convenient and helpful when doing business in Asian markets.
- NO tax jurisdiction: one of the main reasons why most of the wealthy clients or investors who need offshore banking service choose Hong Kong is because it doesn’t impose any taxes on the account holders.
- Long History of Performance: Hong Kong is well regulated and has a long solid history of performing the best of financial assets for its account holders.
The setting up of an offshore account in Hong Kong generally takes about four to six weeks and goes through a complicated process. But worry not; if you are an individual or a business owner who considers having an offshore account in Hong Kong or any other offshore jurisdiction, we at Business Setup Worldwide can help you pass through the cumbersome process. We are familiar with the policies and criteria of different banks for opening an offshore account in Hong Kong, and we can assist you with the required documentation and applications in order to increase the chances of successfully opening an offshore account in Hong Kong. For more information, please feel free to contact us anytime.