Why Banking in Hong Kong?
World-class financial centre
Hong Kong a non-sovereign territory (under the sovereignty of the People’s Republic of China) but are granted high degree of autonomy and legal system originating in British common law. Therefore, Hong Kong has strong advantage in the position as the gateway to China’s market because of its long history of world-class business environment, international markets, clean government and strongly global-accepted regulatory regime.
Stock exchange market in Hong Kong is Asia’s 3rd largest stock exchange in terms of market capitalization, and 6th largest in the world.
Hong Kong has one of the highest concentration of banking institutions in the world. 70 of the world largest 100 banks have an operation in Hong Kong. There are 159 licensed banks, 21 restricted licence banks and 23 deposit-taking companies in business, constituting a total of 203 authorized institutions with 1,372 local branches.
Solid currency peg of HKD with USD
Hong Kong has adopted Linked Exchange Rate system with US dollar and the system has served monetary stability of Hong Kong for over thirty years since 1983. The current exchange rate is 7.8 HKD per USD and the amplitude of the Linked Exchange Rate is no more than 1%.
The stability of Hong Kong exchange rate is safeguarded by HKMA, the de-facto central bank of Hong Kong, by holding total of US$339.9 billion the official foreign currency reserve assets of Hong Kong at the end of July 2015.
Absence of capital control
Full freedom of movement for capital and payments is protected by the Basic Law, serves as the constitutional document of the Hong Kong. Hong Kong adopts pro free market measure such as free trade port to encourage international businesses.
Business Account Opening Requirement in Hong Kong:
Visit to Hong Kong:
Since the regulatory regime of Hong Kong strictly requires the banks in Hong Kong to follow the Know Your Clients (KYC) policy, the ultimate beneficial owner(s) including major member(s) of a company must be interviewed by the banker(s) in person for matters of business account opening.
The required participants to visit Hong Kong varies according to a company’s quorum stated in the Articles of Association. Generally, when a company:
- has only 1 director, such director must be interviewed in person by banker(s) in Hong Kong.
- has more than one director, at least two director must be interviewed in person by banker(s) in Hong Kong.
- has other members such as shareholders, directors, and authorized signers of the account, banker(s) shall verify their identity documents & signatures if not attend meeting in Hong Kong.
- business plan, organization chart, proof of business of the company including business contracts and invoices.
- address proof and personal identity of the ultimate beneficial owner(s), major member(s) and authorized signer(s)
- Incorporation documents
- Certification of the documents may be required
- Translation of documents to English / Chinese are required if documents are written in other languages.
Minimum Deposit Amount:
- The proof that the beneficial owners of the account is able to settle the minimum deposit amount if the account opening is successful.
Work with AsiaBC:
AsiaBC offers “Hong Kong Corporate Banks Accounts Opening Intermediary Service”, we assist non-Hong Kong people to open corporate bank accounts in the banks in Hong Kong.
What are the possible challenges in bank account opening for foreigners? Firstly, banks’ requirement of account opening are changing without notice in addition to their preference to clients are not clearly exposed to public, also bankers may not be satisfied with the applicants’ supportive document and they are unsettled by applicants’ explanation in the meetings. Foreigners suffer from failure of opening their bank account in Hong Kong even they see themselves as completely compliance to bank requirement. The case is worse that the banks have record of all rejected applications harming the account opening in the same bank in the future.
Remedy is “a Hong Kong-based intermediary specialized in business bank account opening” to guide the shortest route to your Hong Kong bank account.
AsiaBC bank account opening intermediary service can ensure time efficiency and enhanced successful rate in bank account opening in Hong Kong, the scope of services include:
- Analyze clients’ background to inline with banks’ requirement
- Arrange multiple meeting(s) with feasible banker(s)
- Assist the document preparation to comply with bank requirement
- Arrange required documents certifications and translation
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