Updated on 11 September 2019: Singapore is an alternative to Hong Kong in term of international banking service hub. Some Singapore banks are offering remote opening service of their business bank account for a limited time only, and only selected clients are eligible to. The banks can support companies incorporated in Hong Kong and other “offshore” jurisdictions. Check the details of Singapore business bank account opening here.
Updated on 27 June 2018: We found that some Hong Kong banks are more open to Hong Kong and overseas companies with non-Hong Kong residents directors and/or shareholders, details are here.
Offshore Banking in Hong Kong
If you need offshore banks accounts in Hong Kong, then you reach a company who says it can open open for you, you should take a deep breath and think again how Hong Kong business bank account opening becomes a kind of professional corporate service.
How difficult to open Hong Kong banks accounts
In fact, Hong Kong is an established international financial hub which is unparalleled to remote offshore islands.
For non-Hong Kong residents, their successful rate is around 10%. It is caused by governments and banks.
Recently, many international clients, mostly non-Hong Kong residents, cannot open bank accounts in Hong Kong for their companies whether incorporated in Hong Kong or outside Hong Kong.
Following the raising awareness of global tax evasion and terrorism activities, Hong Kong government has tightened anti money laundering legislation, Hong Kong banks which are operating under the regime of related banking and finance laws take extremely cautious approach to verify the identities and activities of their customers, to avoid breaking these laws.
The banks’ first line of defense is to turn on airtight screening mechanism to select new customer. They enact stringent Know-Your-Customers policy (KYC) to their customers, when the customers cannot 100% satisfy it, they directly reject these uncertain application of account opening.
Some banks extends this policy further that they simply ban certain nationality and business activities from account opening.
Why you need professional assistance to open bank accounts in Hong Kong?
Our bank account opening assistance service is differentiated from the majority of Hong Kong corporate services providers by offering tailor-made solutions.
Most of the market players offer canned, superficial, and non-guaranteed supports to clients in account opening process:
- carelessly referring clients to banks regardless of bank-specific KYC (waste of your time);
- merely offering service of making appointments in banks (waste of your money);
- overly promise their ability and successful rate (loss of confidence in Hong Kong banking industry).
First of all, no party can promise what banks can open accounts for you, but our local banking professionals possess banking background with updated connection with banks, we understand the underlying compliance requirement of the banks, both in Hong Kong and outside Hong Kong, therefore we can act according to their policies by:
- offering satisfaction guarantee, we refund if no win (confidence, rebuilt) More Details.
- strategically recommend the bank that support your demands (professional insights) More Details;
- doing top-to-bottom analysis of your application to spot the weakness (customized solutions) More Details;
- following end-to-end of each application to ensure swift response (save you time) More Details;
We are one of the few professionals who do and can help clients getting bank accounts in no hassle.
Feel free to give your question by contact us.