Australia Bank Account Remote Opening in Hong Kong
Apply in Hong Kong to set up your business bank account in one of the local Australian banks.
Protection to your wealth. Risk-free to clients. Instant response. High successful rate.
Open business bank accounts in Australia banks remotely,
right here in Hong Kong.
About Banking Industry in Australia
Banking industry in Australia
Australian banking industry was tightly regulated. Until the 1980s, it was almost impossible for a foreign bank to establish branches in Australia; Australia had few banks when compared with Hong Kong. Internally, banks in Australia were categorized into two tiers:
- Saving banks paid nearly no interest to their depositors and offer solely mortgages.
- Trading banks were mainly merchant banks, which did not serve to general public.
Due to strict regulatory, other forms of non-bank financial institutions evolved in Australia, like credit union, which were subjected to less stringent regulations, charge higher interest rates, but were restricted in the limited financial services and could not name themselves as “bank”.
Central Bank in Australia
Originally, role of central bank was performed by the Commonwealth Bank of Australia, a government-owned but inherently commercially-operated banking corporation. This setup harm the businesses of other banks so the authority transferred function of central bank to the newly-created Reserve Bank of Australia on January 14, 1960.
The Reserve Bank of Australia is responsible for formulating and implementing monetary policy involve setting the interest rate on overnight loans in the money market. Other interest rates in the economy are influenced by this interest rate to varying degrees, so that the behavior of borrowers and lenders in the financial markets is affected by monetary policy (though not only by monetary policy).
Foreign-owned Banks in Australia
Prior to 1985, foreign-owned banks had only a limited involvement in the Australian banking system, with just two foreign institutions operating continuously as authorized banks in the post-war period. However, foreign banks did participate in the Australian financial system, mainly through wholly owned or part-owned merchant banks in the 1970s.
The relaxation of foreign-bank entry restrictions announced in 1984 led to the granting of bank licenses to overseas banks. One feature of the entry requirements was that foreign banks assumed subsidiary status rather than a branch structure, thus requiring capital to be held locally.
Reach Us Quick
Our specialists will touch base with you, and also gift you a FREE Zoom video assessment.
We accept payment by
Earn HK$2,500 credits
Earn HK$2,000 credits
Earn HK$500 credits
Earn HK$250 credits