The 5 Best Features of a Hong Kong Bank Account
Contributed by AsiaBC | 30 August 2022
Richard Branson said, “Never take your eyes off the cash flow because it’s the lifeblood of business.” What better way to manage your company’s finances?
It became a rule of thumb for entrepreneurs to separate their business and personal accounts, making a bank account one of the essential components when running your startup. But as the global business community continues to battle COVID-19, international business owners struggle to find a suitable banking destination that supports their corporate banking needs.
If you are one of them, this blog will help you understand :
- The Importance of a Business Bank Account
- Benefits of a Hong Kong Bank Account
- Top Alternative Bank Destinations for AsiaBC
- AsiaBC – Your Helping Hand
The Importance of a Business Bank Account
Creating a bank account solely for your venture is more than just storing your profits. Here are the top 3 reasons why bank account opening matters :
- Easily track your cash flow, such as revenues earned, expenditures spent, payments, invoices, and so on, with organized bookkeeping records.
- Issuing a payment with your business name implies that your company is legit, creating a professional and credible image future suppliers and investors will trust.
- Auditing authorities get comprehensive accounting and tax reporting with transparent records of your business’s income and expenses.
Benefits of a Hong Kong Bank Account
Hong Kong specializes in Business and Finance, deeming the city Asia’s Financial Hub and continuously attracting international entrepreneurs to set up offshore companies in the region.
With its list of top-tier financial institutions, Hong Kong banks have more to offer in supporting your business growth :
- Multi-currency account. Uninterrupted global business transactions with USD, EUR, JPY, CNY, AUD, NZD, HKD, and more currencies.
- No foreign exchange control. HK’s Free Trade policy allows entrepreneurs to transfer assets and exchange globally without restrictions.
- Interest rate tax exemption. There are no taxes for earned interests on incorporated companies in HK.
- Online banking. Access your account easily and conveniently transfer funds worldwide using internet banking, phone banking, and mobile applications.
- Secured banking system. Hong Kong banks are regulated by the Hong Kong Monetary Authority and protected by the Deposit Protection Scheme to ensure depositors’ money is safe.
Top Alternative Bank Destinations for AsiaBC
Banks in Hong Kong have a high reputation regarding bank account opening since HK banks strictly comply with the Know-Your-Client (KYC) process to filter out applications and properly establish their client’s source of funds and expected transactions. However, this lengthy and tedious procedure discourages most entrepreneurs from opening a Hong Kong bank account.
AsiaBC listed our top alternative banking destinations for a guaranteed corporate bank account so you can continue doing global business.
AsiaBC – Your Helping Hand
Business bank account opening has now become essential when starting your own company. We understand how frustrating it can be when you’ve made all the efforts to secure your venture a bank account but only to be declined in the end.
AsiaBC’s extensive knowledge of Hong Kong banks’ client appetite and Know-Your-Client (KYC) procedure will allow you to focus better on your business as we do all the work for you. Our team provides pre-assessment to check which banks in Hong Kong suit your company’s profile and prepares tailor-made solutions for a guaranteed HK bank account opening.
Has this blog piqued your curiosity about how we do it? Feel free to email our consultants at firstname.lastname@example.org or have a quick chat with them via WhatsApp +852 6547 1314 to find out the best fitting advice for your banking concern. AsiaBC is set to go beyond the extra mile and deliver high-quality service.