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Bank System

Updated on December 2016

Hong Kong 05

Before opening a bank account in Hong Kong you should understand the main advantages and disadvantages of the Hong Kong banking system.

There are only few banks in Hong Kong accepting bank account opening for non-residents, so in front of this situation you should consider carefully who will assist you and provide Hong Kong bank introduction services to your company.

Bank account opening in Hong Kong, the advantages:

  1. Excellent internet services with security devices
  2. Multi-currencies accounts with more than 11 currencies
  3. ATM debit card with access to more than 350’000 ATM’s worldwide
  4. Low fees for inwards/outwards
  5. Hong Kong banking system is robust
  6. Bank account secrecy in Hong Kong, OECD agreement on data exchange not signed

The disadvantages of bank account opening in Hong Kong:

  1. You will have to fly to open a bank account in Hong Kong
  2. Hong Kong bank compliance is difficult so you will need the services of a bank introducer in Hong Kong to insure smooth bank account opening
  3. Opening a bank account in Hong Kong often requires 2- 3 weeks

Our Hong Kong bank introduction services consists of establishing an enhanced due diligence for the bank with explanation and documented proofs of your past and current activities as well as explanation about the new company activities with a simplified financial forecast.

The Hong Kong banking system is particularly well adapted for an offshore corporate bank account opening, but opening a private bank account in Hong Kong is very difficult as basically nobody could help you and you have to walk-in and request the opening of such with a low success rate.

Opening a private banking account in Hong Kong:

  1. Hong Kong private banking necessitate the deposit of minimum 1 million USD
  2. Assistance of Hong Kong bank introducers or financial intermediaries is a must to smooth the bank account opening process in Hong Kong
  3. Excellent opportunities of investments as Hong Kong financial center is less regulated than other financial centers and therefore offer better and diversified investment opportunities with higher returns

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Hong Kong stock market is the fifth in the world with one of the most active IPO offerings which raised nearly 30 Billion USD in 2014.

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