Overview: Our partner office in the Hong Kong Special Administrative Region works with a number of commercial banks in the territory. Hong Kong accounts are ideal for commercial transactions involving China. Hong Kong banks do not generally accept simple savings or personal holding accounts from non-residents. A personal visit to the bank is required. Clients should communicate with the bank in English or Chinese, but our Hong Kong office staff also speak Russian so can assist Russian speakers through the Hong Kong bank account opening process. It is generally advisable to set up a Hong Kong company for any banking business in Hong Kong, although it is possible to open accounts for offshore companies where the client also has a Hong Kong company account in the same bank. Banks in Hong Kong are really focused on commercial transactional banking, and their offering of investment advice is limited. The account opening process can be long drawn out and difficult, with many Hong Kong banks using back offices in India for document processing, so we no longer recommend this bank for typical clients. It is only really suitable for clients doing business with China.

Target clients:

Worldwide corporate clients.

 

Languages:

English, Chinese.  

 

Specific features:

  • Good for international trade operations.
  • Relatively low prices for clearing quantities of international cheques, money orders etc
  • Multiple currencies including CNY
  • Particularly good service. Clients especially like the free SMS notification service

Plastic cards:                                                                                                                                                                  MC and Visa full range in EUR, USD and GBP.  

 

Documents and Account Opening Process:

  • Standard set of documents, plus proof of address.
  • Proof of source of funds, preferably with website of the business. Personal investment companies with no visible presence will likely be rejected.
  • Bank and professional references.
  • Certificate of Incumbency with special wording – the exact wording required varies depending on the bank so contact us to discuss.
  • No apostille is required if the documents are notarized by an English-speaking or Commonwealth notary.
  • Contact us case-by-case regarding certification of documents as requirements are strict, vary depending on country of issue and change frequently without notice. We may need to charge an extra fee for document certification.

  Deposit requirements:                                                                                                                                                         No minimum.

 

For further information on procedures and fees for opening your Hong Kong offshore bank account, contact Offshore Pro Group today!