Offshore banking in Hong Kong
Healy Consultants Group PLC
12 March, 2014
Hong Kong offshore banking strategies are popular due to Hong Kongs excellent reputation as a financial and banking centre. The procedure of opening a bank account in Hong Kong is quick and straightforward. The main features of offshore banking in Hong Kong include:
1. An offshore account in Hong Kong takes approximately four to six weeks to fully set up. It takes two weeks to prepare a complete account opening application and another two weeks for the bank to review and approve the application as well as provide all necessary details such as i) corporate bank account number ii) ATM card iii) cheque book iv) Internet banking PIN numbers and v) the Internet banking security device.
2. Hong Kong Government request local banks to implement strict know you Client procedures at the time of opening the offshore account to ensure the capital inflows are legitimate and clean.
3. Client information typically requested to open a Hong Kong corporate/offshore account includes:
· A detailed business plan with information on and evidence of products and services mentioned in the application.
· Examples of contracts and invoices generated by and for the newly-incorporated company to support the offshore account application.
· Recent proof of address of the bank signatories (in English) to accompany the application.
· Passport copies of bank signatories.
· A bank reference letter for the bank signatories.
4. One significant development in Hong Kong banking sector is the Governments initiative of setting up a bond programme. This programme is meant to reinforce Hong Kongs reputation as a global financial powerhouse. A key focus is on Islamic Finance, with the aim of creating a level playing field for both Islamic and conventional banking products.
5. Offshore banking in Hong Kong is secure and projects a good image to international customers and suppliers. Clients banking in Hong Kong enjoy strong client confidentiality guidelines which have recently been incorporated with Organisation for Economic Cooperation and Development (OECD) standards.
As a result of the increased capital flows from West to East, demand for offshore banking in Hong Kong is soaring. Plus, Hong Kong banking portrays an excellent image to customers, suppliers and investors. Consequently, Hong Kong will continue to be one of the best financial hubs in the world.
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