offshore banking in Hong Kong
As one of Asia’s most financially stable country, Hong Kong offers the ability to open an offshore bank account remotely and in person.
- Hong Kong is one of the most offshore friendly countries in the world. Given international business outlook, this should come at no surprise.
The process to an offshore bank account in Hong Kong can be lengthier compared to other offshore countries.
Hong Kong’s banking system is still, at the time of this article, different than that of China’s, in terms of the ability to send and receive transfers, as well as holding foreign currencies.
- Offshore banks in Hong Kong provide online banking access, without the need to contact the bank in order to make a transaction.
Certain banks that offer offshore bank accounts may require documentation before transactions can be processed.
Offshore bank account opening process in Hong Kong
- Banks that are offshore friendly in Hong Kong may require documents to be attested by the foreign country embassy where the documents originated from, apostle or notarized by legal professionals such as Lawyers, accountants, bankers and other professionals that hold similar positions, before they can be accepted as legal documents.
- Documents are sent to the bank’s compliance team for scrutinizing and to perform their internal Know Your Customer (KYC) process.
- Once the process has been completed and the compliance department is satisfied with the results. The customer is invited to continue the offshore bank account opening process with the assigned relationship manager from the bank.
What banks can international customers open an offshore bank account in Hong Kong?
Offshore banks in Hong Kong opens accounts for businesses and individuals that requires operational transactional accounts suitable for transactional to meet daily operational needs, as well as those savings account for investment purpose.
An offshore bank account can be opened with the following banks in Hong Kong.
- Bank of Communication (Bank Comm)
- Bank of China
- Bank of Singapore
- CBH Bank
- China CITIC Bank International
- Chiyu Bank
- DBS Bank
- Fubon Bank
- Hang Seng
- LGT Bank Ltd
- Nanyang
- Public Bank
- Shanghai Commercial Bank
- Taichung Commercial Bank Co
- Taishin Bank
- United Overseas Bank Limited
Benefits of offshore bank account in Hong Kong
Hong Kong banks had offers offshore bank accounts allow customers to:
- Access to SWIFT network payments.
- Hold major currencies including USD, EURO, GBP as well as AED, AUD, CAD, CHF, CNY, CZK, DKK, HKD, HUF, ILS, JPY, MXN, NOK, NZD, PLN, RON, SEK, SGD, TRY, ZAR.
- Obtain a credit and debit card for Visa, Mastercard and UnionPay
- Online banking for a smooth and effortless banking experience.
Is it safe to open an offshore bank account in Hong Kong?
Hong Kong is one of the safest countries in the world, not only for offshore banking, but for international transactions.
- Funds deposited in offshore Hong Kong banks are insured at $70,000 USD per bank. For customers who are looking to keep a substantial amount of savings in Hong Kong, it is worth considering opening multiple offshore bank accounts in Hong Kong, with different banks.
- Most offshore banks in Hong Kong hold an excess of $1 billion in asset under management, with many banks managing over $10 billion plus.
- With its own stock exchange (HKSE), Hong Kong is one of the biggest financial markets in Asia.
Who can open an offshore bank account in Hong Kong?
Customers involved in any form of cryptocurrency business activity or transactions will find it is not possible to open a Hong Kong offshore bank account.
It is not necessary to visit the bank in person in order to open a Hong Kong offshore bank account.
Offshore banks in Hong Kong prefer a low risk approach, which means it is not possible for high risk nationalities or businesses to open an offshore banking down in Hong Kong.
Once a customer profile has been approved by the bank, it takes on average 30 to 60 days to open an offshore bank account in Hong Kong.
How BUH consulting can assist
Our team will work with you to understand your requirements, eligibility criteria and apply for your business and personal bank account with the most suitable banks and assign relationship managers from various banks that can onboard your account for your company.
Contact information
For a tailored solution, contact us to discuss about your requirements.
Email: – sam@buh-consulting.com
Phone: +971585086656
Whatsapp: +971585086656
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