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What are the characteristics of the banks accounts opened in Hong Kong ?
Hong Kong is a world known international financial centre, and the banks accounts in Hong Kong are rather secure. Basically, when you open bank accounts in Hong Kong, you will have the additional services provided by the banks themselves.
- They provide multi-currencies of bank accounts;
- They provide internet banking facilities;
- They provide debit cards or credit cards;
- They provide loans, overdrafts, and finance to clients who have opened bank accounts there;
- They provide Letter of Credit (L/C) arrangements;
- They provide investment services like trust funds, bonds and shares either locally or globally;
- They provide insurance services like life inurance protection for key company personnel like director, or accounts receivable insurance against bad debts;
- Other endless services.
Personal Hong Kong bank accounts or Company Hong Kong bank accounts ?
Personal bank account is opened for private and personal purpose; Company bank account is opened for business purpose. It cannot open open personal bank account for business purpose. Personal bank account can be opened by providing Hong Kong Identity card and proof of address in Hong Kong. Therefore, it is difficult for overseas persons to open personal bank account by providing passport and overseas proof of address. Instead company bank account is opened by providing mainly company documents. Therefore, it is rather easier for overseas persons to open company bank account in Hong Kong.
Why opening company bank accounts in Hong Kong ?
From our experience, clients open company bank accounts in Hong Kong for the purposes that:
- The bank can provide multi-currencies accounts including RMB. This is only Hong Kong banks which can open RMB accounts outside China (Overseas banks accounts cannot open RMB accounts);
- The bank can provide powerful internet banking facilities. Client can go to the bank website and enter password and pin and operate the bank accounts like make balance enquiries, make the payment online, change one currency to another currency online or ask the further helps from the banks online;
- The bank can provide company debit card or credit card so that client can pay the expenses they need over the world;
- The bank can issue L/C account so that client can do global trading without restrictions;
- Client can open company investment bank accounts online and do global shares or bones investments;
- The bank can support payment gateway systems so that clients can have orders paid by credit card online and the money can be automatically credited to their company bank accounts;
- Clients may go through China market with CEPA arrangement that they open a Hong Kong company and use Hong Kong company to open a subsidiary in China as a WOFE. Under this arrangement, Hong Kong company must issue bank reference letter as part of the WOFE application purpose which must be issued by the banks in Hong Kong;
- Importantly, clients engage in offshore trading, and enjoy legal tax free.