H.K or Offshore Co for Bank A/C

Use Hong Kong company or Offshore company to open bank accounts in Hong Kong ?

Under the amended Money Laundering Law in Hong Kong, it makes it difficult for the banks in Hong Kong open company bank account for offshore companies. If clients open offshore company like BVI, and open bank account in Hong Kong, the banks will ask for detailed business proofs of the BVI company. If the BVI company is a newly incorporated, the banks in Hong Kong must ask for detailed business proofs of existing companies or other companies in other countries. The business proofs must also be in English, or in case it is not in English, client must be asked for to arrange the translator to translate the whole documents in English. Otherwise the banks will reject to open offshroe company bank accounts in Hong Kong.

Even clients can provide whole business proofs documents, it may also take a risk of not being opened because the name of the offshore company is idential or similar to the name(s) already registered in Hong Kong.

At last, if client is a good client, having sufficient historical business proof background, and the name is not silimar to or idential to the name(s) already in Hong Kong Company Registry, it also need to wait for a very long term process, as the banks need to check the business proofs documents. In worse case, it takes more than one year to open an offshore company bank account in Hong Kong.

 Hong Kong company and Hong Kong company bank accounts

Therefore smart clients will definitely register a Hong Kong company and use Hong Kong company to open an offshore bank accounts.