Hong Kong is one of the leading financial centers in Asia with a world-class banking infrastructure. There are no restrictions on capital inflows and outflows to Hong Kong. For offshore companies, operating a corporate account in Hong Kong is much cheaper both in terms of minimum account balance requirements and monthly fees.
Both Hong Kong registered and offshore companies (including BVI, Seychelles, Panama) etc. can open a corporate bank account in Hong Kong, although requirements may vary. For instance, overseas companies will be required in most cases to provide a certificate of incumbency or a certificate of good standing, while this is not required for Hong Kong companies. In most cases banks will require the incorporation documents to be certified by a Hong Kong CPA.
When selecting a bank in Hong Kong, the following factors should be taken into account:
-Online banking: If you operate offshore, offshore banking is an absolute necessity. Make sure to select a bank that has stong internet banking facilities.
-Multi-currency support: does the bank offer multi-currency accounts (USD, Euros etc.). Most banks have both Hong Kong dollars only and multi-currency accounts.
-Service fees (monthly charges, fees for receiving and sending out T/T, currency exchange fees etc.)
-General support level
-Value added services: ATM card with worldwide withdrawal support, trade account options (for L/C transactions) etc.
We recommend HSBC and Standard Chartered to open a company bank account in Hong Kong. Feel free to contact us if you require our assistance to set up a bank account for your company in Hong Kong.