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Opening bank accounts in Hong Kong
- the leading financial center of Asia;
- banks use advanced financial technologies and innovations;
- the banking sector is characterized by high stability and liquidity;
- convenient settlements with partners and contractors from China;
- high fines for violation of banking secrecy and disclosure of data;
- deposits and funds are reliably protected by guarantee programs;
- high level of banking services;
- settlements and transactions in dollars, SWIFT transfers;
- the rapid development of virtual banks.
Local banks are very demanding on non-residents and prefer to open accounts for companies registered in China, Hong Kong or Singapore with resident directors and a real economic presence. Moreover, almost all Hong Kong banks require physical identification of the client, for which it is necessary to visit the bank branch, and also request a fairly large list of documents. Somewhat loyal may be foreign banks that have their subsidiaries or representative offices in the region. Such banks offer more flexible compliance terms, may consider opening an account remotely, and serve a wider range of non-residents.
It is important that all Hong Kong banks do not explain the reasons for the refusal to open accounts and do not allow re-applying. Therefore, if you need to open a bank account in Hong Kong, we recommend that you consult with specialists and enlist assistance in the proper preparation of a package of documents in order to avoid refusal.
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