Non-resident in Hong-Kong: Essential information to open a bank account

Contributed by hongkongtaxfree.com

Hong Kong is number one financial centre in the entire world. It has the largest number of financial institutions globally. Indeed, no big bank wants to be left out; about ž of largest banks have branches or headquarters in Hong Kong.

If you are a foreigner, resident or non-resident, you have a choice of opening a bank account for personal or corporate purposes. The Hong Kong administration has fewer restrictions compared to other countries. In this post, Non-resident in Hong-Kong: Essential informations to open a bank account, we explore all that non-residents need to know to get their bank accounts.

The Hong Kong Banking Sector

In Hong Kong, there are more than 200 banks from about 30 countries. Notably, the banking system utilizes a 3-tier system of classification which means that some of the banking institutions have restrictions such as limitation from offering banking services to both locals and even foreigners.

You are required to be physically present to open a bank account.
Most banks have English speaking staff.
Account maintenance fee is charged on most accounts.
A minimum balance is required for most accounts. If the amount falls below the minimum or gets closed before expiry time, a charge is levied.
The common currency is Hong Kong dollar though some banks can allow you to select preferred currency.
Any interest on your deposits is not taxed.

Bank account for non-residents

Anybody can open a bank account with an institution of choice in Hong Kong. Non-residents are required to provide proof of residence to the bank before the account can be set up. It is important to get familiar with the regulations of the bank of choice especially on minimum balance and transactions before applying for the account. The success rate for opening a bank account on your own in Hong Kong stands at only 10%.

Corporate bank accounts

This is a bank account for companies registered in Hong Kong. It will take about 2 working days for a common cash account and about 2 weeks for special accounts that have ATM and offer credit card services. To open a corporate account, you require the following;

Your business plan
Sample invoices and contracts
Proof of business address
Copies of all signatories (shareholders and directors).
Certificate of incorporation

The chances of success when opening a corporate bank account are very slim at only 5%.

Use experts to raise success rate of getting a bank account to 99%

Instead of going it on your own and the chances of success are very slim; a better method is using expert services. They have all you require and have all the experience to guarantee to get you a bank account. They will demonstrate all the special requirements and help you meet them.

Experts know the best banks, use the best processes, and will advise you on the latest rules in the Hong Kong banking system. Using a professional will give you more so that you can enjoy more from having an account in Hong Kong.