Advantages of a Bank Account out of Hong Kong

Friday, April 22nd, 2016

The term “Offshore bank account” refers to a bank account opened in a jurisdiction different from where the company is incorporated. For instance, a company incorporated in Hong Kong might have an offshore bank account in Switzerland, Latvia, Singapore, or St. Vincent.

Conversely, an “Onshore bank account” is located in the same jurisdiction where the company’s incorporated.

Advantages of a Bank Account out of Hong Kong

A bank account out of Hong Kong offers multiple advantages and benefits to the company and its principals. Some of these are:

  • No need to travel (Startupr can process whole application online, phone, or courier)
  • Multicurrency bank account, at no extra cost
  • Online banking available
  • MasterCard or Visa card available
  • Multilingual support team

What’s the difference between an offshore and an onshore bank account from the business point of view?

Once your new business is incorporated, you’ll need to open its company bank account somewhere. From the business point of view, the mechanics of an established account are similar whether offshore or onshore, since you can freely transfer money or receive payments from your customers. But offshore banks can help you run your business smoothly from anyplace in the world.

Online banking is provided by every bank we work with.

 

How to Open a Bank Account out of Hong Kong

We make sure you’re properly introduced to the bank you select, and help you prepare a thorough application.

After you’ve set up your company, we prepare all necessary company documents.

We also ask you to provide personal due diligence documents, along with a brief description of your company’s business.

We continue guiding you through all the bank’s requirements.

Due to the variety of identification documents required by different banks, additional assurance of document authenticity is sometimes required. A notarized copy of such documents is often sufficient, but we assist you with document certification as needed.

Why do banks ask for an introducer when opening a new account?

It’s easier for a bank to process applications through a company formation provider (CFP), since this provider has all the primary corporate documents, and is accustomed to meeting additional requirements, or satisfying additional requirements.  Nowadays, most banks operate under DD (Due Diligence) and KYC (Know Your Client) rules, including applications for offshore bank accounts.


Banks we work with:

CIM BanqueOnline bank account openingCimbanque.comSwitzerland
Euro Pacific bankOnline bank account openingEuropacbank.comSt. Vincent & Grenadines
Bank of CyprusOnline bank account openingBankofcyprus.comCyprus
RietumuVisit required – Hong Kongrietumu.comLatvia
OCBC SingaporeVisit required – Hong Kong or SingaporeOcbc.comSingapore
ABLVVisit required – Hong Kong, Latvia, Russia, Ukraine, Belarus, Kazakhstan, Azerbaijan, Cyprus, Luxembourgablv.comLatvia

To learn more about the banks fees, please click at here.


Closing a bank account

Closing a bank account out of Hong Kong is fast and easy. You simply pay any existing or pending bank charges, Swift-transfer the funds from that account to whatever financial institution you wish, then email an account closure request to the bank.

One response to “Advantages of a Bank Account out of Hong Kong”

  1. sara jay says:

    Major thankies for the post.Much thanks again. Fantastic.

Leave a Reply

Your email address will not be published. Required fields are marked *