Open an offshore bank account in Hong Kong (China)

Opening a bank account in Hong Kong is a difficult process, requiring consultants to have extensive experience, a thorough understanding of Hong Kong banking procedures and a deep understanding of the business operations of the enterprise. These requirements are to ensure that during the consulting process, specialists can support businesses in providing complete documents and certificates in accordance with banking regulations. In this article, GLA will provide information to help you make the right decision when opening a bank account in Hong Kong, including: 

• Hong Kong Bank Account Opening Process from A-Z for Foreigners.
• How to choose the right Hong Kong bank that suits your needs and your foreign company.
• Digital bank account is the leading alternative to traditional banking.

1. Banking system in Hong Kong

Theo Hong Kong Monetary Authority (HKMA) Financial institutions and companies providing banking services in Hong Kong must be licensed to operate in the financial and banking sector. The Hong Kong banking system consists of three levels of organization:

• Licensed Banks: refers to banks licensed to provide full range of banking activities and services in Hong Kong. 
• Restricted License Banks: refers to financial institutions and companies that can accept deposits of any maturity of HK$500,000 or more. These banks typically focus on commercial banking and capital markets. 
• Deposit-taking companies: refers to financial institutions that are mostly owned by or related to banks. Finance companies typically engage in a range of distinct activities, including consumer finance, commercial lending, securities trading, and can accept deposits of HK$100,000 or more with an initial maturity of at least 3 months. 

Hong Kong has very strict regulations on anti-money laundering. Therefore, under the coordination of HKMA and based on the provisions in line with international practice, all Hong Kong banks are required to conduct due diligence on new customers, so that the approval information is more rigorous and transparent.

2. What types of Hong Kong bank accounts can individuals/businesses open?

Individuals/Businesses can choose to open a Hong Kong bank account in the following 02 ways:

• Open a personal bank account: Applicable to any individual who wishes to open a bank account in Hong Kong.
• Open a corporate bank account: Applicable to all companies incorporated in Hong Kong and foreign companies (companies not incorporated in Hong Kong).

3. Hong Kong bank account opening process for foreigners

For the service of opening a bank account in Hong Kong provided by GLA, GLA will support you/your company in the process of opening a bank account in Hong Kong through the following 04 steps:

You are wondering about the success rate of opening a bank account in Hong Kong for your business.

4. How does GLA support Individuals/Businesses to open a bank account in Hong Kong?

GLA with a team of professional, experienced staff, and proud to be a prestigious partner for many years of major banks in Hong Kong, Singapore, and the US will support you/your company in choosing and opening the most suitable bank account.

• Find the right bank that fits your needs.
• Consulting, support opening traditional bank account, open online bank accounts in Hong Kong, Singapore, USA. 
• Consulting and supporting in opening Hong Kong bank accounts for individuals, businesses, offshore companies, etc.
• Submit the necessary paperwork and track the progress with your chosen bank.
• Assist in openinig payment gateways such as: Paypal, Stripe,etc

5. List of Hong Kong banks to open a bank account?

Hong Kong is one of the leading international financial centers, owning many famous and reputable domestic and international banks, and owning HKD currency with high liquidity in international transactions.

Therefore, Individuals/Businesses have more than 70 banks in Hong Kong to choose from to open a bank account. Here is a list of traditional banks and digital banks in Hong Kong that you should refer to:

Refer to the detailed list of Hong Kong banks at GLA Smart Bank Comparison Tool. 

6. Why is digital bank account the leading alternative to traditional bank accounts?

Digital bank account in Hong Kong is an alternative to traditional banking because:

• Business digital bank accounts do not cost as much to open and maintain as traditional bank accounts: no initial deposit required, no minimum balance required like traditional banks
• Fast digital bank account opening time: digital bank account opening time is only 3-5 days, much faster than traditional bank accounts (from 3 - 5 months).
• Multi-currency with just 1 digital bank account: a variety of strong currencies such as USD, HKD, SGD, etc., easily make cross-border payments with flexible domestic or international payment costs with just 1 bank account. 

While Hong Kong Companies wait for a successful traditional bank account opening, digital bank accounts are the leading alternative to traditional bank accounts. 

7. Frequently asked questions when opening a bank account in Hong Kong

Highlights

• Traditional bank accounts and digital bank accounts are popular options for businesses setting up companies in Hong Kong. 
• Digital bank accounts are the leading alternative to traditional bank accounts with quick opening times, simple documentation, and lower account opening and maintenance costs than traditional bank accounts.
• Opening a Hong Kong bank account will include 4 steps: Choosing the type of account to open, preparing documents, opening an account, interviewing and handing over the bank account. 
• GLA will support businesses to open bank accounts for companies in Hong Kong and companies established in other countries quickly, efficiently and professionally.