We provide bank account services with the most up-to-date information. However, availability of our service and charges are subject to final approval of the bank. It is to be noted that Hong Kong banks may change their policies for opening accounts without prior notice.
Compared to some offshore bank accounts, Hong Kong bank accounts have several benefits. Hong Kong’s banking infrastructure is robust an open. There is no restriction on fund flow into Hong Kong bank accounts. Also, the identity and details of the account holder is kept highly confidential.
The following are some of the benefits of Hong Kong bank accounts |
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Lower minimum balance: In Hong Kong, an account can be opened with a minimum balance as low as HK$ 3,000. If the condition is not met, a monthly administrative service fee of approximately HK$ 50 will be charged from the account holder. In most offshore banks, the minimum balance is around US$ 5,000 and the service fee is approximately US$ 50, seven times higher than that in Hong Kong. |
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Ideal Location for a bank account: Compared to offshore banks most of which are located in cities like Shenzhen or small offshore islands, Hong Kong bank accounts are opened in a prominent city. Customers have the advantage of being able to access their banks’ service easily. |
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Approval by the government: While some of the offshore banks have the risks for being terminated by the government, Hong Kong banks never face that risk. Hong Kong banks are opened after getting formal approval from the government. |
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Availability of cash deposit and withdrawal service: While most of the offshore banks allow wire transfer of money, Hong Kong banks allow cash transfer. You may deposit or withdraw funds by cash or by transfer via any branches of the bank in Hong Kong. |
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Open to people from all nationalities: Many foreign banks provide services of offshore banking in China for foreigners and foreign companies. In the case of a company, the banks request that majority of shareholders are foreigners. For this reason, most of the clients open their bank accounts in Hong Kong, where they can visit easily and conduct transactions. |
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| We arrange clients to open bank accounts in Hong Kong banks. Any of the following clients can open bank account in Hong Kong. |
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Citizen of any nationality |
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A company registered in Hong Kong – a limited liability, sole proprietorship or partnership |
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Offshore registered company, such as BVI Company. |
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| Opening an L/C Account and Receiving L/C Money |
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Initially you will have to open the “cash management accounts” mentioned in the above section. This is the first type of account you open with a bank. Later you may open a “trade account” for the trading purposes, i.e., for issuing and receiving L/C payments.
Please Note: |
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There are additional service charges for opening a trade account. |
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The client also needs to provide copies of trade documents such as trade agreements, invoices, etc., while opening a trade account. |
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As a new client to the bank, you may also be asked for 100 percent cash or property security to issue L/C. |
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| Time Frame for Opening a Bank Account in Hong Kong |
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From the day of signing the documents, it takes 1 to 5 working days to activate your bank account in Hong Kong.
If the client is not residing in Hong Kong, the signing process will take time, so it may take approximately one month to open the account. |
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| Meeting for Opening of Bank Account |
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| Some of the banks require that the clients meet the bank officer while opening the account. General rule is that at least one director of the company must be present in Hong Kong. |
