People who want to open foreign bank accounts are mainly interested in jurisdictions that guarantee lower tax rates and have stable political regimes. They also want to pick regions that have been designated as global financial hubs for assurance of higher interest rates. One specific region that guarantees this is Hong Kong. It is referred as the meeting point between East and West because of its vibrant and stable systems. It is simply irresistible.
Recently, many people have had had their bank account requests declined because they did not comply with all the set requirements. This post provides the essential steps to bank account opening process Hong Kong.
Step One: decide to open a bank account on Hong Kong
The first step to opening a bank account in Hong Kong is making a decision. This step is very important because it determines the reasons you will give when explaining why a foreign bank account is crucial.
Some people target opening bank accounts to take advantage of lower tax regimes while others want to enjoy high-interest rates. For others, it is the ease of accessing funds, especially when traveling to the Far East that makes them attracted to Hong Kong.
Step Two: Pick the bank of choice
Hong Kong is a banking hub. Virtually every big bank you know of has a branch in Hong Kong. The second step when opening a bank account is selecting the bank of choice. Here, it is important to compare the banks’ requirements in line with the personal objective. Some crucial things to consider at this point include the bank charges, interest rates, and customer support.
Step Three: Prepare the required documents
Check the bank requirements and book an appointment. Many banks want to know their clients beyond a reasonable doubt. Some of the documents you will be asked to provide include;
- Copy of personal passport
- Proof of residence
- Copies of bank statement from your current bank
- Proof of income such as letter of appointment
If you are looking forward to opening a corporate bank account, the bank will require the certificate of incorporation, business structure, and proof of business such as contracts.
Step Four: Visit the bank in person and present the documentation
While some banks used to open accounts for clients without traveling to Hong Kong, things have changed completely. Many banks want to see you before they can open an account for you. Therefore, you should book an appointment and take the documents there for review and verification. This step of bank account opening process Hong Kong bears a lot of weight because banks can associate with clients, ask questions, and get direct answers.
Step Five: Seeking help from an expert
While the main steps in the bank account opening process are the first four, we usually add a fifth one. Often, many people get their applications declined. Instead of giving up, we recommend that they seek expert help. These are professionals who can see through the ‘eyes’ of the bank to understand why an account was declined. They help you put the documents appropriately and raise the chances of getting a bank account with over 90%.