Opening an offshore bank account in Hong Kong presents one with numerous benefits. If you have a business, the account forms the basis of company operations because it is easy to be paid by clients, make deals, and make payments.
If you are an individual, an offshore account allows you to save money in a more stable financial system, earn higher interest rates, and stay free from political risks. For many people who love the systems of Hong Kong, the question is how to get an offshore account.
In the recent past, a lot of applications for offshore bank accounts have been declined while others are being canceled as Hong Kong moved into block money acquired from drug sales, laundering or other harmful practices. Besides, it also discourages those with the intension of evading paying taxes. In this post, we explore the four main things on how to get an offshore account with the first attempt.
Demonstration of personal intent for opening of personal bank account
Every bank in Hong Kong wants to be closely associated with its clients to know them better and operate closely. You must, particularly provide a convincing memo on why you want a bank account in Hong Kong.
For many people, the main objective is reducing the risk that faces deposits in banks back at home. It is important to ensure that the intent comes out well so that the bank can open the account for you with the first time. You can particularly craft winning application if you work with top corporate agencies such as hongkongtaxfree.com.
Clear demonstration of your source of income
Now that you have decided to open an offshore bank account, you have to demonstrate that the source of money is genuine. If you are an individual employed by a company back at home, you should provide bank statements from your previous bank, pay slips, and even letters of appointment. These will demonstrate that you do not have any connection with bad practices such as money laundering and sale of drugs.
Incorporation certificate for businesses that want to start running in Hong Kong
If the bank account is for your offshore company, banks will require seeing all the relevant documentation especially certificate of incorporation. The certificate demonstrates that the company is legit and is allowed to operate within Hong Kong.
Besides the incorporation certificate, you will also be required to provide details of all the shareholders, directors, and the company secretary. Depending on the bank of choice, all the directors might be required to visit the bank in person for verification.
Proof of residence
The proof of residence is a crucial component that helps banks to decide whether you should get an account or not. While this requirement was not so strictly emphasized in the past, it has become critical as countries move to prevent tax evasion and double taxation.
Using utility bills and other documents, banks want to be sure that you can be traced back home. If you provide the outlined things, you raise the chances of getting an offshore account with a huge margin.