Banking in Hong Kong for non-resident does not require traveling. You can open or operate such an account remotely – whether you are a resident or non-resident of Hong Kong. The city is home to around 157 licensed banks. The city is home to financial institutions from close to 37 different countries. More importantly, 71 out of the 100 leading banks in the world have a footprint in Hong Kong. How does its offshore banking work?
Why banking in Hong Kong for nonresident is Attractive
When it comes to nonresident banking, Hong Kong remains the best because of the secrecy that it provides to customers or account holders. If you desire to continue enjoying using the nonresident bank account that you open in Hong Kong, you must not fail to pay your taxes.
Tax avoidance is a serious crime in Hong Kong, despite the secrecy and other benefits such as multiple currency, tax haven, and anonymity that you might enjoy by opening up nonresident account.
Types of Banks in Hong Kong
Regarding the issue of the banks with which you can open nonresident bank account, Hong Kong has three categories as shown below:
- licensed banks
- restricted license banks
- deposit-taking companies
Requirements for Hong Kong non-resident Banking
Based on the volume of international transactions, Hong Kong is only second to Japan in Asia. In fact, banking plays a vital role in ensuring that the Hong Kong economy remains in a healthy state. To have a much better understanding of how Hong Kong bank account for non-resident works, you need to be ready with all the documents that are mandatory prior to opening an account. Such documents include the following:
- Valid ID card or passport
- Proof of residential address
- Copies of contracts
- Copies of signed invoices
- Documents written in English
The fact that Hong Kong lacks foreign exchange control has made the market right for opening and running nonresident bank account. To understand how Hong Kong offshore banking works, it is good to appreciate the complex nature of the city’s compliance procedures, especially regarding incorporating companies here for foreign entrepreneurs.
To understand how the offshore banking sector in Hong Kong works, talk with professionals and experts in these matters
Anonymous offshore bank account
The debate as to whether anonymous offshore bank accounts exist or not has been raging for quite some time. The bone of contention has been whether a person can be guaranteed 100% anonymity especially with the increasing number of aggressive western governments led by the US requiring that information about their citizens holding offshore bank accounts to be shared with them.
True to fact, a number of top offshore jurisdictions have in recent years been reluctant to consider US clients for anonymous accounts and if they do so, the client is notified in advance that he will only enjoy some level of financial secrecy and anonymity.
Opening an anonymous offshore bank account
Opening a personal anonymous offshore bank account has become a tall order. In fact, it would be foolhardy to expect 100% secrecy with a personal offshore bank account.
However, this need not spook you or let you worry on end. You can actually open anonymous offshore bank account in various jurisdiction by incorporating or registering an offshore company. No ID option means that you become an invisible man and your account anonymous and hence can’t be traced to you. Wondering how that is possible? Well, let me explain further to you.
A foreign nominee who will essentially act as the sole shareholder will be used to incorporate or register an offshore company. The nominee will act as your proxy and therefore will sign all required documents for opening an offshore bank account hence making you invisible and anonymous as none of your details will appear anywhere. Once the account is approved, you will be provided with a debit card to enable you perform transactions from anywhere in the world without the same being traced back to you.
Note that the foreign nominee is simply nominally attached to the company and therefore holds no authority and neither can he exercise any powers to your offshore bank account. The agreement between you and the foreign nominee is protected in law and therefore you don’t have to worry as you will be the sole person with access to your foreign bank account. What’s more? You remain anonymous with an anonymous offshore bank account.
Contact us for a free quote, banking in Hong-kong for non-resident is a real opportunity