Banks in Hong Kong offer current (checking), savings and multi-currency accounts. You can open different accounts for different purposes, but most banks prefer to hook clients into a one-stop-shop account that links all their accounts to one card.
Opening a bank account in Hong Kong
The benefits of holding a portion of your savings at a safe, stable bank in Hong Kong are manifold. Many Hong Kong banks make it easier for you to diversify your currency exposure. Hong Kong banks are also further from your home’s government reach. Exchange controls, capital controls, asset freezes, etc. become irrelevant when you bank in a safe bank in Hong Kong.
However, it is becoming increasingly difficult to open account in Hong Kong. Fortunately, there is relatively easy trick to overcome this barrier.
For individuals, it can be extremely difficult to obtain residency in Hong Kong. And it is not worth doing so just to open a bank account. The easiest way is to establish “corporate residency” by registering a Hong Kong company.
In addition, there are corporate secretary companies that can provide local director services. This would prove to any bank that your company has a local presence. With a local bank, you will be able to set up a corporate bank account at several banks in Hong Kong.
It is important to note that Hong Kong banks are some of the well-capitalized and most liquid in the world.
In order to open a bank account in Hong Kong the following documents should be prepared:
- Valid Identity Card or passport
- Copies of contracts and invoices of any company, signed by the beneficiary
- Proof of the beneficiary’s residential address
We will be glad to assist you with bank account opening in Hong Kong. Contact our professional team for a free consultation:
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