Open International Offshore Bank Account for Hong Kong Company – Basic Guide
Have a Company Based in Hong Kong? Then You Need the Right Bank Account
When opening a business account in Hong Kong, you may consider an international offshore bank account. This benefits your company internationally. This article provides Guide to Open International Offshore Bank Account for Hong Kong Company.
What is an International Offshore Bank Account?
An international offshore bank account is an account you have with a bank that is based elsewhere. This means the account you hold is not with a bank that is based in the same country. For a business, this means your bank account is not located in the same country where your business was incorporated.
For example, let’s say your business was incorporated in Hong Kong. Your international bank account can be in any country other than Hong Kong.
Banking in Hong Kong is a whole different experience. Being one of Asia’s major trading outposts, you’re opening an account in the heart of Asia. It connects you with Asia and establishes a strong presence on the international scene. Plus, an offshore account offers an added layer of privacy and asset protection.
Why Have an International Offshore Bank Account?
If you’re looking to increase your business’s international exposure, there’s no better place to do it than Hong Kong. Other benefits of an international account include:
- Greater flexibility accessing your accounts
- Economic and political stability
- Higher rate of approval
What Are My Banking Options?
The HongKong and Shanghai Banking Corp (HSBC) is of course the biggest market player in Hong Kong. Hang Seng Bank is the second largest, mainly owned by HSBC too. If you only need a simple personal savings account or one for a small offshore company, these two would be your best bet.
Other offshore banking options include:
- OCBC Singapore
- DBS Singapore
- Bank of China
- Standard Chartered
- CIM Banque
- ABC Banking
Do I Need to Be in Hong Kong to Do It?
No, you don’t. You can open your international offshore bank account from anywhere you are. For example, 3E Accounting in Singapore can assist you for the bank account opening in Singapore. If you can’t do it in person, engaging a professional firm is your next best option.
What About the Currency?
Most international offshore bank accounts offer multi-currency. To open an account requires a minimum deposit of a few thousand dollars. This would depend on the bank you choose.
Need an International Bank Account? Let 3E Accounting Help You
An international offshore bank account is very common in Singapore. By engaging our company incorporation services in Hong Kong, the 3E Accounting headquarters in Singapore will assist you with your offshore banking needs. Having a local presence in Singapore makes it much easier to liaise with us.