Since 2016, opening a bank account in Hong Kong became increasingly difficult due to the increased pressure on the banks to reinforce their KYC (Know Your Customers) to comply with the regulations relative to CRS (Common Reporting Standards) of OECD as well at the US FATCA. These measures increased compliance costs for the banks. As a result, many banks started to reinforce their criteria to select clients (taking commercial decision undercover of compliance). Some of them are even imposing a minimum turnover to new clients, asking client to buy financial products…
As a result, we had to find a solution for our clients and turn to offshore jurisdiction for banks. We can now help you to open an offshore bank account for your Hong Kong company in Mauritius, Switzerland, and Singapore where we became official introducer for some banks.
You keep all the advantages of being in HK but your bank account is outside HK. In our search for banks, we found great partners, and we realized offshore banking was bringing many benefits for our clients:
- – No need to travel – you can do everything remotely (so now it’s possible to open a company and get a bank account from the comfort of your home – Except for Singapore)
- – Clear and public KYC (we know exactly what banks want)
- – Inside connection – We know people within the bank and this help to create long term relationship. Screen better our clients and build trust with the banker.
- – For people asking for offshore tax exemption, it’s one more prove that the operations are entirely offshore as even the bank account is not in Hong Kong
- – And this comes without compromise regarding: e-banking, credit (debit) card, possibility to have a personal account… (in Hong Kong getting Mastercard became really difficult).
- – If you are interested in opening an account for your Hong Kong business. Please contact us for more information.
- – We can help you to compile the bank file and do the introduction to the bank.
In case you prefer to open your account in Hong Kong we can:
- – Brief you on which bank to approach (for free for our clients)
- – Refer you to a bank consultant in Hong Kong Certified Anti-Money Laundry Specialist with good knowledge of Hong Kong banking situation that can help you in this endeavor. He will be able to give you better advice for Hong Kong reality (he will charge you a fee to be discussed directly with him)
Our service starts at HKD2,800