How do I open an offshore bank account in Hong Kong?

How do I open an offshore bank account in Hong Kong?

In order to open a bank account in Hong Kong, the following documents should be prepared:

1. Valid identity card or passport of the beneficiary.
2. Proof of beneficiary’s residential address – a driver’s license, recent utility bill or bank statement (issued within three months of the application date).

What is an offshore banking license?

(A)The term “offshore banking license” means a license to conduct banking activities which, as a condition of the license, prohibits the licensed entity from conducting banking activities with the citizens of, or with the local currency of, the country which issued the license.

How can I legally have an offshore account?

When you take part in offshore banking, you do so with a financial institution outside your home country. In order to open an account with an offshore bank, you will need to provide proof of your identity and other documents to prove your identity. Banks may also require information on the source of your deposits.

Can anyone have an offshore bank account?

Offshore accounts are savings accounts located outside the holder’s country of residence, in this case the UK. Most accounts can be opened by anyone over the age of 18, although some are only available to those living outside the UK.

Can a foreigner open a bank account in Hong Kong?

Hong Kong allows everybody to open a bank account, regardless of Hong Kong residents or non-residents. Note, however, that foreigners opening a bank account in Hong Kong may be subject to more additional requirements for verification/identification purposes, compared to that for a local resident..

How do I open an offshore bank account?

To open an offshore bank account, some banks will require face-to-face meetings with the account holder, whereas others are comfortable to work through a licensed service provider such as Sovereign. If you would like more information, please contact Rone Silke at Sovereign Trust (SA) on +27 21 418 2170 or by email.

Why are offshore bank accounts illegal?

The situations where offshore bank accounts become illegal are when you intend to commit tax evasion or fraud. Tax evasion means that you are trying to avoid paying your taxes on the income that you make. Every dollar that you make is eligible for taxes if you reside in the United States.

Is it illegal to hold money offshore?

The Foreign Account Tax Compliance Act (FATCA) requires banks around the world to report balances and any activity of American citizens to the IRS or face fines. In summary, holding money in an offshore bank account is not illegal, and it is also not tax-exempt.

How can I open a foreign bank account in Hong Kong?

Requirements to Open an Account Online or in Person Whether you use your passport or Hong Kong ID card, you’ll also need to take your proof of address and a valid visa too. If you are working in Hong Kong, then your contract or a letter from your employer will also be required.

Is it legal to open an offshore bank account in Hong Kong?

It is completely legal to open an offshore bank account in Hong Kong. An individual or a company that wants to develop an international business or simply to move its money offshore in order to achieve more security will not be committing any crime.

Can a non resident have a bank account in Hong Kong?

Opening a bank account for a non-resident in Hong Kong will grant you tax-exempt status, which means that you wont have to pay tax on all the funds kept in this country. Moreover Hong Kong offers sophisticated technology systems for banking sector offering wide range of online banking services and high level of security.

Which is the best bank to open an international account in Hong Kong?

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: What Are My Banking Options? The HongKong and Shanghai Banking Corp (HSBC) is of course the biggest market player in Hong Kong.

Can you open a bank account in Singapore?

Sometimes our customers choose to open bank accounts in other jurisdictions. A company registered in Hong Kong is free to open accounts in any jurisdiction. For example, a Hong Kong company may have a bank account in Singapore. We will be glad to assist you with bank account opening in other jurisdictions.