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How to Open a Hong Kong Offshore Bank Account

How to Open a Hong Kong Offshore Bank Account

We are always happy to response to all of your questions. One of our customer is requesting whether it’s possible to open up the bank account in Hong Kong if you are not resident of Hong Kong.

 

Question:
Can a foreigner open bank account in Hong Kong? (From our e-mail box).

 

Answer:
Almost every person/entity can open bank account in HK, there is no restriction from the Financial Secretary (Hong Kong) on bank account opening for foreigners. We might illustrate a typical example where customer from US (or EU, Egypt, Russia, India etc.) incorporate company in HK and than will open bank account with Hang Send bank, HSBC or Standard Chartered Bank.

One of the most important issue is to be prepared well before you have a meeting with local bank. Most of the time, the bank asks for following documents (this is prepared by us):
– M&A
– Business certificate
– Incorporation Certificate
– NC1 certificate

 

Further
– DD – Declaration of Directors (if any)
– COI – Certificate of Incumbency (if any)

 

Business Nature (this section doesn’t make any sense to me how can you invoice some company if you just started, any way you should follow what is required):
– business description
– invoices
– agreements (if any)
bank reference letter (example here)

 

Should you have any questions, please let us know.

HONG KONG Company formation and bank account opening click here.

 

Starupr

Hong Kong – Tax on Holding Company

Hong Kong - Tax on Holding Company

Holding – tax on holding company Tax in Hong Kong

 

XYZ Limited owns (holding):

 

1) ABC Limited
2) DEF Limited

 

Conditions:

 

XYZ Limited – 0 HKD income

 

ABC Limited – 1mil HKD
DEF Limited – 0,5mil HKD

 

income will be taxed only on the company’s level, right, meaning:

 

ABC Limited – 1mil HKD
DEF Limited – 0,5mil HKD

 

NO for:
XYZ Limited – 0 HKD income

 

For:

Company formation in Hong Kong

company formation in BVI

 

 

What is a representative office?

COI - Certificate Of Incumbency

Representative office is set up by a foreign company to engage in business liaison in the selected country/jurisdiction or to enable clients to visit an domestic office where the main office is abroad.

However, it is not allowed for the office to be directly involved in operational activities. In general, a representative office can be established before an company formation, as the first step to enter local market and test the business environment in that particular country/jurisdiction.

Representative offices are usually easier to establish than a branch or subsidiary, as they are not used for actual “business” (e.g. sales) and therefore there is less incentive for them to be regulated.

For more information, contact us at: info@startupr.com

 

startupr