Hong Kong Banks
Hong Kong is considered one of the largest financial centers in the world, where the largest number of financial institutions and organizations are concentrated, 70 of the largest banks in the world have their branches here.
The Hong Kong Banking Act of 1986 consolidated all banks into a single three-tier system. Therefore, all Hong Kong banks are divided into three groups: The first group includes licensed banks that have no restrictions; the second group includes banks with limited licenses, deposits in which should not exceed 500 thousand Hong Kong dollars; The third group includes deposit companies. They accept deposits in the amount of 100 thousand Hong Kong dollars for a period of three months or more. Hong Kong’s limited-license banks and deposit companies are two distinct financial institutions that perform the same function. The largest banks in Hong Kong are:
HSBC
Hong Kong Shanghai Bank Cooperation
It holds a leading position in terms of capital in the world and capitalization in Europe. It was founded to finance trade between Europe and China in 1865, and is now headquartered in London.
The Bank has the right to issue currency Hong Kong dollars
Standard Chartered Bank
The bank is part of the British banking group Standard Chartered. The history of the bank dates back to 1859. The Hong Kong government granted this bank the right to issue local banknotes back in 1862, which it retains to this day.
Bank of China (Hong Kong)
It is the oldest Chinese bank with its headquarters in Beijing. It ranks second in terms of capitalization and the size of available deposits. It has more than 500 foreign branches in 20 countries around the world. The Hong Kong government owns a controlling stake in the bank. The Bank of China has the right to issue Hong Kong-traded currency (HKD).
Citibank
It is the first foreign bank in China, which began operations in 1902. Citibank, Hong Kong has 25 branches.
Hong Kong banks offer a wide range of diverse banking services and products, for example, private banking (client’s financial management), overdraft, loan provision, mortgage lending, fiduciary deposits, credit cards: Visa, MasterCard and others.
Advantages of Hong Kong banks
The advantages of working with Hong Kong banks are anonymity, banking secrecy, security, no information exchange agreement, no wealth tax, online banking, credit cards, accounts in 10 currencies of the world and others.
Banking secrecy is established by a decree of the Hong Kong Government and represents the confidentiality of information that banks guarantee to their customers by accepting their funds for storage and maintenance. Banking secrecy applies to all participants involved in opening accounts, even if these accounts are not opened, and also applies to all information that the bank has or will have.
Hong Kong banks are also very convenient in their work, they actively use remote account management tools — Internet banking, account management via phone.
Banks in Hong Kong pay special attention to the security of their clients’ account services. The main methods of protection are an electronic key, which is used to generate a code, which is then entered to perform operations on the account and manage it; as well as password protection, a code word and an authorized signature.
How do I open a Hong Kong bank account?
It is relatively easy to open an account with one of the Hong Kong banks if an individual or company has all the necessary documents that meet the requirements of Due Diligence and KYC of Hong Kong banks. The Client should not be listed in the World Compliance and World Check lists.
You don’t have to be a resident or have a work visa in Hong Kong to open a bank account. However, if the requested person has a residence in one of the EU countries or an Asian country, this greatly simplifies the procedure for opening a bank account.
You can open an account, both corporate for business and personal. It will take more documents and time to open a corporate account than to open a personal account.
Personal accounts
To open a personal account, a future customer of the bank must submit:
- a passport or other official document replacing it, confirming the identity of the client
- documents confirming his address of residence
Persons residing in Hong Kong must confirm their local address. This can be done by providing any bill that includes a home address, such as a utility bill or an electricity bill. If the client is not a resident of Hong Kong, he is also required to confirm the residential addresses in his country. Very often, the bank sends a letter to the specified address, which must then be submitted to the bank when signing the account opening agreement. The Bank may request other additional information about the client. Personal presence is required when opening an account.
Corporate accounts
To open a corporate account in Hong Kong, you must provide a package of documents “Visa Proof”. These are not only corporate documents and documents for the owners, directors and shareholders of the company. As well as documents and statements confirming the intention to conduct trading operations in Hong Kong and evidence to meet these goals without using a bank account for fraud and money laundering purposes. A document confirming the origin of funds.
The “Business Proof” package of documents does not provide a specific list of documents. Each bank decides for itself which documents the client must provide to them in order to open a corporate account. You can open a bank account in Hong Kong either by contacting the bank yourself or with the help of companies specializing in this field.
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