Banking and Accounts

Can you Open a Bank Account Remotely in Hong Kong? – Interview

3/16/2021 8:00:00 AM
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Mundo is working hard every day to find the best options for international business and investment. Thanks to our wide network of partners, we offer B2B and B2C options with the opportunity of creating structures across different countries to optimize the business. 

For a while now, there is a jurisdiction that we find more appealing by the day: Hong Kong. This is a unique place that offers a gateway to the Asian Giant (PRC) while maintaining a certain level of independence and a vibrant and modern financial environment.

We are especially interested in corporate and banking and for this reason, we contacted our expert who agreed to do this interview with us. 

- Hello, Raymond, it is a pleasure to have you with us again. Can you please tell us the advantage of having a corporation and bank account in Hong Kong?

- Well, Hong Kong has several unique advantages especially when it comes to the corporate area.

Firstly, there is no local director required. Thanks to this the company formation becomes easier and the cost of the structure is lower.

Secondly, Hong Kong can offer some interesting tax advantages. The tax system is tiered which means the tax rate will depend on the income. For example, for the first 2 million, the profit tax rate is 8.25%. The profit has to be generated in Hong Kong. For the profit that is generated abroad, there is a possibility of total exemption under certain circumstances. 

Thirdly, my favorite advantage: the setup is quite fast and easy. We can establish the company remotely in 1 business day through our online registration platform. This is, of course, after the documentation has been approved. 

Regarding bank accounts, I can also list some amazing advantages:

1-Hong Kong doesn’t have Forex control. Businesspeople and citizens, in general, can transfer their money safely in and out of Hong Kong. 

2-We have a developed and reputable banking system. The Hong Kong bank clients can choose to work with Chinese, local, and foreign banks, thus widening the possibilities considerably. 

3- The owners of Hong Kong accounts can freely operate with multi-currencies and convert Forex. Most of the banks in HK are able to offer currencies including USD, EUR, GBP, CHF, JPY, AUD, NZD, RMB, etc. 

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-One of the things I find very interesting is the GBA or Greater Bay Area. I understand Hong Kong is a part of it, isn´t it?  Can you tell us about it and how a company can benefit from this area?

- Well, the population of the GBA is over 71 million and the GDP is over 1,642.5 billion USD. Hong Kong is part of this area and not only that, it is also the most important city in this area. Hong Kong is ahead in the area especially when it comes to banking, finance, and professional services.

Thus, Hong Kong leverages mainland China while engages the world as one of the most important cities in Asia. We predict that more and more Chinese and foreign businesspeople will be setting up their companies in Hong Kong in order to capture the growth rate and take advantage of the world-class banking system. 

-Coming back to the topic of bank account opening, if you have a Hong Kong company, can you open a bank account remotely? How would this work?

- 99% of Hong Kong banks only open accounts for clients that visit the institution in person. However, thanks to our connections, it is possible to open a bank account remotely provided that the client meets certain requirements. We provide a pre-assessment service and organize voice and video calls for eligible clients. Once the application form is filled and signed, we send it to the bank and after this, the account can be opened in only three weeks. 

If the client doesn´t meet the requirements after our pre-assessment process, then we can offer other options, for example, establishing a Fintech business account remotely. In this case, the requirements are much easier to meet than with regular bank accounts, but the client will still have a bank account number and will be able to enjoy the services offered by the banks that cooperate with Fintech business account providers. In our company, we currently work with the 6 most important providers. 

For more information, check out our video interview with our Hong Kong expert

-If you have a company registered in any jurisdiction other than Hong Kong, is it possible to open a Hong Kong corporate account? Is it possible to do it remotely?

- From our experience, if the client is able to provide solid proof of the business, we can help set up an account for his/her corporation in any jurisdiction. However, some banks may require a business registration in Hong Kong for foreign companies. However, at this stage, we usually work with the client personally and offer case-by-case solutions. Contact us through Mundo channels for a consultation. 

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-What are the main requirements to open a corporate account in Hong Kong and what is the minimum deposit?

- To set up a corporate account, the client needs to provide solid business proof describing the business´s activities. Applicants should present a detailed business plan which specifies how the income will be generated. Other crucial facts for a successful opening are the source of wealth and nationality. We recommend sending us a CV first so we can pre-assess whether the client is suitable for opening an account in Hong Kong. 

Usually, the minimum deposit starts at 5,000 USD, but some banks may ask for even 2 million USD. Our team will assess the client´s profile and offer a tailored solution. 

-Finally, why would you recommend Hong Kong to foreign businesspeople?

- Well, I always say: go where you find the widest range of possibilities. Hong Kong is a unique place that combines two cultures, we can say it is a bridge between the East and the West. It is a part of China, but it is a Special Administrative Region, which means it has a certain level of autonomy. The visa regimes are different for mainland China and Hong Kong, just to give an example. 

Hong Kong has all the numbers to be a world-class business center: access to China (one of the most important markets in the world), financial incentives, tax advantages, excellent banking, and a stable environment. 

If you want to know more about how to register your business and open an account in Hong Kong, please contact our experts. 

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