In Hong Kong, foreigners are allowed to open two types of saving accounts. These are namely privileged banking or priority banking accounts and private banking accounts. The privileged banking or priority banking accounts are mainly offered by commercial banks in Hong Kong. Having a bank account in any foreign country has now become essential for many businessmen especially those who do not want to show all their income to their government. Hence, after every new company incorporation, a businessman always wants to open an account in some foreign country like Hong Kong. But before a person opens an account, it is essential to know everything about the account. Hence in this article, we have come up with an Open offshore bank account guide Hong Kong.
Types of Account for The Foreigners in Hong Kong
People across the world prefer to open a bank account in Hong Kong since opening a bank account in this country is very hassle-free. The main document that you need to produce as a foreigner for opening an account is just your passport. There are many private and public banks where you can submit an online application for opening an account. Nonetheless, most of them would want the foreigner to come to come to Hong Kong and submit their application in person at any of their branches. However, some banks of Hong Kong may arrange an interview with their customer outside Hong Kong.
Apart from that, you as a foreigner also need to submit your proof of residential address. The next thing that the banks in Hong Kong need is a proof of source of funds. All the banks in Hong Kong need to be aware of the origin of funds for their customer and so the foreigners have to give every detail of their funds. For example, if the source of funds is from the business, then the foreigner needs to show that his funds are coming from the profit of his business. Hence, it becomes compulsory for the foreigner to submit the financial statement or account statement of their company to the bank.