Hong Kong Offshore Bank Account
The information below will assist you in learning about the Hong Kong banking system, and will provide you details on opening a Hong Kong offshore bank account. You will find details on the laws and regulations that govern the banking system, as well as a list of local and international banks that operate in Hong Kong.
To open an offshore bank account in Hong Kong, please select from the account types listed below, and complete the online application form:
To learn more about Hong Kong banking, or If you have any additional questions and require further information, Contact EFSAG today.
The Hong Kong Monetary Authority
The Hong Kong Monetary Authority (HKMA) was established on 1 April 1993 by merging the Office of the Exchange Fund with the Office of the Commissioner of Banking. Its main functions and responsibilities are governed by the Exchange Fund Ordinance and the Banking Ordinance and it reports to the Financial Secretary.
The HKMA is the government authority in Hong Kong responsible for maintaining monetary and banking stability. Its main functions are:
- maintaining currency stability within the framework of the Linked Exchange Rate system
- promoting the stability and integrity of the financial system, including the banking system
- helping to maintain Hong Kong’s status as an international financial centre, including the maintenance and development of Hong Kong’s financial infrastructure
- managing the Exchange Fund.
The Hong Kong Monetary Authority (HKMA) is responsible for achieving the monetary policy objective in Hong Kong determined by the Financial Secretary, including determining the strategy, instrument and operational means for doing so, and for maintaining the stability and integrity of the monetary system of Hong Kong.
The monetary policy objective of Hong Kong is currency stability, defined as a stable external exchange value of the currency of Hong Kong, in terms of its exchange rate in the foreign exchange market against the US dollar. The Hong Kong dollar is fixed at HK$7.80 to US$1.
At end-March 2005, there were 133 licensed banks, 39 RLBs, and 35 DTCs in Hong Kong. Of these 207 AIs, 182 were owned by interests from 30 foreign countries. In addition, there were 84 representative offices of foreign banks.
Hong Kong’s five largest banks, in terms of total assets, are as follows:
– Hong Kong & Shanghai Banking Corporation (HSBC)
– Bank of China (Hong Kong)
– Hang Seng Bank Ltd
– Standard Chartered Bank
– Bank of East Asia Ltd.