Hong Kong is a leading international financial jurisdiction that is selected by many people for offshore financial services. Offshore banking services are popular due to its outstanding reputation as a leading financial centre and its flourishing business environment. In addition, many people are able to open a Hong Kong bank account with relative ease and speed.
Why Open a Hong Kong Offshore Account
Hong Kong is one of the largest economic jurisdictions in the world and it has a solid reputation as a leading international financial centre. It is a significant centre for international finance and trade, and has a rapid growth and development rate.
Many people choose to open up a bank account in this location due to the numerous benefits available to account holders. It is relatively easy to open an account here, and, when opening an account, it is possible to open a personal, corporate or investment account.
The Hong Kong banking industry is regulated and governed by the Hong Kong Monetary Authority (HKMA), under the Banking Ordinance legislation. This is its central banking institution that is responsible for ensuring the stability of its currency, as well as its monetary system.
In order to open any one of the above accounts, it is important to meet the specific criteria of the HKMA. The HKMA has stringent guidelines that must be met, and when applying for an account here it is important to submit the necessary documentation to the HKMA, including a professional reference letter, passport copies and recent proof of address.
Offshore banking in Hong Kong is highly stringent and well regulated. Recent initiatives have seen the introduction of bond programs that have attracted more and more investors to this state and further reinforced its reputation as a global financial powerhouse.
Offshore banking in this location is secure, and offers a number of attractive features to the account holder. For example, the internet banking facilities are outstanding, whilst customers have the option to bank in a number of currencies. As Hong Kong’s economy continues to thrive, demand for offshore banking in this location is rapidly increasing.