Opening a bank account in Hong Kong. Fast. Safely.
China’s financial nerve center is Hong Kong and conducive for foreign companies to do business, a stable political climate, and a stable banking system attract entrepreneurs from all over the world. Today, the service of opening an account in Hong Kong is of particular interest from businessmen. Opening an account favorably affects building strong relationships with suppliers in the local market, serves as a powerful tool for entering international markets and enhances the company’s prestige. In addition to this, Hong Kong banks are interesting in providing modern financial instruments, such as a transferable letter of credit, trade finance and insurance limit financing.
We will open an account for you!!
In accordance with Hong Kong law, the director and shareholders of a company wishing to open an account with a local bank must appear in person at the bank, and before that provide a full package of documents according to the bank’s requirements.
UGL Corporation offers to quickly open an account with a bank in Hong Kong, and we take care of the preparation of documents and preliminary interviews with banks. It is important to start building relationships with Hong Kong banks competently in order to receive privileges in the future and not be under the strict control of state bodies. Our experts are well acquainted with the requirements of banks, we provide support at every stage of registration.
Stages of opening an account in Hong Kong:
- Gathering the full set of company documents
- Providing evidence of doing business (business proof)
- Preliminary interview with the bank
- Assignment of a personal meeting with the bank
- Obtaining information from the bank about opening an account
Opening accounts for Hong Kong companies by UGL Corporation specialists occurs with minimal customer involvement. Some Hong Kong banks impose requirements on the company’s turnover reflected in the audit report, some do not work with Russia, all these features are known to our company employees who will advise you on a bank that is suitable specifically for your company. We also recommend applying for opening an account at once to several banks.
Features of the procedure
To successfully open an account, a Hong Kong company must meet the minimum requirements:
- the presence of the director of an individual;
- the company secretary should be located in Hong Kong;
- maintaining regular reporting, including audit;
- proof of the business address of the company;
- provision of several contracts concluded on behalf of the company.
Features of taxation
Income tax in Hong Kong is 16.5%, but if the company operates outside Hong Kong, no tax is levied. Under the law, any company is obliged to maintain tax reporting and submit relevant documents. There are 3 types of reporting:
- Annual Return (filed once a year by the secretary; the report contains information about the directors and shareholders of the company).
- Financial Statement (filed annually in accordance with HKFRS).
- Profits Tax Return (filed annually; you must fill out a tax return, is part of the audit reports, or filed separately if the company did not conduct business).
How can Hong Kong offshore be used?
- In the relationship between buyer and seller, the company will become a kind of intermediary for working with other Asian countries.
- A Hong Kong based company is a service provider. All received money goes to the current account, not taxed.
- Lack of tax on asset ownership.
A bank account in Hong Kong will be of interest to those who want to grow their business and enter the international market. If you are one of such businessmen, contact the specialists of UGL Corporation!