Company Setup in Hong Kong
Offshore Corporate Services

Hong Kong is a place where the largest international banks have their Asia-Pacific branches and headquarters.  It is one of the largest international banking centers in terms of volume of international transactions, and Asia's second after Japan. The banking sector plays a very important role in the Hong Kong's economy.

There are 151 licensed banks (128 of which are foreign banks), 19 restricted license banks (of which half are incorporated overseas) and 26 local deposit-taking companies.

These 196 licensed banks and financial companies operate a comprehensive network of 1,300 local branches. In addition, 65 overseas banks have their local representative offices in Hong Kong.

A bank account is essential for day-to-day business operations. Hong Kong has no foreign exchange control, so funds can be transferred in and out easily.

Overseas businessmen who incorporate companies in Hong Kong usually face difficulties with opening bank accounts with local banks due to the banks' complicated compliance procedures. Personal meeting with a bank officer is required in order to open a bank account. It takes about 5 weeks for a bank to make a decision. At INTERCORP, we understand major banks' requirements and will be glad to assist and facilitate your account opening process in Hong Kong and elsewhere in the world.

Hong Kong is definitely well known for its banking infra-structure. There is no restriction for fund flow into or out of Hong Kong bank accounts. The identity of account holder and transaction information are also subject to very high standard of confidentiality. Comparing with some kind of offshore bank account available in certain country, the benefits include :

In order to open a bank account in Hong Kong, the following documents should be prepared:

• Valid identity card or passport of the beneficiary
• Proof of beneficiary's residential address - a driver's license, recent utility bill or bank statement (issued within three months of the application date). If the documents are not in English please prepare a notarized translation into English.
• Copies of contracts and invoices of any company, signed by the beneficiary, in order to show that the account holder has previous experience in doing business. These documents should be in English or Chinese and should be signed or issued within two years of the application date. Two contracts with matching invoices will be sufficient. There is no need to certify the copies of these documents with the company stamp. The type of activity mentioned in these contracts should match the company's business plans in Hong Kong.
• Document(s) in English which prove that the beneficiary performed director's duties (as mentioned in the contracts). 

Sometimes our customers choose to open bank accounts in other jurisdictions. A company registered in Hong Kong is free to open accounts in any jurisdiction. For example, a Hong Kong company may have a bank account in Singapore. We will be glad to assist you with bank account opening in other jurisdictions.