Hong Kong is one of the areas in China that is well known for its good banking infrastructure and there are several benefits of using the financial services offered in the place. One of the factors that make this industry very popular is the fact that there are no restrictions when it comes to the flow of funds in bank accounts.
Privacy is a great concern for people when they are opening accounts. With a Hong Kong bank account, your identity and details about the transactions you carry out remain confidential. This is the same privacy you get with some of the countries that offer offshore accounts.
When you open an account with a Hong Kong bank, there is no risk of having the services terminated. This means that nobody can interfere with the banking services you receive especially if you have an offshore account.
If you have an account in any of the banking institutions, it can be located in any of the offshore islands in the region but you do not have to travel there to open one. This makes it very convenient for customers.
The minimum account balance in the region is lower compared to other cities in the world. You can have as little as HK$ 3,000 as your minimum. A small fee is charged if it is below this amount.
Another benefit is that if you are running a Hong Kong corporation, you can withdraw or deposit your money from any branch. Wire transfers are also possible if you have an offshore account.
Account opening is not restricted to nationals therefore foreigners can enjoy the various financial services offered in the area. This means that if you are running an offshore company, you can have an account but in this case, the banks require a majority of the shareholders to be foreigners.