Hong Kong is one of the top destinations for businesses because of its great ease of doing business, stable political system, and serves as a financial hub. For more than two decades, this special administrative region of China has built a successful business economy. To take your business to Hong Kong, two crucial things must happen; incorporating a Hong Kong offshore business and opening a bank account.
Opening a bank account in Hong Kong used to previously be a simple process. However, the procedure of opening a bank account has become complicated, and the chances of succeeding are very low. To raise the chances of getting a corporate bank account, you should consider using an agency. Here are the advantages of using expert assistance when seeking a corporate bank account.
Experts bring a wealth of expertise about banking in Hong Kong
Expert agencies in Hong Kong have been in the system for many years and understood every component about banking in Hong Kong. They have seen banks introduce new rules and policies from the government changing over time. Therefore, they have to know what these banks want and will help you come up with the best reasons for opening a banking account.
Good agencies are a bigger part of anti-money laundering network in Hong Kong
The main reason that makes Hong Kong banks decline opening corporate bank accounts is to weed out fraud or handling cash from drug and terror related activities. They also ensure that people and corporates with roots in countries forbidden from trading in Hong Kong are declined. By working with an agency, you can easily tell whether you are viable or not.
If your operations relate to clients from a country such as North Korea that is forbidden from Hong Kong, you can drop such links. By simply engaging the expert agencies, banks know you are okay and will approve the corporate bank account faster.
Expert agencies help you to request accounts in line with the latest CRS requirements
After OECD passed the Common Reporting Standards (CRS) framework, Hong Kong has now implemented a local statute that defines the framework implementation. Now, banks (reporting entities) have additional requirements before any offshore account can be opened. When you enlist services of an expert agency, it will be easy to appreciate the new requirements and get the account you want as fast as possible. For example, they will advise you to get straight the records of shareholders’ taxes back in their home countries.
Note that an investor can only enjoy these benefits by enlisting the services of a good agency. Make sure to evaluate the agency well by interrogating its success with recent clients.