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Opening an international bank account in Hong Kong for non-resident 

Hong Kong is one of the best places in the world to trade and do business activities. The bank account plays a vital role in businesses and fits the financial goals of the business owners. Therefore, to make the business transaction easier and more convenient, opening Hong Kong international bank accounts should be considered.

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An international or offshore bank account is one of the good choices for opening in a jurisdiction different from where a company is incorporated. With the international bank account in Hong Kong, there are many benefits and advantages to the business. Some advantages of opening a Hong Kong bank account are:

  • No tax on interest: This is a huge benefits of a business bank account. The holder will not be charged tax on their earnings.
  • Free capital transfer: Hong Kong has various industry sectors. As a result, there is no foreign exchange control on the trade. The international capital transfer is done easily without any problems
  • Reputation bank in Hong Kong: Many famous and safe International banks in Hong Kong like HSBC, the Bank of China, Citibank,  Standard Chartered Bank that are trusted by foreign investors and business people.

Offshore bank accounts allow business owners to operate through multiple currencies without depleting funds through currency transaction fees. Moreover, it creates more opportunities for investment by minimizing the cost of currency exchanges. All international banks offer online banking options that allow foreign account holders to easily access their funds anywhere in the world. They can manage their business transaction status outside Hong Kong. The offshore Hong Kong bank accounts are always safe and easily transfer money for foreigners.

The investors and foreigners must travel to Hong Kong for opening business bank accounts, it is recommended that they hire an agency so that the agency can help the account applicant with their businesses in arranging and preparing all documents. One IBC will gather all necessary papers for the clients before the customers visit Hong Kong. With our support, the customer’s time will be more flexible and the preparation for the interview will be the best. In addition, it can avoid the unexpected situation that you have missed details or documents when visiting the bank.

The next tip is the most important, the investors and foreigners should understand that different banks in Hong Kong have their own processes and conditions for opening business bank account in Hong Kong. For the offshore companies, the banks require the applicants to submit a Certificate of Good Standing and a Certificate of Incumbency in addition to the normal documents in opening the bank account in Hong Kong. Moreover, the two main languages in Hong Kong are Chinese and English, so all documents will be translated into English for foreigners.

All in all, with the information above, you can open a Hong Kong bank account easily and quickly. Even if you are either entrepreneurs, business partners, or professional business people, you all can open international bank account in Hong Kong.

If you are looking for a trusted supporter to help you with opening a company and bank account in Hong Kong, One IBC can advise you. With over 10 years of experience in supporting the customers in setting up the company in foreign countries, we believe that to give you the best solution and services to your business. In addition, our clients are well taken care of. All questions you can chat with us at the website: ptg.su or free call to +7 912 257 79 26 for more information.

The International Business Hub Competition between Hong Kong and Singapore 

For many years, Hong Kong and Singapore have been competing for the crown of “Best Place of Doing Business” as both are international respected powerhouses within the Asia region and worldwide, respectively.

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They both have world-class infrastructures and facilities while boasting tax-friendly policies, quick and easy company setup procedures and social stability.

However, both jurisdictions do have their similarities and differences when it comes to benefits between them which we will disclose for a better understanding as a particular jurisdiction might be more suitable to one person compared to the other.

Their similarities are noted in the table below:

Similarities
LocationCentre of AsiaCentre of Asia
Access to other citiesMajor cities of Asia Pacific, the Middle East, and North AmericaMajor cities of Asia Pacific, the Middle East, and North America
Spoken languageEnglish and ChineseEnglish and Chinese
Time to set up a business1 – 3 working days1 – 3 working days
Financial centreYesYes
Minimum Shareholder11
Minimum Director11

When it comes to the differences, Hong Kong and Singapore offer different benefits revolving around the setup of an offshore company:

DifferencesHong KongSingapore
Resident Director requiredNoYes
Statutory audits requiredYesNo
Corporate Income Tax (CIT) (%)Capped at 16.5%Capped at 17%
CIT Rebate50% income under
2,000,000 HKD
50% income under 
300,000 SGD
GST (VAT) Tax (%)07
Personal Income Tax RateNoneA flat rate of 15% charged for foreign-sourced income

What is a different between LLC vs Corporation, S-corp, C-Corp? 

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 Limited Liability Company (LLC)General CorporationS-CorporationC-Corporation
FormationColorado State filingColorado State filingColorado State filing. Within 75 days of formation, IRS filing of Subchapter S election is requiredColorado State filing. Within 75 days of formation, Form 2553 required to be filed with the IRS
LiabilityTypically, members not personally liable for the debts of the LLCTypically, shareholders not personally liable for the debts of the corporationTypically, shareholders are not personally liable for debts of the corporationTypically, shareholders are not personally liable for debts of the corporation
Raising CapitalPotential to sell interests, contingent upon Operating Agreement restrictionsShares of stock are usually sold to raise capitalShares of stock are usually sold to raise capitalShares of stock are usually sold to raise capital. Venture capitalists and angel investors are typically a good source of funding
TaxationNot taxed at entity level if properly structured. Profit/loss passed through directly to the membersTaxed at the entity level and shareholders receiving dividends are taxed at the individual levelNot taxed at the entity level. Shareholders are taxed at the individual level for profit/lossFringe benefits and owners’ salaries can be deducted as business expenses. Shareholders may face double taxation
FormalitiesLess formal meetings and minutes are required; state reporting requiredBoard of Directors, formal meetings, minutes and annual state reports requiredBoard of Directors, formal meetings, minutes and annual state reports requiredBoard of Directors, formal meetings, minutes and annual state reports required
ManagementMembers have an Operating Agreement that outlines management responsibilitiesShareholders elect Board of Directors to appoint officers for day-to-day managementShareholders elect Board of Directors to appoint officers for day-to-day managementShareholders elect Board of Directors to appoint officers for day-to-day management
ExistencePerpetual unless otherwise specifiedPerpetual unless otherwise specifiedPerpetual unless otherwise specifiedPerpetual unless otherwise specified
TransferabilityContingent upon Operating Agreement restrictionsShares of stock are easily transferredShares of stock easily transferred after observing all IRS regulations and ownership requirementsRestrictions on transferring shares of stock.