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Where Should HK Businessmen Open Overseas Bank Account

Where Should HK Businessmen Open Overseas Bank Account?

Many Hong Kong businesspeople are seeking for a method to open abroad bank accounts, while the 100-day Hong Kong protest continues. Nonetheless, several choose to open their accounts remotely in order to avoid travelling to other nations.

Before you pick the countries and banks where you want to create a bank account outside of Hong Kong, there are a few things you should know. To begin, you must grasp the many sorts of bank accounts available, as well as the various methods for obtaining one. In general, four types of bank accounts are available in various countries depending on their value-added features:

• Personal Banking Account: This is a bank account for everyday use. If you intend to live in the nation, you will require a local bank account. This account offers the financial services you need to collect wages, pay home utility bills, and save. As a result, it is the principal account for not just permanent residents and citizens, but also temporary residents such as holders of work and study visas.

• Business Banking Account: This is the bank account used by profit-seeking corporate organizations to conduct business. It functions similarly to a personal bank account, but the account’s owner is the organizational body rather than individuals. Because of this, the site of incorporation may differ from the location of the bank.

• Premium Banking Account: This is the banking option for the rich who want tailor-made wealth management solutions.

• Corporate Banking Account: This account is an upgrade from the Business Banking Account since it includes corporate funding.

As previously stated, we can rule out three sorts of accounts:

• Personal Banking Account: Unless you live or work abroad.

• Premium Banking Account: Unless you are really wealthy.

• Corporate Banking Account: Unless you already own a large firm.

As a result, we propose the Business Banking Account to Hong Kong residents.

“However, where should we go?”

Because Hong Kong is a premier international financial centre, we can confidently assert that locals place a premium on banking security and service excellence. As a result, they are more interested in onshore banks than offshore banks.

Singapore is the best option for a country.

Why is Singapore Business Bank Account the best option for Hong Kong residents looking to bank abroad?

Singapore is appealing to Hong Kong businesspeople due to its stability and safety in the banking industry (Read More: Why do Hong Kong (and offshore) corporations open bank accounts in Singapore?). Furthermore, Singaporeans are a pleasure to deal with; they are efficient, hardworking, and honest.

Aside from that, several Singaporean banks offer remote bank account opening for foreign corporations, including those incorporated in Hong Kong and offshore.

But don’t misunderstand what I mean by remote bank account opening. It does not imply that you can complete the full application while sitting at home. Instead, “remote opening” suggests that you can finish it without having to fly to Singapore since you can do it in Hong Kong.

In terms of formalities, creating a Singapore Business Bank is similar to banking in Hong Kong.

As part of the bank’s “Know Your Customer” compliance requirement, you must meet with the bank’s representatives in Hong Kong, hand in the required personal documents copy and business proofs for the bank’s examination, and prepare the cheque to settle the minimum account deposit, which typically begins at SG$30,000.

“However, which Singapore banks should I choose?”

DBS Bank is the market leader, followed by OCBC Bank, UOB Bank, and RHB Bank.

Because you do not live in Singapore or have a presence there, paying for visits to each of the banks there takes time. It is preferable to have a local guidance to the Singapore banking business.

It’s time for our Singapore Banking Intermediary to step in. We have been working with bankers from major Singaporean banks; we keep a list of banks that accept risk-level of their clients and update it on a regular basis, so we know which persons to accept as the company’s account beneficial owners, as well as the permissible business nature.

Furthermore, we do not charge our clients if we are unable to create a bank account for them since we offer a return guarantee.

Furthermore, everyone interested in opening a Singapore business bank account will obtain our free Pre-approval Assessment. This test allows our clients to determine which banks best meet their needs and the likelihood of successful account creation. We will not charge any fee, if the client does not want to proceed further.