Among all the banks outside Hong Kong, Hong Kong banks have always been the first choice of mainlanders in opening accounts. Why do so many mainlanders flock to Hong Kong to open accounts? Hong Kong bank accounts in the end to individuals can bring what convenience or benefits? Today, let's talk about those things for individuals to apply for a Hong Kong bank account!

01 Advantages of Hong Kong Bank Accounts

Advantage 1: Hong Kong insurance payment/renewal

Many mainland friends will choose to buy Hong Kong insurance, subscription of Hong Kong insurance, in order to confirm the source of funds need to be transferred from the Hong Kong account to the insurance company (small premiums can be paid by cash or credit card).

Advantage 2: Higher real return on deposits due to interest tax exemption

Interest tax exemption and higher actual return on deposits. Domestic policy exempts interest earned on deposits in Hong Kong offshore accounts from deposit interest tax; at the same time, interest income earned on deposits in Hong Kong banks (including certificates of deposit) is exempted from profits tax, regardless of the currency in which the deposits are denominated.

Advantage 3: Free exchange of foreign currency in and out

You can freely exchange currencies, such as traveling for education and immigration investment, etc. Since there is no foreign exchange control, you can remit/receive currencies in multiple currencies and directly remit them to your relatives/children overseas.

Advantage 4: SOHO Collections

Some banks accept public-to-private transactions, and individual SOHOs can use their personal accounts to receive company payments.

Advantage 5: Hong Kong and U.S. stock trading

Anyone who holds a No. 1 financial license in Hong Kong: securities trading can buy and sell stocks to their clients. Most of the banks in Hong Kong hold the No. 1 financial license, the user can instantly open a securities account through the Internet banking, the next working day can already buy and sell listed securities, may not necessarily have to go to the securities dealer to open a securities account, which is the advantage of the Hong Kong bank account.

Hong Kong company registration, annual audit, audit, accounting and tax, Hong Kong identity applications / renewals, e-commerce tax compliance, difficult cancellation, qualification licenses and other issues, welcome to sweep the code to add our online customer service (WeChat: JXHQCY890 / Mobile: 16625410105), to arrange for the manager to answer questions and provide professional advice and full one-on-one service!

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02 Who needs a Hong Kong bank account?

6 Typical Groups of People Who Need to Open a Personal Account with a Hong Kong Bank

① Cross-Border Investor / Money Manager

Requirements: buying and selling Hong Kong stocks, US stocks, funds, bonds, foreign currency financial products, or holding overseas properties and insurance.

Reason: Hong Kong banks can directly connect to international trading platforms, with fast fund transfer and lower handling fees than some mainland banks' offshore investment channels.

② Frequent Overseas Spending / Business Travelers

Requirements: Frequent overseas shopping, traveling, business trips, multi-currency payments and cash withdrawals.

Reason: Hong Kong bank cards can be used for ATM cash withdrawals and POS swipes worldwide without high cross-border fees and at better exchange rates.

③ Overseas Study Families

Needs: Children studying in the UK, US, Australia, Canada, Hong Kong and other places, need to remit tuition fees and living expenses on a regular basis.

Reason: Funds can be freely remitted, fast arrival, some banks provide green channel and favorable exchange rate for student remittance.

④ Persons residing or working in Hong Kong

Requirements: local payroll entry, rent payment, daily spending, purchase of MPF MPF, etc.

Reason: Hong Kong local account can be seamlessly used for payroll, government contributions, and local investments.

⑤ Cross-border e-commerce / Freelance (receiving foreign currency)

Requirements: Receive foreign currency compensation through PayPal, Stripe, international client contracts, etc.

Reason: Hong Kong account can receive foreign currencies directly, which reduces intermediary bank charges and enhances the efficiency of capital flow.

⑥ Asset allocation and succession planners

Needs: hold foreign currency assets, gold, insurance policies, or do family trusts, estate planning.

Reason: Hong Kong banks are highly private and have a wide range of products, which facilitates globalization of asset layout and inter-generational inheritance.

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Most Hong Kong banks basically require the following documents to open an account:

☑ Mainland Identity Card

☑ Hong Kong and Macau Exit Permit / Passport

☑ Customs clearance ticket

☑ Proof of address: If the ID address and the current address is consistent can not be provided, if not, you can provide the last three months of water, electricity and coal bills / bank statements, which need to have address information.

Be sure to think of a "reason to open an account" to deal with the account manager, otherwise some of the more stringent account manager will directly reject your account application (meet the angel account manager of another say).

If you have questions about opening a Hong Kong bank account, or do not have a full set of Hong Kong company registration information, etc., you can scan the code to consult.

Hong Kong company registration, annual audit, audit, accounting and tax, Hong Kong identity applications / renewals, e-commerce tax compliance, difficult cancellation, qualification licenses and other issues, welcome to sweep the code to add our online customer service (WeChat: JXHQCY890 / Mobile: 16625410105), to arrange for the manager to answer questions and provide professional advice and full one-on-one service!

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Summarized the reasons for successful account opening in the past as a reference:

☑ Large savings:As long as you can show proof of offshore funds of at least $50W or more, with the promise that they will be deposited after the account is opened, the whole process will be very silky smooth.

☑ Buy Hong Kong insurance:Negotiate a Hong Kong insurance policy in advance, and when you open an account, you can provide proof that you need to use your bank account to renew the policy.

☑ Wage collection:May be asked to provide proof of employment in Hong Kong.

☑ I or my children are attending school in Hong Kong:Will be asked to provide proof of enrollment in Hong Kong (Letter of Acceptance).

☑ Hong Kong stock investment:You will be asked to prove that you have experience in investing in A-shares (securities trading history for the last 1 month).

It is also important to be psychologically prepared for the fact that there is a certain degree of uncertainty in successful applications, and that each branch in Hong Kong and each account manager have their own ways of handling and attitudes, so there are not a few applications that fail.

Of course, in addition to over the Hong Kong account opening, you can also be handled through the mainland remote witness, the bank will generally require a deposit of 30-50W RMB, at least three months, some bank account managers will also recommend that you buy financial products.

Hong Kong company registration, annual audit, audit, accounting and tax, Hong Kong identity applications / renewals, e-commerce tax compliance, difficult cancellation, qualification licenses and other issues, welcome to sweep the code to add our online customer service (WeChat: JXHQCY890 / Mobile: 16625410105), to arrange for the manager to answer questions and provide professional advice and full one-on-one service!