What are the banking advantages of Hong Kong?
Hong Kong attracts many French entrepreneurs every year. Among the reasons that may convince them to set up their business there, banking advantages play an important role.
The banking network is of high quality, even though opening an account has become more demanding over the years.
Banking benefits to know about
An international banking network
The largest international banks have established a presence in Hong Kong. The banking network is renowned for its reliability and stability.
Efficient e-banking
Major banks offer efficient e-banking services, enabling customers to carry out numerous banking transactions remotely.
Multi-currency accounts
For internationally operating companies, multi-currency bank accounts may be available.
Why is opening an account more demanding?
Enhanced controls since 2016
Since 2016, it has become much more difficult to open a bank account in Hong Kong. Financial institutions apply stricter compliance procedures.
The bank remains the decision-maker
Opening an account can never be guaranteed: the decision rests with each bank’s compliance department.
Criteria vary depending on the institution and the company’s profile.
The business profile is under review
The absence of existing commercial activity in Asia, or links with regions subject to enhanced banking controls, may complicate the account opening process.
Banks also request numerous supporting documents.
Possible solutions
A bank in Hong Kong
When the case permits, the account can be opened with a bank located in Hong Kong.
A Fintech in Hong Kong
Depending on the nature of the business, a fintech can be an alternative to a traditional bank.
A bank outside Hong Kong
In some cases, a bank located outside Hong Kong may be a suitable solution for the project.
The nature of your company, its business activities, customers, suppliers, and available supporting documents must be analyzed before choosing a banking solution.
Société HK has been supporting entrepreneurs since 1998 and can help you prepare the application and identify suitable options.