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Distinguish Individual Account And Corporate Account While Opening Bank Account In Hong Kong

As the most important financial center and free port in Asia, Hong Kong attracts investors from all over the world and accordingly creates a currency transaction environment for the free exchange of currencies among different countries. Due to such reasons, many customers with demand for foreign exchange settlement go to Hong Kong to incorporate companies and open bank accounts. Meanwhile, well-developed financial industry and insurance industry in Hong Kong also attract a great number of customers from mainland China to purchase insurance in Hong Kong. Without a Hong Kong bank account, no insurance can be purchased in Hong Kong. However, just like bank accounts in mainland China, Hong Kong bank accounts are classified into individual accounts and corporate accounts. Today, we will introduce the differences between individual accounts and corporate accounts and their separate account opening demands.

Generally speaking, customers who incorporate companies in Hong Kong pursue lower tax rate or convenient receipt and payment of foreign exchange. But as the global campaign to fight against tax evasion and international movement to combat terrorist financing and money laundering go deeper, Hong Kong banks begin to thoroughly examine customers who apply for the opening of accounts and have also closed a large number of “suspicious” bank accounts, which make it extremely hard to open a bank account in Hong Kong. It is “hard”, but it is not completely impossible. Companies which can provide sufficient evidences to prove their businesses are legitimate are still welcome to open bank accounts in Hong Kong.

Courtesy of baijiahao.baidu.com

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