open hong kong bank account

Hong Kong (HK) is popular for investments and offshore company incorporation, having achieved first place in the "Index of Economic Freedom" fifteen years in a row (until 2009). The index takes into account factors such as business freedom, investment freedom, property rights and freedom from corruption. With one of the lowest corporate tax rates in the world (16.5%) and zero tax on foreign sourced income, HK is also an ideal jurisdiction for tax-efficient business, without being perceived as an international tax haven. Setting up a company in HK can take as little as 4 working days and with the aid of a professional services firm is relatively simple. The procedure is as follows:

- The corporate services firm collects the required due diligence and confirms the required services
- Legal, accounting and tax implications of company incorporation are settled with the professional services firm
- Company name availability is reviewed
- Professional services firm, and the client, discuss and agree optimum required corporate structure for new entity

* This includes the number of shareholders and directors

- Incorporation documents are delivered for signing and returned to corporate service firm for processing
- Service professional handles the business incorporation with the relevant government bodies
- Business incorporation in HK is complete

After forming a company in HK, new entities often face other important requirements in new business set up. These can include opening a corporate bank account, obtaining corporate and trade finance as well as merchant accounts, and identifying a local office space or virtual office.

World-class multi-currency accounts and internet banking facilities are readily available in HK. Entrepreneurs can choose amongst leading international banks that operate in HK, to open their corporate bank account for their new Hong Kong business, and will enjoy having no foreign exchange controls or restrictions on inward and outward investments -a selling point for operating international business from a HK office.

Marketing components such as the company website, search engine advertising and the company logo are other factors that play a major role in the success of a newly set up company.

Setting up a company in HK can ultimately be seen as a profitable, long-term investment for any business given the noted tax benefits, ease of incorporation and HK's position as a reputable, secure and effective jurisdiction. Furthermore, HK provides a gateway to China, the 3rd largest economy in the world.

Minimum requirements to set up business in Hong Kong:

- One shareholder
- One director, any nationality/residence
- Company secretary, either HK resident or HK company
- A registered HK office address
- Auditors, from firm of HK accountants
- Business Registration Certificate
- One person can act as director, shareholder and secretary, except if sole director, he/she cannot act as secretary
- No minimum share capital requirements

For further information refer to the Hong Kong Companies Registry.

Healy Consultants is a leading corporate services firm providing international entrepreneurs with all Hong Kong company formation requirements. The firm provides a range of services for Asia business set up, tax planning and offshore investing. More information on company incorporation can be found by visiting http://www.healyconsultants.com.

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