Without any doubt, Hong Kong is among the most reputed jurisdictions in the world. It is a major international financial mecca integrated by its sophisticated network of banks and effectively transparent regulations.
Reputation of banks in Hong Kong are well recognized. As reported by HKMA, Hong Kong has had more than 70 of the largest 100 banks in the world, nearly 30 multinational banks establishing their regional headquarters in Hong Kong.
Thanks to its reputation, Hong Kong becomes one of the top pick offshore banking jurisdictions for foreigners. Having said that, notwithstanding, opening a bank account in Hong Kong for foreigners is often attached to some challenges.
Many expats and non-residents, especially those with newly incorporated companies often face some difficulties when they are going to open a bank account here. Some common problems are:
1.Due diligence procedure in Hong Kong
2.In-person appointments
3.Long wait time for the bank’s approval
Furthermore, each bank can apply different criteria in evaluating the appropriateness of the case. Applicants can be denied access to opening a bank account with Hong Kong banks due to their nationality and many other factors.
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