Most customers open Hong Kong bank accounts after registering Hong Kong companies or offshore companies on the island.
Hong Kong companies can open corporate bank accounts in China (commonly known as offshore account), and domestic banks that can open offshore account are: Shanghai Pudong Development Bank, Ping An Bank, Bank of Communications and China Merchants Bank. When opening a offshore account in China, you cannot withdraw money or transfer money freely in Hongkong.
If you want to withdraw money or transfer money freely in Hong Kong, you can also open an account with local banks in Hong Kong, such as HSBC, Standard Chartered, Hang Seng and East Asia. Hong Kong has no foreign exchange control, and can freely receive foreign exchange or make payments and deposits. Hong Kong companies can be divided into basic account and non-basic account, so they can open more company accounts.
Offshore account can't deposit and withdraw cash in China (withdrawals can only be remitted to personal foreign currency cards, and amounts below $50,000 can be settled). Offshore account can only transfer money in China (as long as the other party can remit money, they can remit it freely).
Offshore account is also called OSA account. Accounts opened abroad (including Hong Kong, Macao and Taiwan) by natural persons, legal persons (including domestic and overseas investment enterprises), government agencies, international organizations and other economic organizations, including overseas support institutions of Chinese-funded financial institutions, but excluding overseas representative offices of overseas business departments of domestic banks and offices of domestic institutions that have obtained offshore bank qualifications according to law, belong to overseas accounts. Compared with NRA accounts, offshore account is less subject to foreign exchange control. From the perspective of capital security, offshore account is safer and the supervision of the State Administration of Foreign Exchange is not so strict.
Account characteristics:
1. Freedom of fund allocation:
A customer's offshore account is equivalent to an account opened in an overseas bank, and he can freely transfer funds from offshore account without domestic foreign exchange control.
2. The deposit interest rate and variety are not restricted:
The deposit interest rate and variety are not restricted by domestic supervision, and are more favorable and flexible than similar deposit interest rates of overseas banks. In particular, large deposits can be customized according to customer needs in terms of interest rate and term, which is flexible and convenient.
3. Exemption from deposit interest tax:
The interest of offshore deposits in China is exempt from deposit interest tax. The actual net income of offshore deposits is even more impressive.
4. Improve the comprehensive operational efficiency of domestic and foreign funds:
It can make full use of the full-service characteristics that banks can provide both onshore business and overseas banking functions, reduce the comprehensive cost of funds, speed up the turnover of domestic and foreign funds, and improve the efficiency of fund use.
5. Domestic control and overseas operation:
Offshore account can operate through online banking.