When it comes to the center of the financial world today, Hong Kong is a thriving hub. As the neighbouring economy of China continues to flourish, Hong Kong’s reputation as an effective gateway to China is also growing. Growth in China is occurring at an astounding rate and combined with the fact that China’s economy is also one of the World’s biggest in terms of volume, there is no wonder why so many are attracted to China for business. However, business success requires more than being part of a flourishing economy and China, and indeed Asia, presents challengers to foreign companies. Hong Kong’s key strengths such as ease of doing business and reputation as a leading international banking centre make it the choice for many companies as the location for their financial operations. In a recent release of the Global Financial Centres Index by Z/Yen Group, Hong Kong is ranked third behind London and New York. This is no change to the traditional positions although Hong Kong is closing the gap to the top two. The recognition Hong Kong receives for it’s banking services sector is a significant benefit, considering the increased attention that is placed on offshore banking and tax evasion practices. It is no surprise that companies, and investors, are using Hong Kong offshore bank accounts as part of their global financial strategies. Read below for more information on how and why you might want to consider putting money into a Hong Kong account. Offshore banking in Hong Kong has never been more open to newcomers in the market than it is today. Many people all over the world are starting new businesses in China, and other parts of Asia, every day and this leads to more Hong Kong offshore accounts. Hong Kong offshore banking offers many advantages to a business owner. There are tax advantages as well as labor advantages. Business owners have freedom and flexibility in Hong Kong that they may not have in other areas of the world. Hong Kong offshore banking offers security and projects a good image to international clients and potential investors. HK offshore bank accounts offer world-class facilities that you would have access to in a local domestic bank account including start-of-the-art internet banking systems and multi-currency accounts. A common reference in offshore banking was it could be most convenient and effective to bank as far away from your country of residence as possible. This is no longer the case due to globalization and the need to develop strategic plans that suit business, or investment, objectives and meet the legal obligations of the individual, or companies, home country. An offshore bank account that’s opened in an efficient location can certainly help you save on taxes, but will also help to diversify your holdings as a business owner and investor. A Hong Kong corporate bank account can be a good step in helping a company with international financial transactions. So to answer the question Why Hong Kong offshore banking, the key considerations lie in business and financial characteristics of this jurisdictions. These include: i) Respected global financial hub portrays positive image ii) Stringent banking rules help to ensure legitimacy iii) Geographical advantages for business operations in Asia iv) World class facilities contribute to efficient international operations Hong Kong offshore banking is an attractive strategic option for international entrepreneurs and investors. It is advised to know details of the banking laws for the applicable offshore jurisdiction and your jurisdiction of residence to ensure all obligations are met. Engaging the services of an experienced corporate service provider can assist with developing the most appropriate solutions for personal, or business objectives.
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