Four Mistakes to Avoid When Opening an Offshore Bank Account in Hong Kong

Every person looking forward to opening an offshore account seeks a reliable and more stable system that can guarantee safety for personal deposits. The realization that western banking systems are very fragile has opened a new dawn as more people go offshoring. One of the top banking heavens is Hong Kong. Over 200 top banks from other countries have established their presence in Hong Kong.

Despite its glory and numerous benefits that come with running an account in Hong Kong, many people still have their applications declined. These declines are mainly caused by mistakes that can be avoided. In this post, we look at these mistakes and how you can avoid them to get the bank account you want.

Failing to present proof of address

Many banks are interested in knowing their clients as much as possible. They want to know where you stay and get as many details about the address as possible. For example, if you stay in Boston, the banks will want to know the details of the address beyond reasonable doubts.

The best way to do this is trying to explain the address to a person who has never gone to Boston. Make sure to include utility bills, postal address, and even maps pointing to your actual home. This demonstrates you have nothing to hide.

Not including enough reasons for opening a foreign bank account

Even as you include details pointing at the proof of address, it is not enough. The banks want to get convincing reasons for opening a foreign bank account. In fact, failing to include these details could make your application declined without passing to the next step.

For example, if you regularly travel to Hong Kong, it is important to indicate it as the main reason and attach copies of travel documents. If you travel to Hong Kong five times for holiday and business, a bank will appreciate the need for opening a bank account. It is advisable to build a conclusive reason for opening a bank account.

Leaving out personal sources of income

Leaving out personal income sources makes banks suspicious. The banks are always looking to decline people they suspect are involved in money laundering, drugs, and frauds. They will also decline your application if the main focus is evading paying taxes back at home.

Therefore, if you are employed, make sure to provide details of your employer, pay slips, and bank accounts to show sources of income for the last several years. For corporate people, make sure to include copies of invoices, contracts, and other details of payment.

Trying to open the bank account on your own

Even though you understand what these banks require, getting a bank account on your own will still be very difficult. The chances of succeeding when you try to open the bank on your own are only 10%. Instead of doing it alone, it is advisable to seek help from experts.

They understand the banking system in Hong Kong and will raise the chances of getting the account with over 99%.

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