How To Control Offshore Account After Registration Of Hongkong Company

1. What is offshore account?

An offshore account is also known as an OSA account. An account opened by an offshore institution in accordance with the provisions of the offshore business department of a domestic bank which has obtained the qualification of offshore banking business in accordance with the law, is an offshore account.

For example, British companies open accounts in Hongkong HSBC or Hongkong companies open accounts on Ping An Bank of China, which are offshore accounts.

Offshore accounts are less regulated by foreign exchange than NRA accounts, and offshore accounts are safer from the point of view of the security of funds, which are less stringent by the State Administration of foreign exchange.

Banks generally require companies to provide the following documents:

1. Meeting minutes to approve opening accounts.

2. Certificate of incorporation

3, business registration certificate

4. Appointment of directors and Secretary notices

5. Articles of Association

6. Photocopy of identity card / Passport of each director.

7. The personal address of each director.

Note: different banks have different requirements for the information required to open accounts. They can consult directly with the relevant banks, or find the manager of the blue ocean group.

Three. Advantages of offshore accounts

1. freedom of funds allocation: offshore accounts are equivalent to offshore bank accounts opened offshore, which can be freely pferred from offshore accounts without domestic exchange control.

2. interest rates and types of deposits are not restricted: they are more flexible and flexible than other banks, especially large deposits.

3. exemption from interest tax on deposits: the interest of the Chinese government on deposit and withdrawal of offshore accounts is exempt from deposit interest tax.

4., improve the comprehensive operation efficiency of domestic and foreign funds: many banks can provide the omni directional service characteristics of offshore business and offshore banking functions, reduce the comprehensive cost of funds, speed up capital turnover at home and abroad, and improve the efficiency of fund utilization.

5. domestic control, offshore operation: offshore accounts are very convenient to receive foreign exchange, but offshore accounts can not be deposited in cash. Because offshore accounts are opened in the name of overseas companies, foreign exchange receipts from offshore accounts are earned by overseas companies rather than the income of domestic companies.

Four, international common offshore accounts opened.

1. Isle of man

Many of the world's most famous Fortune Management Inc funds are located here.

2. London, Hongkong

The oldest and most developed capital market, offshore account and onshore account reconciliation.

Many Chinese companies have established Off Shore Company to open their accounts there, especially by European and American companies.

3. Singapore

Similar to Hongkong, but more stringent regulation, offshore and offshore can not be fully accounted for operation.

4. Cayman Seychelles BVI et al.

Pure offshore port type financial center is confidential, but it does not necessarily have the services under L / C.

5. Luxemburg / Belgium

Located in the European continent, large countries have small resources, and attracting idle capital is a major way for them to make profits.

1, the difference between offshore accounts in Hongkong and the mainland is as follows:

Hongkong's access to capital is not controlled. Offshore accounts are accounts opened by foreign banks in China and are supervised by Chinese financial institutions.

Offshore accounts can not be deposited in cash.

Opening accounts are different. Offshore accounts can be accepted by holders of mainland identity cards. The opening of a local account in Hongkong requires that an account holder must hold a passport or pass.

Hongkong's local accounts are fully functional, while offshore accounts are limited in some functions.

2. How should a bank account be opened after the company has registered?

All shareholders and directors must attend the bank account opening process, but some banks have different requirements for shareholders.

The company should bring the company registration documents to the bank for account opening procedures.

You can also choose to open accounts in Hongkong or in foreign banks in China.

Six. The time required to open an account.

The signing of bank documents is usually completed within one hour. If you open an account in Hongkong, you can return to the mainland on that day.

Hongkong and overseas companies need to go through the search section to open accounts. Under normal circumstances, after receiving complete information about the company's opening documents and directors' information, the banks will immediately open account procedures. After checking out the account number, they can pre deposit and wait for the receipt of passwords to officially open accounts (such as pfers, telegraphic pfer, etc.).

List of banks that often cooperate with Blue Ocean Group: Hongkong and Shanghai Banking Corporation Limited, Hang Seng Bank, Standard Chartered Bank, Bank of China and Hongkong Construction Bank.

1. keep bank statements and water bills, and company's expenditure bills for later use.

2. banks usually have one to two weeks' search time, and each bank is different.

3. from the date of notification, the account can start functioning. If the account can not be started within one month, the account will be cancelled automatically.

4. if you want to open a personal account, you need to bring your ID card or passport, proof of address, pre deposit HK $10000.

5.. All companies that change their shareholders, change their names and increase their registered capital must submit the records of the meeting and the documents signed by the accountants to the bank (if the signature is printed in the bank, change the name of the company and sign it to the bank). The company that has been more than one year must submit the annual report, the minutes of the meeting and the documents signed by the accountant to the bank.