Hong Kong is an International Finance Centre and an offshore jurisdiction. There are numerous branches of major international banks in Hong Kong. Most of these banks are reliable and have a lot of branches all over the world. Hong Kong banks need only a passport copy and the address of the client, and there is a requirement that no Hong Kong banks should disclose their clients’ details to anyone without permission.
A lot of virtual trading activities take place in Hong Kong. For this reason, an offshore company with a Hong Kong correspondence address always has an advantage over those without such an address.
All banks in Hong Kong conduct their activities under the Hong Kong corporate law. One of the requirements for the banks is not to disclose any customer’s information to anyone without the customer’s prior consent, except if the customer is suspected for money laundering or criminal offence, or for tax evasion from HK authorities. From the other side, the HK Revenue Department is not allowed by the HK law to disclose any information to anyone, including local or overseas governments.
Hong Kong has no exchange control. Money can be freely deposited, withdrawn or transferred out of a Hong Kong bank account without paying any taxes.
HK offshore company formation procedure is very simple. It can usually be completed within two weeks (excluding transit time of documents). There is no need to come to HK for company formation or opening of HK bank accounts, and the bank accounts can be operated from overseas, without visiting HK.
Usually a Hong Kong company provides a HK telephone number for tape recording of telephone messages and receiving fax at reasonable fees. All voice and fax messages are then automatically forwarded to your designated email address. Registered agent also provides mail forwarding service and telephone/fax service.