Hong Kong personal bank account opening issue is always an important subject because being a crowded city and an important trade center, Hong Kong has always been an attractive for both businessman and tourists which means it has lots of visitors. Hong Kong is a special administrative and a metropolitan region in China. Hong Kong was a colony of Britain but now it is a self-administrated region and has its own flag and own national anthem. With its over 7 million residents and numerous visitors, Hong Kong is one of the most crowded places in the world. There is no doubt, everyone knows how important China is in regards of economy and likewise, Hong Kong, despite being a special administrative, is highly important for world economy. It is a free-market economy and follows low taxation. It has a greatly established international financial market. Unlike China where Chinese Yuan is used as currency, in Hong Kong, Hong Kong Dollar is being used. Therefore, Hong Kong personal bank account opening is an important issue for the people there, for we, people, need money wherever we go and whatever we do.
What is a personal bank account?
A bank is a safe place where people put their money and pull whenever they need or want. To go through these processes successfully and without any problems on behalf of themselves, a person needs a personal bank account opening operation. But first of all, what is a personal bank account? A bank account is an agreement between a bank and a person for keeping this person’s money safe and sound. The bank promises to keep one’s money safe while the person agrees to be loyal to the bank in terms of fees and enduring.
How To Open a Personal Bank Account in Hong Kong?
Most people are confused about Hong Kong personal bank account opening, but in fact it is an easy process. A person should just choose which bank to use and bring a valid ID card showing that s/he is a Hong Kong citizen or a valid passport, a document which has this person’s address in or outside of Hong Kong for the person doesn’t necessarily have to be a citizen in there to complete the process of Hong Kong personal bank account opening and lastly the application form of that certain bank should be completed.
Which Bank in Hong Kong to Choose for A Personal Bank Account?
Another important issue while doing the process of Hong Kong personal bank account opening is which is the best bank account to open? One should keep in mind that almost all banks will give you same certain services like Savings and current accounts, time deposit accounts, foreign currency accounts, standing orders, money transfers, credit, currency exchange direct debit, investment advice and insurance services. Still which bank to choose may be a complicated subject for some. Asianmoney Best Bank Awards put the banks of Hong Kong in an order. According to this order, DBS Bank is the best in Hong Kong which is also named as “The World’s Best Bank” by Euromoney and Global Finance. The second-best bank in Hong Kong is HSBC according to many sources and the third is Citibank while the fourth is Standard Chartered. A person can choose the best for himself/herself while doing Hong Kong personal bank account opening.
Can Someone Use a Personal Bank Account for Small Business?
China, mainly Hong Kong has always been a center for entrepreneurs, the people who are starting up a new business and great new ideas about the economy and trading. That’s why people living there thinks about creating a business bank account, while some individuals who thinks of Hong Kong personal bank account opening, may also be curious about and ask “can I use my personal bank account for my small business?” In this regard, the person should be very relieved to be informed that Hong Kong doesn’t oblige anyone to be having a spare account for their businesses. To sum up, that individual can use his/her own personal bank account for small business of himself/herself and it is totally legal.
Can A Sole Proprietor Use Personal Bank Account in Hong Kong?
A sole proprietor is a person who starts his/her own business and does it by himself/herself. A sole proprietor can certainly be called an entrepreneur and his/her own boss. Hong Kong being one of the greatest economies in the world is one of the best places for sole proprietorship. But the question is how will this sole trader get his/her money from a bank, with a personal bank account or a business bank account? Will this certain person apply for Hong Kong personal bank account opening or a business bank account opening? In Hong Kong, that person needs a personal bank account for sole proprietor. Because sole proprietorship is an incorporated business and also there is no legal relation between the owner and the business, an individual is never obliged to have a business account in Hong Kong for their sole proprietorship but only his/her personal bank account.