China Incorporation Blog » Banking http://www.sinoinvest.hk/blog Latest news on Sinoinvest Consulting, China and offshore incorporation, China investment and more Fri, 11 Nov 2011 08:35:47 +0000 en hourly 1 http://wordpress.org/?v=3.3.1 China allows foreign institutions to open RMB accounts http://www.sinoinvest.hk/blog/china-allows-foreign-institutions-to-open-rmb-accounts/ http://www.sinoinvest.hk/blog/china-allows-foreign-institutions-to-open-rmb-accounts/#comments Thu, 14 Oct 2010 08:34:14 +0000 tatiana http://www.sinoinvest.hk/blog/?p=73 The People’s Bank of China end of September released regulations to allow foreign institutions to open cross-border RMB-settlement accounts at locally registered banks from Oct. 1, which will further expand its ongoing RMB-settlement trial program.

According to the rules published on the central bank’s website, an overseas institution can choose either a domestic bank or a local unit of a foreign bank to open an RMB-settlement account.

However, the PBOC posted some restrictions on such accounts. For example, the RMB in these accounts are not allowed to be converted into foreign currencies or withdrawn in cash.

The central bank said the rules do not apply to RMB-settlement accounts opened by foreign central banks, interbank settlement accounts set up by foreign banks, special RMB accounts opened by qualified foreign institutional investors for trading securities in China, or special accounts for investing in China’s interbank bond markets.

]]> http://www.sinoinvest.hk/blog/china-allows-foreign-institutions-to-open-rmb-accounts/feed/ 0 Citibank offshore accounts available soon in China http://www.sinoinvest.hk/blog/citibank-offshore-accounts-china/ http://www.sinoinvest.hk/blog/citibank-offshore-accounts-china/#comments Mon, 16 Aug 2010 05:12:29 +0000 admin http://www.sinoinvest.hk/blog/?p=69 Sinoinvest Consulting is happy to announce that it has become a partner with Citibank China and will be offering to its clients both personal and business offshore accounts. Offshore business accounts will be available for clients with companies registered out of China (Hong Kong, BVI, Seychelles etc.). Details will be posted later on our blog and through our newsletter.

]]> http://www.sinoinvest.hk/blog/citibank-offshore-accounts-china/feed/ 0 Opening a corporate bank account in Hong Kong http://www.sinoinvest.hk/blog/opening-a-corporate-bank-account-in-hong-kong/ http://www.sinoinvest.hk/blog/opening-a-corporate-bank-account-in-hong-kong/#comments Sat, 04 Apr 2009 05:24:25 +0000 admin http://www.sinoinvest.hk/blog/?p=7 Hong Kong is one of the leading financial centers in Asia with a world-class banking infrastructure. There are no restrictions on capital inflows and outflows to Hong Kong. For offshore companies, operating a corporate account in Hong Kong is much cheaper both in terms of minimum account balance requirements and monthly fees.

Both Hong Kong registered and offshore companies (including BVI, Seychelles, Panama) etc. can open a corporate bank account in Hong Kong, although requirements may vary. For instance, overseas companies will be required in most cases to provide a certificate of incumbency or a certificate of good standing, while this is not required for Hong Kong companies. In most cases banks will require the incorporation documents to be certified by a Hong Kong CPA.

When selecting a bank in Hong Kong, the following factors should be taken into account:

-Online banking: If you operate offshore, offshore banking is an absolute necessity. Make sure to select a bank that has stong internet banking facilities.

-Multi-currency support: does the bank offer multi-currency accounts (USD, Euros etc.). Most banks have both Hong Kong dollars only and multi-currency accounts.

-Service fees (monthly charges, fees for receiving and sending out T/T, currency exchange fees etc.)

-Bank reputation

-General support level

-China/International network

-Value added services: ATM card with worldwide withdrawal support, trade account options (for L/C transactions) etc.

We recommend HSBC and Standard Chartered to open a company bank account in Hong Kong. Feel free to contact us if you require our assistance to set up a bank account for your company in Hong Kong.

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