<p style="text-align: center;">  Favorable political climate, developed economy, favorable location, stable banking system - this and many other things attract businessmen to Hong Kong from all over the world. As before and today <span>a </span><span>business bank account opening</span> in Hong Kong is of particular interest among businessmen. The bank account in Hong Kong increases the company prestige, positively influences the building of strong relationships with customers and suppliers in the local market, and is also an excellent tool for entering international markets. In addition to all this, Hong Kong banks are known for providing modern financial instruments, such as trade finance.</p><p style="text-align: center;">  Let's take a closer look at why many businessmen are striving to open a bank account in Hong Kong.</p><p>  </p><div><pre style="font-family: Georgia, 'Times New Roman', Times, serif; font-size: x-large; font-style: italic; line-height: normal; font-weight: bold; color: #688297; text-align: center;">Advantages of Opening a Hong Kong Bank Account</pre></div><p>Consider the key factors that make Hong Kong popular and popular among international business people:</p><ul><li><strong>Geographical location</strong></li></ul><p>  It's no secret that in recent times most businessmen are striving to Asia, and Hong Kong, which is in the heart of Asia, is often the most popular choice. It is a four-hour flight from all major markets in Asia.</p><p>  Strategically located in close proximity to China, Hong Kong also plays a very important role in accessing the Chinese market. Indeed, a large number of measures were taken, thanks to which Hong Kong became a "gateway to China". Because Hong Kong is an hour's drive from the Pearl River Delta, which is the world's largest manufacturing region, it has access to a multimillion-dollar consumer market in southern China.</p><p>  Considering the Close Economic Partnership Agreement (CEPA) concluded between Hong Kong and China, this jurisdiction is undoubtedly the most favorable for business, and also provides an opportunity to take advantage of future opportunities in Asia.</p><ul><li><strong>Unique culture</strong></li></ul><p>  The history of Hong Kong, which was a British colony, and now under the influence of China, had a powerful influence on its culture. It mixed in itself the characteristics of the two dominant economies today. British influence in Chinese culture is a significant advantage for business, as it makes it easier for entrepreneurs in international affairs to understand the largest Asian market. Hong Kong is also home to a large number of expats and annually receives millions of tourists, which contributes to the unprejudiced attitude of the local population towards foreigners.</p><p>  Local residents live in such a bicultural environment and accepted the business practices of both the eastern and the western world. Therefore, they are accustomed to work, they are able to deal effectively and positively with the conduct of business. The same applies to local banks, where the service is at a high level. By the way, the story was influenced by the fact that in Hong Kong the two official languages are Chinese and English. Therefore, to open a bank account in Hong Kong you don't need to know Chinese, you can be served entirely in English. And at the same time, despite the high level of service, the rates in Hong Kong banks are much lower than, for example, in European banks.</p><p>  In general, the culture of Hong Kong is business oriented. And this orientation applies not only to the population, but also to the government, which supports the business development in every possible way, and the immigration policy is designed to attract professionals, talents and investors from all over the world to maintain Hong Kong's competitiveness.</p><ul><li><strong>Loyal taxation</strong></li></ul><p>  Hong Kong is considered the free economy in the world for the 24th consecutive year, and also one of the least corrupt countries on the planet. In general, it's a safe, efficient and reliable jurisdiction for international business and keeping its capital, which is distinguished by a simple tax system with one of the lowest income tax rates - only 16.5%. And then, this tax is levied only on the profits that are earned directly in the territory of Hong Kong. Also, businessmen are attracted by the absence of taxes on dividends, royalties and interest, capital gains tax and sales tax. Ultimately, despite the provision of such significant tax benefits, Hong Kong isn't considered an international tax haven, but rather, it is positioned as a prestigious financial center.</p><ul><li><strong>Wide opportunities</strong></li></ul><p>  We have already mentioned the possibilities that Hong Kong itself opens for the businessman. But it's necessary to say about the local banks themselves. First, accounts in Hong Kong banks open multi-currency - in 10 popular currencies, including Chinese yuan. By the way, operations in RMB are not limited by quantity or amount. This will significantly simplify trade relations with Chinese suppliers. Secondly, there is no currency control in Hong Kong, that is, you can receive any amount from where you want and send them wherever you want. Thirdly, Hong Kong banks provide very convenient account management - through Internet banking, telephone banking, etc. And bank transfers are carried out very quickly, which is convenient when carrying out a large number of transactions.</p><ul><li><strong>Reliability of Hong Kong banks</strong></li></ul><p>  The funds reliability placed in Hong Kong banks is guaranteed by Hong Kong's compliance with international law, as well as its high level of financial legislation. Thanks to the high security of funds and other capitals placed in Hong Kong banks and their inviolability, they have proved themselves both in the financial world of Asia and in the rest of the world.</p><ul><li><strong>Prestige</strong></li></ul><p>  Hong Kong ranks 6th in The Global Competitiveness Report 2017-2018. This study is carried out by the World Economic Forum, which defines national competitiveness as the ability of the state and its institutions to ensure stable economic growth. According to the authors of the study, countries with a high level of competitiveness provide the highest level of well-being of their citizens.</p><p>  </p><p>  Also, Hong Kong ranks 26th in the Gross National Income (GNI) per capita. CNI is a combination of the value for all services and goods that were produced on country during the year (that is, gross domestic product, GDP) plus the revenues received by organizations and citizens of the state from abroad, and minus revenues, which were removed from the state by foreign organizations and citizens. Thus, GNI is one of the main indicators of economic development. This indicator shows the number of goods and services produced on average per citizen in the country, or in other words, gives an idea of how much each citizen would receive if all national income for the year was distributed among all residents equally. Also, this indicator is often called the "Measurement of Living Standart". The per capita income in Hong Kong in 2017 was $ 43,240. Thus, it is a country with high income per capita.</p><p>  Hong Kong takes the third place in Global Financial Centres Index, located after New York and London. The Hong Kong Stock Exchange during 2015 and 2016 ranked first among all stock exchanges in the world in terms of the number of placed placements. In 2016, 126 companies conducted an IPO on the Hong Kong Stock Exchange, which attracted about 25.1 billion US dollars from investors.</p><p>  In addition, Hong Kong is actively developing in the field of technology deployment. Every year, large funds are allocated for the development of this sector. For example, in 2018, the local government allocated 50 billion HK dollars, which is five times more than in 2017. 20 billion of this amount are planned to spend on the beginning of the creation for a new huge scientific and technological park in the border area of Hong Kong. This will be a key IT-research base, located on 87 hectares of land. Thus, it will be four times larger than the current Hong Kong Science Park.</p><p> </p><p style="text-align: center;"><em> For professional advice how you can open an account in <em>Hong Kong </em>banks, please contact <strong>Castle Family Office</strong> specialists!  Please write us at:</em></p><p style="text-align: center;"><em> </em><em><strong><em><span face="Calibri" size="3"><span lang="EN-US"><span face="Calibri" size="3"><a href="mailto:info@castle-familyoffice.sg">info@castle-familyoffice.sg</a></span></span></span></em></strong> </em></p>