Can a foreign company have a US bank account?

It’s not possible to open a bank account in the U.S. as a foreign entity. U.S. business bank account requirements mean that your business needs to be registered in the USA and have an EIN (Employer Identification Number – a unique identification that is assigned to a business to ensure it can be identified by the IRS).

Can I open a Hong Kong bank account in US?

Yes. As long as you don’t currently have any accounts or credit cards with us and you meet the other requirements, you can use the HSBC Mobile Banking app to open your account.

How do I set up a US bank account from overseas?

As a non-resident, you have two options if you want to open a bank account from abroad:

1. Visit the local branch of an international bank in your home country.
2. Open a Borderless or Passbook account to manage your money until you move.

Does Hong Kong issue tax identification numbers?

Section I – TIN Description Hong Kong, China does not issue TIN* for communicating with taxpayers. The following identifiers will be equivalent to TIN: (a) Individuals: Hong Kong Identity Card (HKID) number.

Are overseas bank accounts legal?

There’s nothing illegal about establishing an offshore account unless you do it with the intent of tax evasion. The Foreign Account Tax Compliance Act (FATCA) requires banks around the world to report balances and any activity of American citizens to the IRS or face fines.

Can I open a business bank account in Hong Kong?

The short answer is “no”. All major banks (HSBC, DBS, Bank of China, etcetera) requires that you visit a branch in Hong Kong, in order to open a business bank account. Note that, as long as you book an appointment beforehand and that you can provide all the required documents, the meeting in Hong Kong shall not last more than a couple of hours.

Are Hong Kong banks still offshore banks?

Until recently, Hong Kong banks had a reputation of offshore banks, where accounts could be opened in one hour even without the companies’ representatives showing up to the bank. Over the last ten years, the transactions from Hong Kong accounts had been becoming more and more suspicious.

What happens if my Hong Kong Bank application is turned down?

Hong Kong banks decide on their own discretion whether to accept or deny an account opening application. In other words, if they turn down your application, they are not obliged to either explain their decision or give you a chance to reinvestigate the procedure. The bank account opening process normally takes no less than two weeks.

Why Hong Kong banks are eager to welcome real companies?

Hong Kong banks are eager to welcome real companies whose business is trended to the Asia market. The banks will expect you to comply with the due diligence and their anti-money laundering procedures, especially in the very beginning of your cooperation.