Hong Hong is a great example of a private asset protection jurisdiction. Hong Kong Bank accounts and Hong Kong Corporations have many features and benefits for asset protection.

No Need to Travel to Hong Kong – It is a big trip for much of the world to go to Hong Kong. Now we can enable you to open a Hong Kong Corporation and Bank Account in one of the top three banks in Hong Kong without traveling to Hong Kong. The required time frame is two to three weeks for the formation of the Hong Kong Company (anonymous) and opening the Hong Kong Bank Account. Documents are sent by courier.

Hong Kong Banking Secrecy – Hong Kong has banking secrecy laws with serious civil and criminal penalties for violations. At this time (02/2010) Hong Kong has not signed any OECD TIEA agreements. In plain English this means Hong Kong has not signed any Organization for Economic Cooperation and Development Tax Information Exchange Agreements. So there are no fishing expeditions for bank information. There are also no requests for information just for tax purposes.

Hong Kong Government Bank Insurance – Due to the current financial crisis the Hong Kong government is insuring bank accounts up to any amount. This is being done on a year by year basis during the financial crisis. We expect this to continue for a few more years, in our opinion.

Hong Kong has Anonymous Corporations – Our law firm in Hong Kong sets up Hong Kong Corporations to be anonymous. The owners names appear nowhere. Under Hong Kong corporation law the name of at least one shareholder of the corporation must appear in the public registry. What is done is a nominee shareholder is used. There is a trust agreement between you and the nominee shareholder establishing you as the owner and controller of the corporation. This agreement is supplied to the bank in copy form establishing you as the owner of the corporation and thus you are able to be the signatory on the bank account. You get the original of this document to keep you in control. The document also incorporates a power of attorney in it. The trustee is the Hong Kong lawyer. You are the beneficiary of the Hong Kong trust. The corporation structure used is a limited liability corporation which severely limits any liability.

Taxes in Hong Kong – There is no capital gains tax. So all bank interest is tax free as well as any stock market trading profits. There is no VAT (Value Added Tax). No withholding taxation. There is no tax on money coming in from outside of Hong Kong. The term is Offshore Derived Income and it is not taxed in Hong Kong. A tax return for the corporation is necessary. It is included in the setup fee. The law firm has an accountant file the corporate tax return. Unless you do business in Hong Kong it will be a "Nil" return in that no taxes are due. This is a simple exercise requiring you to either state you were not yet engaged in business for the tax period in question or provide the totals for gross income stating ti was all offshore derived income thus no taxes applicable. If you are engaged in a land based business inside of Hong Kong with revenue derived from within Hong Kong taxes may be due and the return filing can be more complex. The accountants will file the tax return for you and this is included in the fee.

The Hong Kong Bank – We chose to use one of the three largest banks in Hong Kong. It is rated as one of the top 25 banks in the world. The online banking is in English. The online banking lets you send wires, check balances, history and transfer from one account to another at same bank. Since English is one of the official languages of the country you can expect all the bank personnel to be fluent in English. This bank has over one trillion dollars in assets. You can hold money in any of these ten currencies: Australian Dollar, Canadian Dollar, Euro, Japanese Yen, New Zealand Dollar, Pound Sterling, Singapore Dollar, Thai Baht, US Dollar, and Renminbi. The bank has debit cards and VISA/Mastercard cards in USD, Euro and the local Chinese currency.

Hong Kong Stockbroker – The Hong Kong bank has a full stock brokerage operation enabling client to buy and sell stocks, futures, forex, options, etc around the world.

Due Diligence Requirements – Hong Kong is easy. What is needed is a notarized copy of a driver license, passport and a utility bill showing your physical address. Can be a gas bill, a phone bill, a water bill, a cable TV bill, etc.

Cost – The fee is $3995 for the Hong Kong Corporation (anonymous) and the Hong Kong Bank Account opening. The minimum deposit is $1000 for the bank and can be included in the wire transfer.

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Questions – Feel free to inquire.

By http://www.hong-kong-bank-account.com