Hong Kong bank account
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Location: South coast of China
Capital: Hong Kong
Population (2018): 7,448,900
Status: Special Administrative Region of China; founding member of APEC; GATT member since 1986, WTO member since 1995; and many others.
ASEAN, IMCO, ICFTU, IMF
Currency: HKD (Hong Kong dollar)
Official languages: Chinese, English
Deposit guarantee: N/A
Hong Kong is a Special Administrative Region located to the east of the Pearl River estuary on the south coast of China and consists of Hong Kong Island, Kowloon, the New Territories, and several other smaller islands spreadover 1,092 square kilometers.
A former British Colony now part of the Republic of China, Hong Kong is considered one of the worlds major international centre for business.
It became part of China on the 1st of July 1997 but has retained its own legal system. The legal system in Hong Kong is, unsurprisingly, based on the British system with the official languages being English and Chinese.
Hong Kong has many benefits for doing business and some of these are: acces to mainland China market, advanced economy with one of the highest GDPs in the world, territoral tax principle application, English is one of the official languages, high qualified human resources, excellent banking system and communication infrastructure.
The banking system in Hong Kong is characterized by a three-tier system of deposit-taking institutions, namely, licensed banks, restricted licence banks, deposit-taking companies, all known as authorized institutions.
Hong Kong has one of the highest concentration of banking institutions in the world. Seventy of the largest 100 banks in the world have an operation in Hong Kong.