Opening an account in Asia
According to recent trends, Asian banks have unequivocally proven to be reliable institutions for storing financial assets. International business is becoming more accessible thanks to the conditions that Asian banks are ready to offer. The largest institutions operate in countries with a stable economy and political environment. Opening an account in Asia is increasingly gaining popularity among entrepreneurs.
We have repeatedly raised the issue of the global deoffshorization of the economy and how this affects the strategy of conducting international business. Entrepreneurs tend to turn to an Asian bank to open corporate accounts for their companies.
Companies established in countries such as Hong Kong and Singapore are very popular for IT business, high-tech and innovative developments, as favorable conditions for conducting such activities are created there.
The main advantages of banking institutions in Asia
- reliability (a number of Singapore banks, for example, are included in the Top 20 of the world’s most reliable banks);
- stability in the global market;
- confidentiality (violation of bank secrecy in Asia is punishable by law);
- highly professional staff and first-class level of service;
- tax incentives;
- convenient and clear online banking;
- the cost of opening and maintaining accounts is acceptable.
As a rule, they open accounts in Asia in order to avoid the influence of the European Union and the USA.
How to open an account in an Asian bank
There are nuances of opening an account with an Asian bank.
Typically, the bank requires a personal visit, especially when opening an account with a legal entity. For non-residents, the operation of fiduciary opening of an account is applied (through a proxy acting on behalf of and on behalf of the client). Fiduciary is a highly professional agent who acts in the interests of the company and is responsible for its activities; in fact, this is a temporarily appointed manager of the company, who is a resident of the country of opening the account. Thus, not only is there no need to declare beneficiaries, but the procedure for opening an account is greatly facilitated.
There is an insurance deposit that must be paid to the account (its size depends on the selected bank and varies from 1300 to 150 thousand dollars): it is paid to the account or by check, and in case the bank refuses to open an account, the money is returned. In addition, you will need to provide information on the existence of business ties (or contracts) with Asian companies.
The term for opening an account varies from 2-3 weeks to 3 months.
Below you can find information on a specific jurisdiction where we can offer you a bank account opening:
- Opening a bank account in South Korea
- Opening a bank account in Singapore
- Opening a bank account in India
We draw your attention to the fact that this article is for informational purposes only. For more advice, contact us at the contacts listed on the site.