AsiaBC is a intermediary in Hong Kong to support client to open bank accounts in domestic USA banks remotely.
Why USA bank account?
USA bank account is getting popularity because USA is not participating in “Common Reporting Standard (CRS)”
, an international recognized mechanism to realize automatically and systematically information exchange of residents in financial institutions with tax authorities in concerned jurisdictions. Currently, over 90 jurisdictions have taken part in the CRS, but USA is not on list.
What CRS mean to you?
It means bank secrecy is diminished.
Let’s take Hong Kong and Singapore as examples, if you are a tax resident of Hong Kong and you have a bank account in Singapore. Since both Hong Kong and Singapore are participating in CRS, tax authority in Singapore automatically obtain the information of your account in the Singapore bank and share the information with tax authority in Hong Kong in the hope of fighting against tax evasion.
However, USA is not participating in CRS, if your bank account is not in Singapore but in USA, then your financial account information is not exposed to Hong Kong tax authority.
How to obtain USA bank account in Hong Kong?
Some domestic USA banks accept remote bank account opening for eligible applicants in Hong Kong. AsiaBC offers USA bank account opening arrangement service for non-USA investors. Simply make an inquiry, and you will receive a free initial consultation regarding bank account opening in USA.