How challenging is it in Hong Kong to get a bank account?

In actuality, Hong Kong is a reputable global financial hub that has benefits over far-off outlying islands.

About 10% of non-HK residents succeed in their endeavors. Banks and governments are to blame.

Recent changes have made it difficult for many clients from abroad, especially non-citizens of Hong Kong, to open bank account there for their companies, whether or not they are incorporated there.

In response to growing public concern over international tax evasion and terrorism, the Hong Kong government toughened anti-money laundering regulations. Hong Kong banks that operate in accordance with the relevant banking and finance rules exercise considerable caution while confirming the identity and activities of their clients in order to avoid breaking these laws.

The banks' first line of defense is to launch a rigorous system of customer screening. They have a stringent Know-Your-Clients policy (KYC) that they impose on their clients, and if they can't fully comply with it, they'll deny these risky account creation requests.

Some banks even go so far as to flatly forbid opening accounts for certain nationalities and types of bank account.

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