Tel：+86 400 118 5939Address：Room 2810B, Block A, Tianli Central Plaza, Coastal City, Yuehai Street, Nanshan District, Shenzhen, Guangdong Province
Email：info@hyintern.com
+86 400 118 5939
牌照号：TC004750
Tel：+86 400 118 5939As is widely known, Hong Kong and Singapore are both important offshore financial centers in Asia and one of the "Four Asian Tigers". The achievements of the two places in economic development are comparable, and they are often compared in various occasions.
As a leading financial center in the Asia Pacific region, Singapore's banks are strictly regulated by local financial authorities, assets are protected by local laws, and customer interests are safeguarded. There is also an independent financial market management system that is not subject to foreign exchange controls, and funds can be freely transferred. In addition, banks have a high degree of integration with international trade, mature financial markets, and convenient banking services, which are highly favored by high net worth individuals.
5. Comparison of account opening cycles between two places
Singapore: It usually takes about 3-4 weeks to open a bank account and receive the online banking code for that account;
Hong Kong: In recent years, opening a bank account in Hong Kong has become increasingly difficult, with longer review cycles. Generally speaking, the account opening cycle takes about 8 weeks.
6. Comparison of fund requirements between two accounts
Singapore: Taking the three major local banks in Singapore as an example, the minimum deposit requirement for an account is SGD 1000 for a SGD account and USD 3000 for a USD account. Pre deposit is required and there is generally no need to purchase wealth management products;
Hong Kong: The minimum deposit requirement for an account is usually HKD 50000 or more, but it is not mandatory in practice. If the deposit is less than HKD 50000, it is also acceptable, but the bank needs to charge a monthly management fee for the account, which is generally HKD 200 per month.
7. Comparison of advantages and disadvantages of account management between two places
Singapore: Pay attention to depositing the first deposit on time, maintain a sufficient minimum deposit amount, avoid dealing with funds in high-risk areas, and avoid sudden large amounts of funds exceeding normal business volume to maintain the normal use of the account and prevent closure;
Hong Kong: Hong Kong bank accounts not only include the requirements of Singaporean banks, but also an increasing number of Hong Kong banks require companies to provide annual financial reports, audit reports, respond to investigation letters within a specified period, and declare tax status for holding accounts. Otherwise, the account will be directly frozen or forcibly closed.
In recent years, a large number of Hong Kong bank accounts have been frozen or forcibly closed, indicating that the risk of bank account management is much higher in Hong Kong banks than in Singapore banks. And when the bank account is closed, it has to go through the procedures and waiting time for reapplication, which brings difficulties to the business development and continuous operation of the enterprise.
Scan QR code to follow 【Hongyuan International WeChat】
Email: info@hyintern.com
Hotline: +86 400 118 5939
