Overseas Bank Account Introduction

Opening an overseas bank account involves establishing an account with a financial institution located outside of one’s home country—such as a commercial banking account in Singapore or Hong Kong, an Offshore Banking Unit (OBU) account in Taiwan, or an offshore corporate account in mainland China. Many businesses currently favor banking in Singapore or Hong Kong due to their more flexible foreign exchange policies and ease of cross-border fund management.

Each jurisdiction—whether Hong Kong, Singapore, or Taiwan’s OBU system—has its own regulatory requirements and eligibility criteria for account opening, so it is essential to carefully consider the specific local rules and conditions in each case.

I. The functions of opening an oversea bank account

1. Tax Efficiency – Overseas bank accounts may help reduce tax burdens, with potential exemptions from gift and estate taxes.
   
   
2. Asset Protection and Value Preservation – Useful for hedging against economic fluctuations and maintaining asset value.
   
   
3. Security and Confidentiality – Offshore accounts often offer strong privacy, with limited external access and legal protections under private law.
   
   
4. Seamless and Efficient Transactions – Provide smooth, fast, and convenient international financial operations.
   
   
5. Multi-Currency Support – Enables holding various currencies, minimizing foreign exchange losses.

II. Basic documents of oversea bank account opening

1. Company registration certificate.
2. Organization Memorandum and Rules.
3. Company structure diagram.
4. Director’s valid documents.
5. Business certification documents.

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