Nowadays, more and more bosses choose to register Hong Kong companies. Is it better to open a Hong Kong local account or an NRA account (offshore account) after registering a Hong Kong company? Perhaps some bosses are already confused, let's take a look at the differences between accounts below.
A. What’s local and NRA account?
Hong Kong local account: For enterprises, a local account refers to an account opened by a Hong Kong company in a local bank in Hong Kong, such as HSBC, Standard Chartered, etc.
The NRA account: An account opened by a Hong Kong company in a bank outside area of Hong Kong, such as East West Bank, CBI Bank, XTransfer, and other Hong Kong offshore accounts.
B、What are the differences between costs and other operational aspects?
Let’s compare !
HK local account
a. The fund of Hong Kong local account are not subject to foreign exchange controls for transferring or receiving money.
b. Acceptable remittance, transfer T/T, L/C, and free access to deposits and withdrawals (in Hong Kong dollars);
c. The opening time will take longer for Hong Kong banks but faster in offshore account opening.
d. For account opening fees, Hong Kong local accounts are relatively higher than offshore accounts. But the handling fee will be cheaper than NRA.
NRA account
a. With the deepening of the New Policy, NRA offshore accounts can be used to settle foreign exchange in RMB, (from USD to RMB ) to meet the needs of foreigners living in China.
(Previously, offshore accounts were restricted in some functions, such as being unable to withdraw RMB.)
b. Fewer chances for closing accounts.
END
The above are the differences between the two accounts that our company has carefully shared, hoping to be helpful to everyone.
If you need to know more about account opening and information, please feel free to contact us !
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