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What are the differences between Hong Kong local and Mainland offshore accounts in operation?

April 26, 2017accounts differences hong kong local mainland Offshore operation

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What are the differences between Hong Kong local and Mainland offshore accounts in operation?

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A： Hong Kong local and Mainland offshore accounts are different in the following aspects: • Capital is not restricted to come in or go out of Hong Kong, but offshore account is opened by foreign bank in China, under control of Chinese financial management body. Offshore account in China does not accept cash deposit. • The documents for opening account are different ; Mainland ID card holder can open offshore account, but only holder of passport or travel permit and ID card can open local account in Hong Kong. • Hong Kong local account has complete banking functions, but offshore account is restricted in some functions.