What does offshore account mean? What's the use?

Offshore account refers to an account opened by an enterprise in a bank in a country or region other than its place of registration. For example, an account opened by a Hong Kong enterprise in a bank outside Hong Kong is called offshore account.

The benefits of offshore account

The offshore account we are talking about here is actually an offshore bank, which is a financial activity serving non-residents, and banks absorb non-residents' funds. Our customers are overseas natural persons, legal persons (including overseas investment enterprises in China), government agencies, international organizations and other economic organizations, including overseas branches of Chinese-funded financial institutions. The operating currency of offshore banks is limited to freely convertible currencies. Non-resident funds remitted to offshore account, funds remitted from offshore account to offshore account and funds between offshore account can be freely allocated and transferred.

-Freedom of allocation of funds

A customer's offshore account is equivalent to an account opened in an overseas bank, and he can freely transfer funds from offshore account without domestic foreign exchange control.

-The deposit interest rate and variety are not restricted.

The deposit interest rate and variety are not restricted by domestic supervision, and are more favorable and flexible than similar deposit interest rates of overseas banks. In particular, large deposits can be customized according to customer needs in terms of interest rate and term, which is flexible and convenient.

-Exemption from deposit interest tax

The interest of offshore deposits in China is exempt from deposit interest tax. The actual net income of offshore deposits is even more impressive.

-improve the efficiency of comprehensive operation of domestic and foreign funds.

It can make full use of the full-service characteristics of Hong Kong banks, provide onshore business and overseas banking functions, reduce the comprehensive cost of funds, speed up the turnover of domestic and foreign funds, and improve the efficiency of capital use.

-Domestic control, overseas operation

You can use online banking or telephone financing to facilitate daily operation.