Hong Kong is definitely well known for its banking infra-structure. There is no restriction for fund flow into or out of Hong Kong bank accounts. The identity of account holder and transaction information are also subject to very high standard of confidentiality. Comparing with some kind of offshore bank account available in certain country, the benefits include :
Clear location of bank account
The accounts are opened in Hong Kong. But some offshore bank accounts are in cities, such as Shenzhen or small offshore islands. Client may never have the opportunity to visit the bank.
Lower minimum bank account balance
In Hong Kong, the minimum bank account balance can be as low as HKD 3,000. Below which a monthly administrative service fee of around HKD 50 will be charged. However, minimum balance of most offshore bank accounts is around USD 5,000 and corresponding service fee is around USD 50. The difference in service fee is 7 times.
Cash deposit and withdrawal is possible
Client may deposit and withdraw fund by cash or by transfer via any Hong Kong branch office of banks. However, for most offshore bank accounts, only wire transfer is acceptable.
Available to all nationality
In China, foreign banks offer service of offshore banking for foreigners and foreign companies (such as a Hong Kong company), however, in case of a company, banks request that majority of the shareholders are foreigners.