17 August 2015
OFFSHORE BANKING UNIT
Offshore Banking Unit (“OBU”) is a unit of a local bank that undertakes international banking business involving foreign currency denominated assets and liabilities. OBU is setup to provide financial services to foreign individuals or corporations and to attract foreign investments into the country.
The typical advantages of an OBU bank account include:-
- Free capital flows
- Taxes is exempt depending on circumstances
- Limited disclosure (considered as foreign banking unit in the country in which it is located therefore limited disclosure to local authorities compared to domestic bank account)
- Trade financing such as LC, D/A, D/P is available
- Strong online platform as the OBU account is typically restricted from opening branches in the country in which it is located
- Typically subject to limited local banking regulations
Should you require any assistance in relation to OBU accounts, please do not hesitate to contact us.
CONTACT INFORMATION
info@alcpa.com.hk
(852) 2574 8289
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