1.

The size of Hong Kong's offshore banking sector is evident in the fact that 70 of the world’s largest 100 banks operate in the city. By end of 2009, there were 145 licensed banks, 26 restricted licence banks and 28 deposit-taking companies licensed by the Hong Kong Monetary Authority (HKMA). The HKMA is the government authority responsible for maintaining the stability of the financial system.

2.

Sustained economic growth in China in particular and Asia in general plays a large part in the growth of Hong Kong's offshore banking sector. Because of these economic factors, as well as the flight of insecure capital from the European Union and United States to Asia and the excellent international reputation of Hong Kong's financial system, average daily capital inflows into the city are US$141 million.

Because Hong Kong's offshore banks are the recipients of increased amounts of foreign capital from Asia, the European Union and the US, this option is increasingly restricted for non-residents, for either corporate or personal bank accounts. On average, it takes approximately three months to obtain corporate bank account approval, bank account numbers and Internet banking access. These delays are predominantly due to understaffed bank account opening departments, increased demand for new corporate bank accounts and increasingly rigorous due diligence standards.

4.

That said, entrepreneurs choosing Hong Kong offshore banking enjoy some of the best internet banking facilities in the world, facilitating global business transactions.

This banking sector further benefits from the strong flow of assets into the city's financial institutions. For example, in 2006 assets under management in Hong Kong amounted to US$516 billion, approximately two-thirds of which was from non-Hong Kong investors. Furthermore, the number of millionaires in Hong Kong exceeds 90,000.

The Hong Kong Government is implementing a bond program to further enhance Hong Kong’s reputation as a global financial powerhouse.  Islamic Finance will be one key focus – aiming to create a level playing field for Islamic and conventional banking products.

Hong Kong maintains strong client confidentiality laws, while upholding the standards set by Organisation for Economic Cooperation and Development members. Consequently, Hong Kong offshore banking is a secure long-term option, especially when compared to jurisdictions that are often given a 'tax haven' label.