Hong Kong has been considered a global financial hub for quite a long time now. The government of Hong Kong offers several tax exemptions which excite the people and businesses who show their interest in opening offshore accounts in HK.
The capital requirement is very minimum and in legal terms, the requirements are very few. Due to several benefits being provided to the customers banking offshore in Hong Kong, people and businesses prefer Hong Kong as an offshore jurisdiction.
That being said, there are also some difficulties that people face while opening an offshore bank account in HK. For several years and even now it is necessary to physically visit Hong Kong to open an account. And, this is quite a challenge for most people. In order to open a bank account in Hong Kong, there used to be a long list of requirements that one had to suffice, though nowadays the requirements are very minimal. If you hold an EU, Australian, or U.S. passport, then most likely your bank account in Hong Kong will be set up on the spot, but for other passport holders, it can take about 2 weeks for the complete setup.