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About opening a company and the salary

Discussion in 'Business & Tax Advice' started by nakamura, Feb 27, 2017.

  1. nakamura

    nakamura Senior Member

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    Lets say I will open a company in HK (for various reasons), as I am the CEO & Founder then I need to provide myself with a salary.

    Originally I am from Germany. I still have a german bank account, but I am not living in Germany anymore. When I open the company in HK I will open a business bank account in HK, but where will I send my salary to? To the german bank account? Or can I also open a HK personal bank account without being HK resident?

    And how does it correlate with taxes? If I send the salary to the german bank account I am sure they will ask me many questions, but as I said I am not living in Germany.

    I hope you understand what I mean and I am sure there are many guys on here who also head to deal with this. Would be great to hear from you.
     
  2. Blakereed

    Blakereed Regular Member

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    Talk to a CPA in HK. They will help you with paying the least amount of tax.
     
  3. nakamura

    nakamura Senior Member

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    So, opening a personal bank account in HK and sending the salary to it?
     
  4. Ding Dong

    Ding Dong Jr. VIP Jr. VIP

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    Yes,
    I think it is easy to get a one more personal bank account to get your monthly salary account.
     
  5. W9go

    W9go Elite Member

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    obviously you don't like to pay tax in Germany so you should not sent the money there .... why not to Thailand if you life there ?
     
  6. nakamura

    nakamura Senior Member

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    Not sure about getting the visa in Thailand. They require lots of stuff.

    Is it possible without living there? I mean to get a business bank account you need a business address in HK. I don't think I can use the business address as my personal address to get a bank account. Thats why I am asking here - some people on here already went to HK and did this stuff.
     
  7. Ding Dong

    Ding Dong Jr. VIP Jr. VIP

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    IMO it is possible to open an account without living in HK.
    But I do not belong to HK. Better to get the advice from the local consultants.
     
  8. RuthSam

    RuthSam Jr. VIP Jr. VIP Premium Member

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    You simply open a personal bank in the HK bank where you get your corporate account opened! That's not difficult once you stand at the counter there! Just be prepared for huge accounting and filing of tax reports + various other outrageous fees there, they will hit you when you when you least expect it!
     
  9. nakamura

    nakamura Senior Member

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    Thanks for the reply. Could you ellaborate about huge account and filling of tax reports?

    I mean I only would need to do the tax report for my personal bank account, no accounting. For the business bank account I would have to do the accounting and the tax report right?
     
  10. RuthSam

    RuthSam Jr. VIP Jr. VIP Premium Member

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    not for your personal account but for your HK company and bank account setup!
     
  11. nakamura

    nakamura Senior Member

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    Okay, did you make bad experiences or know people who got "hit"? - because you wrote "they will hit you when you when you least expect it!".
     
  12. RuthSam

    RuthSam Jr. VIP Jr. VIP Premium Member

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    Had a HK company for a few years ago. It was a nighmare so I just left the company to the agent after I withdraw all my money from the account! These suckers tried to send the invoice to my private but thankfully they didn't knew a little tick I run with them so I just told them to take a hike!
     
  13. nakamura

    nakamura Senior Member

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    Oh, its first time someone had this kinda bad experiences with a HK company...could you tell me what agent/service you used for setting up the company? So I can probably avoid them.