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Opening Business Bank Account in HK

Discussion in 'Business & Tax Advice' started by nakamura, Feb 27, 2016.

  1. nakamura

    nakamura Senior Member

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    I am planning to register a Limited in HK this summer. Found some legit agencies, but all of them are saying I have to go to HK to register the bank account by myself.

    I'm kinda confused, because some of them are saying I just need to provide the bank the business certification, my id and the business address.

    Another agency wrote something about Anti-Money Laundering Law, thats why I have to provide much more information. The following ones.

    Not really sure if I could provide all these information, since I don't have any professional certificate in Digital Marketing etc., you know what I mean.

    I am pretty sure some of you already went to HK and registered a company + bank acount.
    Could you please tell me what information you had to provide them when you were registering the bank account?
     
  2. the_demon

    the_demon Jr. Executive VIP

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    Their requirements sound about right based on what I've read about off shore banking. Many countries have similar laws. Very few countries to get a off shore account in these days... Often times you have to incorporate in one jurisdiction and then choose another to establish your banking that has a more stable government or tax friendly laws... All depends upon what you're trying to accomplish. You can also expect to spend a few thousand dollars and many countries require you visit their country at least once to establish an account. Some even require 1-2 times a year visits for certain lengths of time.
     
  3. pseudonym

    pseudonym Regular Member

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    just pay someone HK$8000 and get it over with. indeed, the documents you've mentioned are right but there is NO guarantee they will open an account for you. you will spend over HK$8000 getting documents. just pay an agent who already has clearance agreements with an HSBC branch
     
  4. RuthSam

    RuthSam Jr. VIP Jr. VIP Premium Member

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    All the banks I have been dealing with in HK require personal meeting before they open any account. If you can't fly over there you need to find a other jurisdiction.
     
  5. BluesPlayer

    BluesPlayer Newbie

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    HK is your home town?
     
  6. pseudonym

    pseudonym Regular Member

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    does not need to be. i opened one as a chilean living in macao with an address on st kitts. given, i speak chinese and met some "favorable" conditions. first try i was flat out denied, though.
     
  7. Paranoid Android

    Paranoid Android Jr. VIP Jr. VIP

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    You Have to go to to HK to get your bank account opened, and HK banks open an account for you only if they are convinced with your business model and revenue sources etc. They ask you a lot of questions to make sure you're not part of Al fucking Queda. And then, they are now part of AEoI mate. HK and SG are dead. The new hotspots are Dubai and Lebanon. if you got millions to hide its going to have to be Mauritius or Cyprus or a trust in Cook Islands
     
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  8. pseudonym

    pseudonym Regular Member

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    i generally agree with lebanon. though they are kind of xenophobic... or at least just not very interested in under $1m worth clients
     
  9. nakamura

    nakamura Senior Member

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    Thanks for the information. I thought AEoI will start in HK in 2018, but was not sure about that. Anyway, I don't want to hide any money. I just want to make a company, but wasn't sure if I could do it in HK (since I don't know if they let me open the bank acc).
     
  10. royserpa

    royserpa Jr. VIP Jr. VIP Premium Member

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    F everything, just hide the cash under your bed lol.

    OT! You have to go HK to open the bank account though.
     
  11. umerjutt00

    umerjutt00 Jr. VIP Jr. VIP

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    I read something like this in news when a guy bought a used mattress only to find out it had millions of dollars in it.
     
  12. rpkrocks

    rpkrocks Jr. VIP Jr. VIP

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    I have thought the same few days ago, but now I'm tilting towards paying the taxes at home. It helps your country while saving you from becoming a "Tax evader"(#Panama) in future.
     
  13. RuthSam

    RuthSam Jr. VIP Jr. VIP Premium Member

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    You don't always think into tax evading sometimes it's of interest to simply register a company but where your personal data is not going public!
     
  14. iSearcher

    iSearcher Registered Member

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    It is pretty hard to open bank account in HK, it is better to open HK company and open bank account in another country.
    Moreover, HK banks do not work with the clients from some countries.
     
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  15. Capo Dei Capi

    Capo Dei Capi BANNED BANNED

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    Tax Planning doesn't make anyone a tax evader, tax evasion is the illegal methods of reducing taxes paid, whereas tax planning is the legal methods of reducing taxes paid.
     
  16. Alpha.

    Alpha. Power Member

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    HK has become a tough turf for offshore companies. The recent change in laws due to anti-money-laundering groups etc have made it impossible-ish to open a bank account in most former tax havens without actually going there and delivering a bunch of references. Does it have to be HK? If not, you're better off elsewhere.
     
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  17. Divinitive

    Divinitive Newbie

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    I am also interested on learning more about this topic. Let me know when you figure everything out please
     
  18. june007

    june007 BANNED BANNED

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    Are there any benefit to open bank account in HK?
     
  19. pseudonym

    pseudonym Regular Member

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    the thing with hong kong is basically like this. they favor certain people and limit their exposure to others.

    simultaneously, opening a bank account is not a "right" in hong kong. they are allowed to refuse you on any and every grounds. in reality though, as long as your name doesn't begin with ahmed/muhammad/abouad/etc. you are basically fine.

    during the opening interview... try to keep your answers simple. DO NOT mention any other countries than HK itself and your passport country itself. no matter if it was only about being honest, if you mention other countries they may at some point in the future, even if you have successfully opened an account already, request to see TAX STATEMENTS from each and every one of those third states in order to back up what you said during opening....

    this can see accounts closed even after successful opening.

    all in all though i do NOT agree with anyone here who says account opening in hong kong is, was or has become difficult. not true at all. i opened one as a south american living in macao with an address on st kitts at the second try. i was denied at first try for not having any utility bills from st kitts.
     
  20. rpkrocks

    rpkrocks Jr. VIP Jr. VIP

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    So, will it be legal for me to store my money in a foreign country with a nonexisting foreign company?