Account for HK company in US

[regi]

Which EMI or bank would you choose in the US to open a bank account given the following facts:
-company located in HK
- EU citizenship
- insured deposits

 

[Sols]

Why Hong Kong? Why US?

Try EMIs like World First, Wise, OFX, and Revolut that can provide local US accounts and/or USD collection via ACH/wire.

 

[regi]

Why Hong Kong? Why US?

Try EMIs like World First, Wise, OFX, and Revolut that can provide local US accounts and/or USD collection via ACH/wire.

Thanks Sols for the quick response.

HK as I do business mainly with China. Setup was easy and took a few days including all the paperwork. That was years ago.

The costs of keeping the company alive are not high (approx. EUR 2.3 thousand for reactivation + annual audit). It is a limited liability company.

Why U.S.? because it is politically and economically stable. I'm looking for a non-crs jurisdiction, but not a junk jurisdiction.

I don't want to wake up one day and find that the bank is gone with my money. That's why I prefer insured deposits like in the USA by FIDC. Above all, I value my privacy and as long as possible, I would like to keep it that way.

Revolut definitely reports to crs, so I gave up on them a long time ago. I'm already with Wise. So far there is no account there, only transfers with exchange. I saw they provide a multi currency account.
The key issue for me is that they are based in the UK, and they report to crs. I'm worried that if I start keeping money in there, they'll blow steam.

I study this forum and found Payoneer, Brex, Arival Bank, also Zenus (only for private accounts for now). What do you think ? Can you suggest a better solution?

I also tried to open remotely accounts in TD, BoA, US Bank - all for CANADA/US, USBank said yes but only in their branch.
Airwallex, Stripe, are in reporting jurisdictions so I gave up this direction.

I would like to open the account remotely.

 

[Forester]

Thanks Sols for the quick response.

HK as I do business mainly with China. Setup was easy and took a few days including all the paperwork. That was years ago.

The costs of keeping the company alive are not high (approx. EUR 2.3 thousand for reactivation + annual audit). It is a limited liability company.

Why U.S.? because it is politically and economically stable. I'm looking for a non-crs jurisdiction, but not a junk jurisdiction.

I don't want to wake up one day and find that the bank is gone with my money. That's why I prefer insured deposits like in the USA by FIDC. Above all, I value my privacy and as long as possible, I would like to keep it that way.

Revolut definitely reports to crs, so I gave up on them a long time ago. I'm already with Wise. So far there is no account there, only transfers with exchange. I saw they provide a multi currency account.
The key issue for me is that they are based in the UK, and they report to crs. I'm worried that if I start keeping money in there, they'll blow steam.

I study this forum and found Payoneer, Brex, Arival Bank, also Zenus (only for private accounts for now). What do you think ? Can you suggest a better solution?

I also tried to open remotely accounts in TD, BoA, US Bank - all for CANADA/US, USBank said yes but only in their branch.
Airwallex, Stripe, are in reporting jurisdictions so I gave up this direction.

I would like to open the account remotely.

I understand your perspective; nevertheless I'm afraid that you will hardly find a native US bank which onboards HK company remotely. But what about establishing a WY or NM LLC, using HK company just as a pass-through? For this LLC you will have more banking options (Mercury, TryNovel, Relayfi, etc. – search here for discussions).

 

[Clank]

Currenxie doesn’t report CRS and they provide US banking

 

[Cons Mark]

Here is only solution to chose jurisdiction such as Switzerland or UAE. Even for US Companies it is hard to open an account in US if you are not physically there.

 

[koohl]

You want to setup a US LLC to get that US account. Make the US entity a subsidiary of a HK company so you can solve your problem that way.

 

[regi]

Currenxie doesn’t report CRS and they provide US banking

They are in CRS jurisdiction which makes me feel bad.
I think HK is good for doing business but not for keeping money.
The political situation there is unstable. On the one hand, it's good, because the government has significantly reduced the fees for renewing BRC.

But what about establishing a WY or NM LLC, using HK company just as a pass-through? For this LLC you will have more banking options (Mercury, TryNovel, Relayfi, etc. – search here for discussions).

You want to setup a US LLC to get that US account. Make the US entity a subsidiary of a HK company so you can solve your problem that way.

How much would I have to spend for launching LLC company ? And how much annual maintenance costs ? I am not sure if it is worth to do it just for pass-through purpose.

Here is only solution to chose jurisdiction such as Switzerland or UAE. Even for US Companies it is hard to open an account in US if you are not physically there.

Both options are reporting to CRS so it is not workable for me. The Switzerland was ok but those days are over.

 

[Forester]

How much would I have to spend for launching LLC company ? And how much annual maintenance costs ?

IIRC, nothing remarkable, WY (or NM) LLC can be for less than $100(~50?) and a yearly maintenance just a few bucks, too.

Both options are reporting to CRS so it is not workable for me. The Switzerland was ok but those days are over.

It is worth noting that if you have a UAE company and a residence visa (can be obtained because of owning a UAE company and the conditions are not harsh) then UAE authorities take you as a UAE resident and do not report anywhere, AFAIK. But evt. re-check this, I'm not sure how it interferes with a UAE tax residency where the conditions are a little bit more demanding.

 

[Clank]

They are in CRS jurisdiction which makes me feel bad.
I think HK is good for doing business but not for keeping money.
The political situation there is unstable. On the one hand, it's good, because the government has significantly reduced the fees for renewing BRC.




How much would I have to spend for launching LLC company ? And how much annual maintenance costs ? I am not sure if it is worth to do it just for pass-through purpose.


Both options are reporting to CRS so it is not workable for me. The Switzerland was ok but those days are over.

They are in CRS jurisdiction but they don't report to CRS.

You can ask their customer support.

This is their answer:

Since Currenxie is not a bank and corporate in HK, the AEOI protocol does not applicable to our customer's account.

However, we have the legal obligation to provide any required information if any authorised organizations request.

 

[regi]

Since Currenxie is not a bank and corporate in HK, the AEOI protocol does not applicable to our customer's account.

One day they'll change their minds and become a bank. Then many customers will be cooked in this soup.