Bank account for HK company (high risk industry)

[Tzar 25]

= Post moved from the duplicite thread in a not so proper forum =

Hello, we have incorporated Hong Kong company and are planning to sell cigars across the world from European warehouse, can you please recommend virtual bank that would open us bank account, one other issue is that one of the shareholders holds Russian passport with EU residency

 

[Tzar 25]

We sell cigars online , need a bank , already applied to 3s and wittix but still waiting for answer , any suggestions guys ?

 

[JohnLocke]

What country are you from and what's your passport?

Do you sell worldwide or is it country limited?

 

[Tzar 25]

Russian passport other shareholder holds eu passport , we sell worldwide

 

[bubbledouble]

ouch, that won't work.

 

[Tzar 25]

Why so ?
Is it because of passport

 

[Forester]

Why so ?

A. Selling tobacco product = a high risk industry, mostly not welcome by financial insitutions.
B. Russian passport = a passport of the (by some countries) highly sanctioned country.

A+B = no go for (I guess) any European EMI or any (e.g.) HK one.

Recommendations:
Either
1) get rid of the RU shareholder
or (maybe better)
2) go for a some country where A and B do not represent a major problem, as – my guess – Kazakhstan or some other post-soviet non-European country, or some LatAm country.
or
3) try to sell something different

 

[Tzar 25]

A. Selling tobacco product = high risk industry, mostly not welcome by financial insitutions..
B. Russian passport = passport of the (by some countries) highly sanctioned country.

A+B = no go for (I guess) any European EMI or any (e.g.) HK one.

Recommendations:
Either
1) get rid of the RU shareholder
or (maybe better)
2) go for a some country where A and B do not represent a major problem, as – my guess – Kazakhstan or some other post-soviet non-European country, or some LatAm country.
or
3) try to sell something different

What about 3s money or Instabill perhaps ?

 

[Forester]

What about 3s money

No-go or 1% chance, IMO.

or Instabill perhaps ?

Can't say; have no experience. But if I were you, I would give it a try. It looks much better.

 

[Tzar 25]

No-go or 1% chance, IMO.

Can't say; have no experience. But if I were you, I would give it a try. It looks much better.

Thank you , for the 3s money why do you think so , is it mainly because of industry or nationality?

 

[Forester]

for the 3s money why do you think so , is it mainly because of industry or nationality?

Perhaps the industry is the greater problem. A RU passport with an EU residency could be manageable. IMO. But definitely, synergy works.

 

[ilke]

Maybe Jusan Bank or Collect&Pay?

Or any of the tens of Russian-owned UK EMIs?

 

[kilor]

Your industry makes it impossible to place you as a merchant with a regular processor.

We have a few threads in mentor group gold about it, you can also find some zik zak around it there but it remains ultra high risk and you will need a payment processing that can group your transactions with others more legitimated.

 

[Tzar 25]

Your industry makes it impossible to place you as a merchant with a regular processor.

We have a few threads in mentor group gold about it, you can also find some zik zak around it there but it remains ultra high risk and you will need a payment processing that can group your transactions with others more legitimated.

But my competitors managed to open bank account somehow , so I believe there is a way

 

[kilor]

But my competitors managed to open bank account somehow , so I believe there is a way

There is always a way to camouflage your business, cross your fingers and pray every night that they won't see it. However, some day you will hear your competitors cry loud telling everyone that exact that bank is a SCAM because they took all their money! It make sense does it?

 

[Tzar 25]

There is always a way to camouflage your business, cross your fingers and pray every night that they won't see it. However, some day you will hear your competitors cry loud telling everyone that exact that bank is a SCAM because they took all their money! It make sense does it?

Ow so they have the right to take your money away?

 

[Forester]

Maybe Jusan Bank or Collect&Pay?

Yes – Kazakhstan

Or any of the tens of Russian-owned UK EMIs?

No-go or 1% chance, I am afraid – because of industry.

Ow so they have the right to take your money away?

Well, in some cases even so (to be exact, to transfer it to some governmental institution handling money laundering, tax evasion, illegal business etc.); but in any case they can freeze it for an unspecified time due to investigation of TOS break, suspicious transaction, etc. (and you will see your money after 1.5 year – if you manage to open some another bank account, they will not pay you in cash.)

As @kilor said – you would be playing with fire beside a barrel of gasoline.

 

[Tzar 25]

So Kazakhstan might work you think ?

Yes – Kazakhstan

No-go, I am afraid – because of industry.

Well, in some cases even so (to be exact, to transfer it to some governmental institution handling money laundering, tax evasion, illegal business etc.); but in any case they can freeze it for an unspecified time due to investigation of TOS break, suspicious transaction, etc.

As @kilor said – you would be playing with fire beside a barrel of gasoline.

.

 

[Forester]

So Kazakhstan might work you think ?

It might work – to be exact, I do not dare to say that it will not work

You can try to upgrade to Mentor Group to be able to PM other members immediately and then ask @EasyAcc here, he seems to be well oriented in KZ so I guess he would tell you better.

 

[xeathk]

According to my grapevine, Russian shareholders are currently having a hard time getting a busienss bank account at any bank in Hong Kong, even at a Chinese bank.