Bank questions for HK Company

[YoussefK]

Hello sirs and madams
First
I am a young entrepreneur from morocco and I am trying to gather the last information needed to start the incorporation process of an offshore company in hong kong, for games currencies trading but getting a bank account as a non-established business is extremely hard in hong kong plus traveling…, I am considering other offshore banks. for some time ago I thought I was covering all angles I need to register but after some articles I am feeling a bit confuse so I am here asking for you precious help
It’s my first company and experience so please share whatever you think could help me even if its outside these questions:

-is the “bank” account necessary for the company or I can use an online /digital banks like leupay.eu or worldcore.eu

-is there any kind of problems if the bank is outside of the company’s country? (company in hong kong and bank/ebank outside)

-Would that change anything to get a PayPal business account, stripe and other payments gateways

Looking forward to your answers and questions

Thank You all

 

[JohnLocke]

-is the “bank” account necessary for the company or I can use an online /digital banks like leupay.eu or worldcore.eu

Most often you can use such an EMO account for instant from LeuPay where you get your own IBAN account number.

-is there any kind of problems if the bank is outside of the company’s country? (company in hong kong and bank/ebank outside)

normally no problems at all, only issue could be that some of your customers may not like it, depending on your business activity.

-Would that change anything to get a PayPal business account, stripe and other payments gateways

it's important to know if PP has any restrictions to the EMI provider in question.

 

[YoussefK]

Thanks a lot Admin that will save me some money and it won't be a problem for my customers so i will go for it still got some other questions about the accountants so i will probably start next week.
just a quick dumb question to clarify what does EMI and EMO stand for? (i knew that EMI mean e-banks like leupay..) but EMO thats totally new for me so it would be great to know what those two stand for.

 

[diablo]

what does EMI and EMO stand for?

LOL I think Admin made a typo

I agree with @Admin it's better to go for EMI account opening in your case to sort this out.

 

[YoussefK]

LOOL well at least i know that EMO people are Emotional as i never tried to google what Emo (the rock style ) stand for
As for EMI : Electronic Money Institutions Thanks to @Mohawk for his topic about EMI/digital banks

 

[diablo]

back to topic, I actually think that it's a better choice for people to look into accounts like LeuPay and worldcore rather than Cyprus, Mauritius or Latvia banking. For me it seems to be a big hurtle to get a real bank account opened even with real docs.

 

[YoussefK]

Yes that's what i think, especially for startups like me

 

[diablo]

After all that time, did you setup a EMI account and if so with which provider if you don't mind to share?

 

[W4rhol]

After all that time, did you setup a EMI account and if so with which provider if you don't mind to share?

Actually, Worldcore have many trouble : No debit card and no bank details, which means the money inside Worldcore is frozen.
Since January they said that they will fix the issue with the bank details...

 

[mike123456]

Actually, Worldcore have many trouble : No debit card and no bank details, which means the money inside Worldcore is frozen.
Since January they said that they will fix the issue with the bank details...

According to me and after reading many articles about Worldcore the money is not only frozen but is completely lost! This company is a nightmare...and they have stolen all the money of their customers!!

 

[W4rhol]

I would like to have some sources please. Because if it's a Scam I don't understand why there is a Customer Service, Content Creation for their blog etc etc.

I have lead some investigation (because I have money in their bank below 5K$) and the money seems to be at Rietumu Banka.

 

[YoussefK]

After all that time, did you setup a EMI account and if so with which provider if you don't mind to share?

Actually i had some university exams and i put all things on hold and i am just getting back to action
And i think i will try Neat.hk First

 

[diablo]

great to hear you are back.. do you mind to let me know what agent you are using for your HK setup just curious.

 

[W4rhol]

According to me and after reading many articles about Worldcore the money is not only frozen but is completely lost! This company is a nightmare...and they have stolen all the money of their customers!!

Do you have some source please ?

 

[mike123456]

Do you have some source please ?

hello, yes I've got one source. For your information I am a victim of this process. I spoke many times with their support team and they clearly told me that they were unable to send the money outside of their bank accounts because they are frozen/blocked. They are waiting to reopen new business bank accounts but of course first they need to sign new agreements with new EU banks (and that's the issue). According to me this is only bulls**t...and they just stole the money and every user will never get his money back. How can you explain that you're not able to withdraw the money outside worldcore (already tried several times but without success)?
Please find here below an overview of the last message received from them:

Dear Mike,

We understand your concerns and dissatisfaction, so we are pushing all our efforts in order to completely resolve this situation, we are working hard to do everything what is needed to open a new bank account and completely resume incoming and outgoing transfers. We apologize for any inconveniences and thank you for understanding. But the process of opening new business account takes much longer that we could expect, due to a lot of requirements from the side of the new banks and a huge amount of documents they need to consider in order to take us for maintenance.

Sincerely,
Mary

 

[bountymounty]

how did you all solved this issue if I may ask?

 

[W4rhol]

how did you all solved this issue if I may ask?

By waiting

 

[bountymounty]

waiting for what? Isn't it urgent?

 

[W4rhol]

waiting for what? Isn't it urgent?

Waiting for them to solve the issue. What we can do ? Launch some class action ? For my side it's a money that I used to need but I'm in a business where it's very easy to make cashflow if you find the right customer quickly so...

I'm just disappointed by how they handle the situation. To have all your eggs in the same basket is quite dangerous (they used to work with only one account) and they prefere to focus on the crypto stuff. Which is a strategical error for me but nevermind.

It's make me think twice about where I stock my money, I don't trust the high street bank because of some european law and some economics problem and the EMI seems to not be a long term situation so...

 

[mike123456]

The situation is unbelievable! I'm also disappointed but I'm wondering : where is our money?? They have stolen it...very easy to understand the situation...