Best Bank Account Option for Hong Kong OffShore Company?

Discussion in 'Offshore Company formation' started by Offshore Investments, Jan 11, 2019.

  1. Hello everybody,

    I'm having some trouble in opening a corporate bank account for my Hong Kong Company.

    Does anyone knows another good and reliable offshore country in which it's easy to open a offshore, 0% taxation, bank account?

    I sell products and services through ecommerce all over the world.

    Thank you very much for your support and help!
  2. devnull

    devnull Building Trust Entrepreneur

    Im also looking for the same, but i want one bank account that it can connect to PayPal HK. Currently trying with Transferwise bia US bank again.
  3. negon

    negon hannibal the cannibal Mentor Group Business Angel

    Nothing is easy any longer when it comes to bank accounts! You want to check some of the many EMI's if they are able to help you OR You setup a Cyprus company with Cyprus bank account it works still fine for business activities and you can avoid the 12,5% corporate tax if you register the company non-resident.
  4. James Turner

    James Turner Trusted Member Mentor Group Business Angel

    There are numerous options for actual banking for a HK Company, but what is possible will depend on your business activity etc. Banking location does not impact on tax in any way so there is no such thing as a 0% taxation bank account.
  5. My business is 100% online and i can deposit 30k at the beginning!

    Do i have to pay taxes if i have an HK offshore company and i set up my bank account in a traditional jurisdiction country?
  6. James Turner

    James Turner Trusted Member Mentor Group Business Angel

    The local corporate tax situation relating to a HK Company is that if the business operates in HK itself then that activity is taxable in HK. If all business is done outside HK then the company will not have any local corporates taxes to pay. The location of the bank account will not affect whether tax is payable or not, but your residential situation in any particular country could.
    devnull likes this.
  7. Sure but what if i do my busienss outside hk, of course i will pay 0 taxes but the question is, if i have a bank account linked to that company in, lets say switzerland, should i pay taxes in switzerland or because of the fact that i made that money under HK jurisdiction that money are tax free?
  8. James Turner

    James Turner Trusted Member Mentor Group Business Angel

    The location of banking or physical money will not impact tax liabilities. The HK Company will either have a tax liability in HK, if it does business in HK or it will have 0% tax if the HK Company business is done outside HK. The fact that you bank in Switzerland will not incur a ta liability in Switzerland.
  9. khan

    khan Corporate Services Mentor Group Business Angel

    I agree with that, but you will still have to convenience the local tax office that this is the fact how your business is setup :)
  10. jojojo

    jojojo Active Member

    Be careful with Turner little - they spam the financial system as soon as you hand over your money and docs. They start by selling you a Swiss option - almost sounding it’s no problem case -

    And then you get a decline .........

    And then you find in your inbox an email of ......

    Euro Pacific!

    Despite you agreeing a certain option with them , their so called banking team sends your documents and passports to any bank they can think of.

    Because , in their terms - if they introduce to a second bank - they will have done their “job” so no refunds. Despite their terms not stating the fact they will take matters in their own hands and spam
    The world

    And no - they will never provide proof whatsoever of any declines
    Last edited by a moderator: Jan 20, 2019 at 06:58
  11. James Turner

    James Turner Trusted Member Mentor Group Business Angel

    @jojojo I believe you have queried the above with one of my colleagues today and the matter has been passed to me today to provide a response by email. The information you have provided above is not correct and does not represent the true way in which your application has been dealt with. I will be responding to you soon however to explain exactly what has happened in your case.