Best Bank Account Option for Hong Kong OffShore Company?

[Offshore Investments]

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!

 

[devnull]

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.

 

[negon]

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

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.

 

[James Turner]

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!

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.

 

[Offshore Investments]

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.

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?

 

[James Turner]

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.

 

[Offshore Investments]

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?

 

[James Turner]

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.

 

[myhand]

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.

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

 

[jojojo]

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

 

[James Turner]

@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.

 

[7889]

I'm a little bit concerned that you are calling HK company "offshore". I hope you realise that any HK company records are public and available online, including annual returns and directors/beneficiaries. Is that something you're fine with or do you use nominees? Now, about your question, the most straightforward way (if you are in fact the person listed in company papers as owner and/or director) would be to contact top-10 Hong Kong banks directly and set up appointments. If you are EU citizen, and you have a good back story (it's all about the story and supporting documents) about why it is HK where you need the bank account, there's a good chance it can be opened on the spot. I would advise against using numerous "agents" who advertise assistance in HK account opening. 99% of the time it's wasted time and money. There's nothing they can do that you can't.

 

[busdriver]

If all business is done outside HK then the company will not have any local corporates taxes to pay.

There is only the issue, that you have to go through a much more difficult process with the HK tax man. So it's more costly.
BETTER: Some accountants / auditors have ways to reduce the amount you have to pay in tax in other ways and just charge you a little fee for that service. That might be the better option if you have a small company or you have many different transactions. I guess they just create some expenses that reduces the profit of the HK company.
You could also do it yourself if you have suitable structure in place.

 

[Suzy Emerald]

Yes. Its probably a lot less hassle to pay some taxes in HK since I heard the HK taxman doesnt exempt you from taxes that easy. Since not so long ago there is the 8.25% tariff for the first 2 million HKD of revenues. So you can spend on accountants and lawyers to try to get the tax exemption or just go for 8.25% which isnt that bad.

 

[myhand]

I guess they just create some expenses that reduces the profit of the HK company.

I can imagine that the HK taxman is very aggressive and they won't accept some concocted expenses.

 

[7889]

Also, i don't think it was mentioned here in plain text, strictly speaking even if HK company only has bank account outside if HK, it still has to provide bank statements to CPA for accounting/audit. I had cases where bank for some reason would unexpectedly send some random paper letter not to company correspondence address (not in HK) but to company's registered address (CPA office in 99% of the time), and problems ensue.

 

[Justastranger]

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

Fully agree with jojojo. I had exactly same case with Turner Little. I lost money and no bank account was open and of course no refund even partial from those guys.