Broken structure HK company

[Shaoling]

Hello guys I am new posting here but I have been reading you since 1 year a go.

I had a very profitable e commerce website.. but i broke the partnership with my associates 1 year a go..

Since then i have been working in my own project with a friend.. 1 and a half month a go we created our HK based company with a nominee director.. so we can be at the shadows of the local tax offices.. but our nightmare began with CG bank in Dubai stealing our money.. we are still having problems with them..

Then we opened a revolut account to keep business running.. but revolut is a HUGE problem for us.. they freeze my account every time I receive a new deposit.. until I send them bills... invoices.. and many papers that prove the money is legal.. (we understand that safety is important but we are scare about them). So we cannot run a business like that.. pur cashflow stops every 2 days per 3 days or more..

Our advisor is offering us "neat.hk" but I have been checking on trustpilot and is very shitty.. starting for the fact that they dont have sepa accounts and also ppl have to send the money to " NEAT yourcompanyname Ltd." As beneficiary..

We need advise to open a bank account with SEPA account (iban).. that dont tell Spanish authorities.. accepting multi currencies and dont ask us por paperwork every f#@%gn time we receive a deposit.. (trustable and cheap one please)

As a HK based company we do not pay taxes if we dont make business inside Hong Kong.. and we dont see necessary the fact they ask for so much..

Also if you know a good merchant account and payment processor supplier for high risk..

Thanks a lot.

 

[Larry]

Greetings Shaoling, welcome to the forum!

So as I know you need a Hong Kong bank account to receive PayPal and Stripe funds.

We make currently 250k$ turnover/month with Neat + Swiss Private Bank.

Everything is working smooth. We need to send from time to time also bills but that's normal with EMI's processing higher transfers. But I recommend you to use EMI's only as gateway to receive merchant funds. I suggest you to store the money and collect the profits with a real bank. We also use AMEX Business Gold Card of Swiss private bank that provide us 3-4% Cashback per month for our ad spend. I can highly recommend you this setup.

 

[Shaoling]

Thanks I will check this swiss private bank..

But no.. I dont need PayPal.. and stripe.. all my incomes are from the merchant account and ditect wire transfer..

What I need is a SEPA account with a very discret policy.. trustable.. and cheap

 

[Shaoling]

Greetings Shaoling, welcome to the forum!

So as I know you need a Hong Kong bank account to receive PayPal and Stripe funds.

We make currently 250k$ turnover/month with Neat + Swiss Private Bank.

Everything is working smooth. We need to send from time to time also bills but that's normal with EMI's processing higher transfers. But I recommend you to use EMI's only as gateway to receive merchant funds. I suggest you to store the money and collect the profits with a real bank. We also use AMEX Business Gold Card of Swiss private bank that provide us 3-4% Cashback per month for our ad spend. I can highly recommend you this setup.
/QUOTE]

What bank btw? Do it have any online application form ?

 

[Larry]

Thanks I will check this swiss private bank..

But no.. I dont need PayPal.. and stripe.. all my incomes are from the merchant account and ditect wire transfer..

What I need is a SEPA account with a very discret policy.. trustable.. and cheap

Then you should check Transferwise.

 

[Shaoling]

Then you should check Transferwise.

I am using it.. but I need a bank too.. cause.. I cant have too much money in transferwise.. I dont want emi

 

[Larry]

I am using it.. but I need a bank too.. cause.. I cant have too much money in transferwise.. I dont want emi

All banks expect Euro Pacific Bank will report you to tax authorities. There are ways to go with the dark side of life it's difficult and pricey but possible I know. But please don't go with shady banks like EPB and CG Bank if you don't want to lose your money. You need to work with EMI or dark side. That's all option u have. The official version is you move your residence to other country (low tax or no tax).

 

[Shaoling]

All banks expect Euro Pacific Bank will report you to tax authorities. There are ways to go with the dark side of life it's difficult and pricey but possible I know. But please don't go with shady banks like EPB and CG Bank if you don't want to lose your money. You need to work with EMI or dark side. That's all option u have. The official version is you move your residence to other country (low tax or no tax).

What if I open a bank account in a traditional bank in HK and I use some EMI as a bridge to receive the money? And then forward it to HK?

 

[Larry]

What if I open a bank account in a traditional bank in HK and I use some EMI as a bridge to receive the money? And then forward it to HK?

HK will report you too + you need personal visit in HK and it's not sure if you get a account at the end of the day.

 

[Shaoling]

HK will report you too + you need personal visit in HK and it's not sure if you get a account at the end of the day.

I understand.. I feel in the same spot than the beginning

 

[Larry]

I understand.. I feel in the same spot than the beginning

As said before go with EMI's or go with darks. That's the only possibilities you have if you don't want to move you residence to low or no tax jurisdiction.

 

[Shaoling]

Let's say I agree to go with EMIs can you please in your experience and other forum members experiences.. reccomend me one that let me usea iban.. multi currencies.. and dont ask me for every deposit all the paperwork... or at least that dont freeze my accounts because of a 30 k deposit.. trustable.. I dont trust revolut at all.. and neat.hk seems a bit acceptable.. but I would like to have more than 1

 

[Larry]

Let's say I agree to go with EMIs can you please in your experience and other forum members experiences.. reccomend me one that let me usea iban.. multi currencies.. and dont ask me for every deposit all the paperwork... or at least that dont freeze my accounts because of a 30 k deposit.. trustable.. I dont trust revolut at all.. and neat.hk seems a bit acceptable.. but I would like to have more than 1

You should open as much emi's as possible and warm up them over a few months with transfers below 10k. After that time there should be go everything very smooth like in my case.

 

[Shaoling]

You should open as much emi's as possible and warm up them over a few months with transfers below 10k. After that time there should be go everything very smooth like in my case.

That is the problem I cannot warm then up.. the business is marching and I cannot stop it

 

[dutchnik]

Neat offers good IBAN (EUR) accounts for business with your own company name as holder name for the bank account. You can also check Currenxie, they also offer IBAN / EUR accounts for HK companies. This two options are simple for acceptation too!

 

[Shaoling]

Yes I have checked both if them.. currenxies dont give you debit card.. I think I am going with neat... i hope the burocracy is not that high as with revolut.

 

[dutchnik]

EUR accounts are currently in beta at Neat but you can sign up and maybe have to wait a few weeks. They will ask questions but the “normal” questions every regular bank will ask you.

 

[TurnedToRobot]

EUR accounts are currently in beta at Neat but you can sign up and maybe have to wait a few weeks. They will ask questions but the “normal” questions every regular bank will ask you.

How long have you been using NEAT so far? did you ever had any troubles with them requesting documents and similar?

 

[dutchnik]

Not so long right now, I am one of the first BETA testers for the EUR account. In the compliance they ask what kind of transfers you will receive. Since I am 98% receiving payouts from payment processors it’s not a big deal for me

 

[dohongnam]

Greetings Shaoling, welcome to the forum!

So as I know you need a Hong Kong bank account to receive PayPal and Stripe funds.

We make currently 250k$ turnover/month with Neat + Swiss Private Bank.

Everything is working smooth. We need to send from time to time also bills but that's normal with EMI's processing higher transfers. But I recommend you to use EMI's only as gateway to receive merchant funds. I suggest you to store the money and collect the profits with a real bank. We also use AMEX Business Gold Card of Swiss private bank that provide us 3-4% Cashback per month for our ad spend. I can highly recommend you this setup.

Hey Larry, can you share what Swiss private bank you are using? If not possible, can you recommend any good Swiss private bank?