DBS Bank remotely for HK company?

[inector]

Hi,

Apparently a company called Hawksford claims to open DBS Bank remotely for HK companies for real cheap, below 1,000USD.

Anyone used them in the past or is it bs? Company looks legit.

If not DBS, I read many people open CIM Banque, is it still a valid option? Or like OCBC in SG but I think they have high minimum deposit.

 

[Sols]

Following guidance and clarification from regulators , banks in Hong Kong have become a little more open to remote account opening lately. I wouldn't be surprised if someone like Hawksford has good enough relation with DBS to introduce clients on a remote basis and help with the paperwork.

It doesn't guarantee account opening, especially if you don't have any genuine presence or connections in Hong Kong or the region.

 

[inector]

Following guidance and clarification from regulators , banks in Hong Kong have become a little more open to remote account opening lately. I wouldn't be surprised if someone like Hawksford has good enough relation with DBS to introduce clients on a remote basis and help with the paperwork.

It doesn't guarantee account opening, especially if you don't have any genuine presence or connections in Hong Kong or the region.

I guess they did, hopefully HSBC joins as well.

I will give them a try and will post updates in here.

In case that doesn't work, any company that would be good at openning CIM Banque or OCBC in SG? Or anything else really.

BBCIncorp rejected my application because I have some clients in Turkey...it's not even a sanctioned area...they placed it next to Russia lol, even UAE is not on the list

 

[Forester]

1) Hawksford is legit. They're on the market since 60's (1963, I've just checked ) Having said that, opening a bank account below 1,000 USD seems real cheap, taking into account what type of company they are.

2) They had very close relationhips with HSBC in the past and very probably it has not broken. So if they are able to do DBS, they almost surely are able to do HSBC.

3) Quite generally, a remote opening of some bank account for a HK company is definitely doable – unless some special circumstances occur. I see at your profile banner that you are from Russia – if you are the UBO or the director of the company and have Russian residence or citizenship, it is, unfortunately, a big complication today... nevertheless solvable, I think.
Why are you asking specifically about CIM Banque and/or OCBC in SG?
Anyway, if you like to receive some reasonably-founded advice, please share
- the citizenship of UBO(s) and director(s)
- their current residence country
- what is the business of the company
- what currencies are needed to operate with
- what are the destinations of future outgoing and incoming payments
- what is the expected monthly and yearly turnover (summarized for all the currencies)
Sorry for being so inquisitive but you will hear these questions from any introducer/advisor or bank/EMI nowadays...


Bottom line: You are asking in the little bit inappropriate forum. Here Offshore Bank Accounts & EMI Accounts you would probably attract more attention of knowledgeable members and obtain more relevant information – but what happened, has happened

 

[inector]

you would probably attract more attention of knowledgeable members

My bad, but having you guys in the chat is already real good ahaha

Why are you asking specifically about CIM Banque and/or OCBC in SG?

Just got advised these and saw many people in the forum talking about CIM + HK combo

please share:

- UBO is EU citizen
- It's a marine company
- No crypto, traditional bank needed
- Destination countries are EU, and a lot of Turkey & UAE gotta admit. DBS doesn't like UAE much and it asks for documents with each inbound transfer
- 500K yearly turnover

Your questions are golden, hopefully my answers help.

 

[Forester]

My bad, but having you guys in the chat is already real good ahaha

OK

Just got advised these

Oh well.

and saw many people in the forum talking about CIM + HK combo

Yes, it can work; nevertheless, to open an account with CIM Banque is now not so easy as it was in the ancient times, as the absolute minimum you need a solid substance, i.e. an office and some staff – do you have? And they can ask more. BTW, it is not so cheap, too.

- UBO is EU citizen

And resident, too? Director(s) is HK citizen and resident, correct?

- It's a marine company

OK

- No crypto,

That's good.

traditional bank needed

May I ask why? Do you need a loan, letters of credit, cheques, a safe box, or ...?

- Destination countries are EU, and a lot of Turkey & UAE gotta admit.

OK

DBS doesn't like UAE much and it asks for documents with each inbound transfer

Unfortunately, it can happen not only with them. But it is of course better if it does not happen...

- 500K yearly turnover

OK

Your questions are golden, hopefully my answers help.

Try to answer the rest

 

[Clearsky Network]

Hi,

Apparently a company called Hawksford claims to open DBS Bank remotely for HK companies for real cheap, below 1,000USD.

Anyone used them in the past or is it bs? Company looks legit.

If not DBS, I read many people open CIM Banque, is it still a valid option? Or like OCBC in SG but I think they have high minimum deposit.

From my experience a physical meeting with the bank is a mandatory requirement.
Did you consider EMI account opening?

 

[Mike Forman]

From my experience a physical meeting with the bank is a mandatory requirement.
Did you consider EMI account opening?

DBS HK introduced remote opening of bank account during covid, not sure it is still the case. Before it was on their site as well. Stil it's better to use an agent who has connections to at least speed up the process since it might sometimes take 6 months to obtain approval. Most of the time banks also require to pay first for doing the investigation if you are eligible.

https://bbcincorp.com/hk/news/dbs-hong-kong-now-supports-remote-bank-account-opening

 

[Clearsky Network]

DBS HK introduced remote opening of bank account during covid, not sure it is still the case. Before it was on their site as well. Stil it's better to use an agent who has connections to at least speed up the process since it might sometimes take 6 months to obtain approval. Most of the time banks also require to pay first for doing the investigation if you are eligible.

https://bbcincorp.com/hk/news/dbs-hong-kong-now-supports-remote-bank-account-opening

Totally agree with you. The majority of our clients fail to pass the lengthy onboarding process on their own.

 

[inector]

Update: Will be proceeding with DBS, will keep you guys updated. Another company that does it for cheaper is OSOME, if anyone tried it would love to know.

Yes, it can work; nevertheless, to open an account with CIM Banque is now not so easy as it was in the ancient times, as the absolute minimum you need a solid substance, i.e. an office and some staff – do you have? And they can ask more. BTW, it is not so cheap, too.

Yeah we tried like 8-10 years ago, they asked for 100K deposit ahaha, was also for a HK company

And resident, too? Director(s) is HK citizen and resident, correct?

UBO and director are same people, so both are EU citizens only.

May I ask why? Do you need a loan, letters of credit, cheques, a safe box, or ...?

Company has been active for many years, and a lot of EMIs have opened and closed, while banks stand.

Unfortunately, it can happen not only with them. But it is of course better if it does not happen...

How is it in CIM Banque, is it more chill about UAE & Turkey?

From my experience a physical meeting with the bank is a mandatory requirement.

Not for all banks, some are open about remote, some are not. Regardless you won't open it without a corporate service provider, even if you come to HK (tried in the past)

Did you consider EMI account opening?

Yeah but rule of thumb is to never keep more than 10K in an EMI, it's not safe...
"Not safe" in a way that they will give you money back if they go bankrupt tomorrow, yeah, but within a long time frame.

sometimes take 6 months to obtain approval

True, how long was your application / anyone you know maybe? And where was it?

 

[Clank]

Is minimum deposit still 100k?

 

[inector]

Is minimum deposit still 100k?

Nah, saw people mentioning 10-20K. However, even though deposit decreased, rules to apply increased.

 

[Piano]

Hi,

Apparently a company called Hawksford claims to open DBS Bank remotely for HK companies for real cheap, below 1,000USD.

Anyone used them in the past or is it bs? Company looks legit.

If not DBS, I read many people open CIM Banque, is it still a valid option? Or like OCBC in SG but I think they have high minimum deposit.

Do you have a link for this offer on their website ? (Cant find it)

 

[Forester]

Update: Will be proceeding with DBS, will keep you guys updated.

It will definitely be appreciated

UBO and director are same people, so both are EU citizens only.

So it seems OK.

Company has been active for many years, and a lot of EMIs have opened and closed, while banks stand.

Well, I perhaps understand your position. And it is true that in general, the bank market is more stable than the EMI market. Nevertheless, having said that, I must also say that a lot of banks fell, too; and some/many EMIs stand – simply, I am deeply convinced that a well chosen EMI is much better than an inappropriately chosen bank and even better than an average bank (on condition that you do not need services that an EMI cannot offer, as mentioned above).

How is it in CIM Banque, is it more chill about UAE & Turkey?

TBMK, it does not make problems for them (as the payment destinations).

Not for all banks, some are open about remote, some are not. Regardless you won't open it without a corporate service provider, even if you come to HK (tried in the past)

True.

Yeah but rule of thumb is to never keep more than 10K in an EMI, it's not safe...
"Not safe" in a way that they will give you money back if they go bankrupt tomorrow, yeah, but within a long time frame.

I understand – but for a well chosen EMI I do not share

@inector – my 2 cents worth recommendation, based on the facts that I know:

1) You can give a try to CIM Banque, if you have a proper substance and do not mind the maintenance costs.
2) As it concerns a HK company, try to find an introducer to SG banks (sorry, I can't recommend). It can be more feasible than in HK.
3) Consider Mauritius. MCB (Mauritius Commercial Bank), Afrasia or ABC Bank could be your best bet. A good introducer will help a lot; IIRC, @CyprusLawyer101 here was somehow able to help there... try to ask.
4) If I were you, I would go for an account with Currenxie (HK). Yes, it's an EMI – but you get de facto an account with Citi HK and it's working perfectly (my personal experience – trusting them with 6 figures).

Is minimum deposit still 100k?

Nah, saw people mentioning 10-20K. However, even though deposit decreased, rules to apply increased.

Exactly. I witnessed asking 10k from an EU located company but with a lot of additional demands for a substance, employees etc.

 

[inector]

Do you have a link for this offer on their website ? (Cant find it)

Well, in our times - the more you hide the longer it lasts

am deeply convinced that a well chosen EMI is much better than an inappropriately chosen bank

True, but I think unless it's a newly established bank, the luck is in favor of big banks over EMIs.

It seems that you don't like traditional banks, could I know why? Although HK is our first "remote-banking", other banks held well for 6-7 figures annually, it does seem like a bigger risk to keep it in EMI.

3) Consider Mauritius. MCB (Mauritius Commercial Bank), Afrasia or ABC Bank could be your best bet. A good introducer will help a lot;

Amazing choices not gonna lie.

Currenxie (HK).

Yeah this one is really good, plus accepted onboarding, however they don't give employee cards. There are many suitable ones tbh, another good one is Statrys.

 

[Mike Forman]

Update: Will be proceeding with DBS, will keep you guys updated. Another company that does it for cheaper is OSOME, if anyone tried it would love to know.

Yeah we tried like 8-10 years ago, they asked for 100K deposit ahaha, was also for a HK company

UBO and director are same people, so both are EU citizens only.

Company has been active for many years, and a lot of EMIs have opened and closed, while banks stand.

How is it in CIM Banque, is it more chill about UAE & Turkey?


Not for all banks, some are open about remote, some are not. Regardless you won't open it without a corporate service provider, even if you come to HK (tried in the past)


Yeah but rule of thumb is to never keep more than 10K in an EMI, it's not safe...
"Not safe" in a way that they will give you money back if they go bankrupt tomorrow, yeah, but within a long time frame.


True, how long was your application / anyone you know maybe? And where was it?

Application takes 3-6 months. Last year it took 6 months to open a corporate bank account in Hong Kong by a HK resident/shareholder, with several years operations record (bank statements of other bank, invoices,..). It was not done by a service provider.

In the past and it took us as well 4-5 months, with proof of operations in mainland without a service provider.
Through a service provider it should be possible within two months (thats what ours guarantees). We are setting up a new one and can update here. The service provider is a mainland company introduced by close friends who have used them several times before and got for example an offshore bank account for a Samoa corporation. Singapore corporation with entrepass (residence) and local Singapore bank accounts also can be guaranteed but at a hefty cost of 30k USD, so I would recommend Hong Kong. Open a personal bank account through a service provider is around 1k USD, in Singapore they would require probably a 100k+ deposit and dont always accept multicurrency. Hong Kong is better and cheaper choice.

Best is to find a service provider that guarantees the bank account and will refund the fees if they fail. They will ofcourse first do some preliminary checks to make sure they are confident they can provide a bank account.

Osome charges very high accounting fees if you want to use them as nominee director for a corporation in Singapore, which is an obligation in Singapore to have a local director and most want in this case handle accounting themselves.

Some established EMI as Wise and Payoneer to keep 100k is ok, but not recommended as they freeze accounts much more regularly compared to high street banks.

 

[Forester]

True, but I think unless it's a newly established bank, the luck is in favor of big banks over EMIs.

Well, I would omit the word “big”, unless it is “a systemically important bank”. Otherwise I agree.

It seems that you don't like traditional banks, could I know why?

No, it is absolutely not so. I must admit I do not like big banks very much, as – per my experience – the service there uses to be... as in many corporates (processes are over-complicated, it's close to impossible to do something non-standard, it's hard to reach someone with a really decisive power – and this is the better case). But with smaller banks with personalised services I'm perfectly OK. (BTW, it implies that I also do not like giant EMIs like Wise, even more than big banks.)

Although HK is our first "remote-banking", other banks held well for 6-7 figures annually, it does seem like a bigger risk to keep it in EMI.

Well, it changes the game, I must say. (You have not mentioned the volume before.) I agree with you, EMIs are IMO not well suitable to keep there 7+ figures, at least not for a long time. I would not do this, too.
But in such a case, another recommendation is obvious: If you are able to deposit 7 figures, your use-case can also be treated and served well in CH and LI, at least in some banks (LLB in LI would be my first choice). Again, a good introducer helps a lot (I can direct you somewhere if you like).

Yeah this one is really good, plus accepted onboarding, however they don't give employee cards.

True, unfortunately; nevertheless you can take employee cards from Soldo (working well) or perhaps Wallester (no experience).

another good one is Statrys.

Well, I have had only a positive opinion about Statrys until now, nevertheless they seem to cope with some problems currently; see here Singapore and Hong Kong corporate incorporation providers (posts #13,14).

 

[Clearsky Network]

Guys i have a client that holds Israeli partnership company and receives funds from Russian customers (b2b). They want to open a bank account for their Israeli entity with a foreign bank that can support Russian payments. (It should be outside of Serbia and Turkey)

 

[Forester]

Guys i have a client that holds Israeli partnership company and receives funds from Russian customers (b2b). They want to open a bank account for their Israeli entity with a foreign bank that can support Russian payments. (It should be outside of Serbia and Turkey)

Could you specify the monthly / yearly volume and the industry?
Not to hijack this thread, better start a new one; or feel free to PM me, if you consider it better...

 

[Clearsky Network]

Could you specify the monthly / yearly volume and the industry?
Not to hijack this thread, better start a new one; or feel free to PM me, if you consider it better...

Dating platform, 150 volume, lets talk talk privately my telegram is @clearskypayments