I believe it is still an option for people doing business in HK and china generally speaking. You just need to be aware of the high maintainance costs to operate a company in Hong Kong!
That's properly the reason, agree!I think it's because getting tax exemption for offshore income is a pain in the ass (I hear from many sides). Set-up agents don't say anything about that (if you don't ask) and on paper it seems to be easy to pay no tax on offshore income.
Where do you have your Company today ? what do you think about St. Kitts ?Register a company - no prob at all.
Opening a bank account - most agent lost their contacts to banks because most worked with HSBC but HSBC changed their ideas of which kind of customers they want.
Some agents might have contacts to other banks - but I am not sure.
Also keep in mind in order to maintain the company you also need to do auditing. That can be a lot of work or cost a lot of money.
I am using a service that takes care of the accounting and auditing at a flat fee (payable tax can be low still in HK). PM if interested. They might also have a way to get you a bank account. But all this is not as cheap as it used to be in HK.