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Hong Kong personal bank account
- Thread starter HelenaR
- Start date
I was and still am interested in a personal bank account in hongkong. Due to my research, one needs to go personally to hongkong and present at a branch with a utility bill and passport.
I also read that it might work with HSBC to contact a local branch and ask them if they can open an account in Hong kong while the local branch does the know your client stuff. I will try that out soon.
I also read that it might work with HSBC to contact a local branch and ask them if they can open an account in Hong kong while the local branch does the know your client stuff. I will try that out soon.
A director has to visit Hong Kong in person to open a company account and all banks I have talked to require a physical visit to the bank to open personal accounts.
Furthermore, more and more banks avoid doing business with US companies because of the compliance headache created by being affiliated with a US entity. You may find that you get rejected simply by having a Delaware company.
Furthermore, more and more banks avoid doing business with US companies because of the compliance headache created by being affiliated with a US entity. You may find that you get rejected simply by having a Delaware company.
Don't forget that in September 2018 The Hong Kong government will send all the data about your personal bank account to the country where you are a fiscal resident.
Imagine you live in Tallinn in Estonia, in September 2018, the Hong Kong gov. will send your personal bank account information to the Estonian Tax authorities.
http://www.ird.gov.hk/eng/faq/dta_aeoi.htm
Imagine you live in Tallinn in Estonia, in September 2018, the Hong Kong gov. will send your personal bank account information to the Estonian Tax authorities.
http://www.ird.gov.hk/eng/faq/dta_aeoi.htm
I don't believe that you find any agent or consultancy company that will give you any guarantees on the account opening. Because why should they refund you for their work if you fail to travel to the bank? or if you for some reason tell the bank something they don't like and refuse to open the account?
Consider how much some of them charge for introduction.
And with the internet being all over with the information that it became much more difficult to get a bank account for a HK company in HK, they need to do something in order to become credible. Or is there review web site for this kind of services (like trustpilot in UK) ?
Of course I see your point that the customer needs to do something too (like travel to HK).
hmm ... what if the agent would be (or provide a) director who opens the bank account and than the LTD is sold INCLUDING a bank account? The new director would just need to go to the bank and provide his/her signature.
HOW ABOUT THAT?
And with the internet being all over with the information that it became much more difficult to get a bank account for a HK company in HK, they need to do something in order to become credible. Or is there review web site for this kind of services (like trustpilot in UK) ?
Of course I see your point that the customer needs to do something too (like travel to HK).
hmm ... what if the agent would be (or provide a) director who opens the bank account and than the LTD is sold INCLUDING a bank account? The new director would just need to go to the bank and provide his/her signature.
HOW ABOUT THAT?
That's actually a good idea, you just need an agent / consultancy firm that is located in HK or that is able to open real bank account on mass! Then again, you will still need to get approved by the bank once you take over the company and they may again require you to come visit the bank! But maybe there is a service provider that can do that I have no idea.
In the past I know it was possible with some agents in Cyprus, they had ready-made companies with bank account which one could easely buy and use right a way.. but that's history because of lot's of increasing requirements from the banks.
No approvement needed years ago (I know times have changed)
I sold a company with bank account. The company was operational and had activity on the bank account. It was no issue for HSBC back than to change the signatory (director) - no questions asked by HSBC.
I do not really understand why setup agents / someone (local?) would have a huge problem with being director of a brand new company (no liabilities). Reputation? Opening a bank account for a brand new company would be a normal thing to do.
Well, OK ... if someone is director of a brand new company, opens a bank account (say with Heng Seng in HK) and than sells that company before it actually makes business, he should get away with it. Questions is, how often ... That might depend on what the new company owners do with the company (OK business, no business or bad things).
Are there any HK setup agents here? Who would like to discuss that?
I sold a company with bank account. The company was operational and had activity on the bank account. It was no issue for HSBC back than to change the signatory (director) - no questions asked by HSBC.
I do not really understand why setup agents / someone (local?) would have a huge problem with being director of a brand new company (no liabilities). Reputation? Opening a bank account for a brand new company would be a normal thing to do.
Well, OK ... if someone is director of a brand new company, opens a bank account (say with Heng Seng in HK) and than sells that company before it actually makes business, he should get away with it. Questions is, how often ... That might depend on what the new company owners do with the company (OK business, no business or bad things).
Are there any HK setup agents here? Who would like to discuss that?
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