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neat.hk and CRS compliance

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iwanttobefree

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Oct 23, 2019
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#1
Hello guys,

I have set up an offshore company not long ago in Hong Kong and i have both a business and a personal account using Neat.

Just recently i got aware that Hong Kong has joined OECD group of countries and CRS compliance is a requirement.

My question is if Neat is required to comply with this since it does not have a virtual banking licence. it is licensed as a money service operator I have looked on their terms and conditions and found no reference to this.

Thanks in advance!
 
#3
iwanttobefree said:
Hello guys,

I have set up an offshore company not long ago in Hong Kong and i have both a business and a personal account using Neat.

Just recently i got aware that Hong Kong has joined OECD group of countries and CRS compliance is a requirement.

My question is if Neat is required to comply with this since it does not have a virtual banking licence. it is licensed as a money service operator I have looked on their terms and conditions and found no reference to this.

Thanks in advance!
Click to expand...
Hello from Hong Kong. Neat doesnt have a license, it just a reseller of another Bank that has it (Standard Charter), this for sure will be reported to the HK Tax Authorities that at the same time will be reported on request by your resident country. Its not automatic as its a company bank account.

For personal prepaid card account its no reported as not included under CRS
 
#4
GiGoGo said:
Neat doesnt have a license, it just a reseller of another Bank that has it (Standard Charter
Click to expand...
That's a huge sign to not go that route but are you sure about this?
 
#5
Admin said:
That's a huge sign to not go that route but are you sure about this?
Click to expand...
It was in the past
www.hongkongfp.com

Exclusive: Standard Chartered closes accounts linked to fintech startup Neat as customers left in limbo - Hong Kong Free Press HKFP

A Hong Kong-based digital banking startup has closed an unspecified number of business customer accounts following a compliance check by Standard Chartered bank. Startup Neat confirmed with HKFP that Standard Chartered had suspended the affected accounts on February 1 and did so without giving...
www.hongkongfp.com www.hongkongfp.com

Now they are using another bank, not sure wich one as I stopped working with them
 
#6
They are with bank of China now.

GiGoGo said:
Hello from Hong Kong. Neat doesnt have a license, it just a reseller of another Bank that has it (Standard Charter), this for sure will be reported to the HK Tax Authorities that at the same time will be reported on request by your resident country. Its not automatic as its a company bank account.

For personal prepaid card account its no reported as not included under CRS
Click to expand...

Just to make sure I understood well. They will only report if the tax authority from my country requests to HK Tax authority, is this correct?

Thank you so much for your reply
 
#7
And by the way, neat business is a multi-currency account. They are partners with a bank in UK and the bank of China HK. Not sure if this is relevant information for the case, but I used UK account for receiving one or two payments.
 
#10
iwanttobefree said:
Hello guys,

I have set up an offshore company not long ago in Hong Kong and i have both a business and a personal account using Neat.

Just recently i got aware that Hong Kong has joined OECD group of countries and CRS compliance is a requirement.

My question is if Neat is required to comply with this since it does not have a virtual banking licence. it is licensed as a money service operator I have looked on their terms and conditions and found no reference to this.

Thanks in advance!
Click to expand...

Did you incorporate your company by Neat or somewhere else?
 
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