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Offshore Bank Account for Hong Kong Limited Company

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Farmacy

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May 18, 2020
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#1
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Does anyone have any past experience with this? Obviously travelling to Hong Kong at the moment is out of the question so I need to open something remotely. I already have a Currenxie account but no debit card and you are questioned about every incoming and outgoing payment which becomes quite annoying (not a real bank but they use DBS and open an account for you)

Id like to open something out of Hong Kong too, remotely, with debit card, online banking etc. Puerto Rico doesn't sound ideal, does anyone have experience with banks in Lithuania? Set up fees and other fees aren't so important but rather a proper bank that has a debit card and your money is safe in!

I've just been offered an account in Dominica with Migom bank but unsure about it after what I've read on here already. Euro Pacific Bank also you guys on here don't seem to like. Is Lithuania a better option? I currently have a guy looking to set me up with a bank there but hard to find much info regarding banks in Lithuania. Any other countries/banks that are easy to set up and safe etc?

I'm a NZ/Australian resident if this information is helpful in regards to my situation.

Any advice or help is much appreciated.
 
#3
tomboy said:
What about an EMI ? Transferwise could be a good match.
Click to expand...

Transferwise don't work with Hong Kong. I also do have a N.I company which I did have transferwise set up with, however due to my business model they terminated my account without warning or questions. To be honest, it's a great platform though, never had any issues up until this happened.
 
#4
Singapore and HK accounts are being opened remotely with relative ease at the moment but you are paying a premium for it.
Due diligence is also a bit lengthy but if you have a running but if you have bank statements and company accounts then its easier.
 
#5
CaptK said:
Singapore and HK accounts are being opened remotely with relative ease at the moment but you are paying a premium for it.
Due diligence is also a bit lengthy but if you have a running but if you have bank statements and company accounts then its easier.
Click to expand...
Do you know which HK banks in particular? Is this due to the current situation with covid and travel restrictions? Obviously the dream is to have HSBC or something opened remotely. Don't mind paying a premium.
 
#10
fairly simple to open a bank account remotely. The interview is online, DD is 1 to 2 months max. But not all banks easily accept foreigners anymore! HSBC, DBS HK really hard to open right now, not sure about the others tho. LMK if you have more questions!
 
#11
jasobrave44 said:
fairly simple to open a bank account remotely. The interview is online, DD is 1 to 2 months max. But not all banks easily accept foreigners anymore! HSBC, DBS HK really hard to open right now, not sure about the others tho. LMK if you have more questions!
Click to expand...
Oh ok I was under the impression that all major banks in Hong Kong require personal presence for the meeting. What's a good one to try?

Also has anyone successfully been granted offshore tax exemption in Hong Kong? We do literally nothing in Hong Kong, our company is just registered there. To do this is it best to bank out of Hong Kong and just not apply with the IRD and they'll be none the wiser? So much conflicting things you read online!
 
#12
Calling them directly and asking to open an account will be a very lengthy process. Would be better for you to find an agency that can help you with the set up! I don't know anyone who opened a bank account without the help of a third party tbf. You still can give a try and call UOB to ask.

The offshore tax exemption doesn't exist. Never heard of that.
 
#13
You will need to use an Agency to open the account. I can assist if you PM me.
The law in HK is you are tax exempt so long as you dont RECEIVE any money from HK and China. Not a penny barring any interest you may accrue in your account.

Your multi currency card allows you to transact anywhere in the world. Dont be tempted to send money to your home country account unless you have properly structured yourself.
 
#14
We got Bank of China without an introducer. Another bank is Bank of East Asia, but their online banking service is mostly in Chinese or the representative speaks English but very difficult to understand. We are also using CitiBank and DBS for our HK entity, got these two with an introducer.
 
#15
D
libicap said:
We got Bank of China without an introducer. Another bank is Bank of East Asia, but their online banking service is mostly in Chinese or the representative speaks English but very difficult to understand. We are also using CitiBank and DBS for our HK entity, got these two with an introducer.
Click to expand...
Did you have to go to Hong Kong to get set up with these banks?
 
#16
CaptK said:
You will need to use an Agency to open the account. I can assist if you PM me.
The law in HK is you are tax exempt so long as you dont RECEIVE any money from HK and China. Not a penny barring any interest you may accrue in your account.

Your multi currency card allows you to transact anywhere in the world. Dont be tempted to send money to your home country account unless you have properly structured yourself.
Click to expand...

Yeah I've spoken to a few agencies but they aren't very transparent and offer some pretty shady banks.

100% fall under the tax exempt status, when enquiring this through the company which we incorporated through, they advised us that it's not worth the hassle and rather to optimise expenses etc, although our revenue has grown significantly and I think it's definitely worth going down this road rather than paying 300,000 HKD + per year in tax.

To bring money into my country (when I go back there) I will be invoicing my company and will be paying tax on it there.

Thank you, will send you a message.
 
#18
Farmacy said:
Does anyone have any past experience with this? Obviously travelling to Hong Kong at the moment is out of the question so I need to open something remotely. I already have a Currenxie account but no debit card and you are questioned about every incoming and outgoing payment which becomes quite annoying (not a real bank but they use DBS and open an account for you)

Id like to open something out of Hong Kong too, remotely, with debit card, online banking etc. Puerto Rico doesn't sound ideal, does anyone have experience with banks in Lithuania? Set up fees and other fees aren't so important but rather a proper bank that has a debit card and your money is safe in!

I've just been offered an account in Dominica with Migom bank but unsure about it after what I've read on here already. Euro Pacific Bank also you guys on here don't seem to like. Is Lithuania a better option? I currently have a guy looking to set me up with a bank there but hard to find much info regarding banks in Lithuania. Any other countries/banks that are easy to set up and safe etc?

I'm a NZ/Australian resident if this information is helpful in regards to my situation.

Any advice or help is much appreciated.
Click to expand...
FYI I am new here and have a MIGOM account. I am not connected in anyway at all but obviously when speaking positive about a post I was immediately accused. That said, I did all my Due Diligence when opening my account considering that I have lost hundreds of thousands of dollars in the past from an Offshore bank closing with my money still in it.
I Brought up the concerns that others bring up to the guys at MIGOM, these guys are pretty cool from what I can tell all are ex Swiss and Austrian bankers. My account has been with them now since October, I have both corporate and Private accounts, the accounts are very much in my name. When I asked them about the Migom press that was in Russia they said "MIGOM TRANSFERS was a Russian bank/money transfer company, this came to our attention very quickly after choosing the MIGOM name as we were asked multiple times by many people, here is the information that we were able to find.. MIGOM TRANSFERS was actually shut down in 2014, this was a fully owned Russian Entity and had absolutely nothing to do with us. We registered the business name in 2019 and unfortunately people do not see that our Swiss/Austrian Banking backgrounds are overlooked. We appreciate you giving us the opportunity to work with you and please let us know if there is anything else you may need. Below is my direct line and feel free to reach out anytime". The first account I opened with MIGOM they issued me a sepa account, which is what I asked for and it was very much in the location you are asking about. Seems that from the negativity I received from posting here by telling the truth shows that they obviously do not have any accounts at the places they bash. It's very relieving to see how many licenses the Migom group is actually issued. Also the person I spoke with at the bank had an extremely German accent (sounded German to me).
 
#19
Mate your trying too hard. Just say they have been good to you and then people will make their decision.
No one asked you for a deep analysis, its common sense people should do their own DD and decide for themselves.
 
#20
I appreciate the in site. Thought this was people wanting real experiences and not having to convince someone that most people don't have time to create alter egos..., I realized these blogs are like politics.. the truth just does not matter...

That said, any info on good HK BANKS?
 
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