Offshore Bank Accounts for Hong Kong companies

[billythepool]

Hello OffshoreCorpTalk pals, I'm a new registered member. I have some questions, hopefully would be answered by more experienced people than me. First of all, the questions sound common. but I'm not a lazy type, I researched over and over again on this forum but the information are unrelated, or a bit out of date. I'm not newbie to offshore things though.

So here's my questions:

I have a HK company, my company does immigration consulting business. I have another HK companies and bank accounts too. For specific reason, I have to open bank account(s) in EU because the business is related to EU immigration and EU golden visas programs. I sent my application twice to CIM Banque and got rejected both times. My profile and background is quite good, the bank didn't say the reason why they rejected after reading my KYC. I supposed that is because of the consulting seems like risky business to banks today (but I indeed run the real business).

So I would like to ask if there is any other replacements for offshore banking to HK companies in EU nowaday? I guess banks in Cyprus aren't an option anymore after last year, I also tried some banks in Latvia like Rietumu and (now closed) PNB Banka. EMIs aren't option for me because it would be a distrust to us if we give out name of those instead of my company name.

You can also suggest me with 3rd party or direct merchant processor, but I think it's too risky to handle big payments with credit cards.

Thank you very much for reading through my topic.

 

[billythepool]

FYI, we have a lot of clients from MENA countries, India, Pakistan... If you have true experiences with banks for the customers from these countries then your share is much appreciated.

Is there any EMI which I can use my company name as beneficiary name instead of the EMI company name?

 

[moneyhoney]

Is there any EMI which I can use my company name as beneficiary name instead of the EMI company name?

Pretty impossible. The only service like this is Transferwise and it doesn't accept HK. All the other services with EU Bank Account accept just SEPA transfers.

 

[Martin Everson]

I have to open bank account(s) in EU because the business is related to EU immigration and EU golden visas programs. I sent my application twice to CIM Banque and got rejected both times.

I hope you don't think Switzerland is in EU?

FYI, we have a lot of clients from MENA countries, India, Pakistan...

Clients from those developing countries wipes out access to most banks in EU. Also when banks hear "immigration consulting business" all they hear is people trafficker sadly. Nothing that comes out of your mouth will change that view they will have of you.

Is there any EMI which I can use my company name as beneficiary name instead of the EMI company name?

If you go EMI route then most EMI's offer dedicated EU iban and account in your name. Checkout EMI thread list on forum and try some. However people trafficking......sorry immigration consulting business with clients from developing countries is next to impossible to bank. If clients however are from EU then probably a lot easier.

 

[Marc Jacob]

However people trafficking......sorry immigration consulting business.

How to sum up a long long business explanation into a one simple short sentence.

 

[billythepool]

First of all, thank you all for your responses.

Pretty impossible. The only service like this is Transferwise and it doesn't accept HK. All the other services with EU Bank Account accept just SEPA transfers.

It does accept HK, but not a borderless account. I think it only can be used to send payment. Mine is under verification. I will update when it's activated. I think EMIs like Paysera, ePayments or Leopay do accept payments from outside SEPA. I do not own any account with them due to the bad reviews I saw everywhere. But my friends own accounts with them and I know they work (at least for under 100k turnover), the only problem is the incoming payment will be sent to those companies bank account instead of ours.

I hope you don't think Switzerland is in EU?

Definitely not, I live on and off in Swiss. Many people mistaken it as well (especially our customers). It's not so related though - many people takes a Switzerland bank account a safer place to send money to, compare to other EU countries like Hungary, Bulgaria, Poland, Slovakia etc... (Swiss is indeed in EU continent Correct me if I'm wrong)

Clients from those developing countries wipes out access to most banks in EU. Also when banks hear "immigration consulting business" all they hear is people trafficker sadly. Nothing that comes out of your mouth will change that view they will have of you.

There are two parts of your response, I will break them down. First it's true that clients in those developing countries wipes out access to most banks in EU. But it's not impossible to open EU bank accounts for them. It's not necessary in most cases to open bank accounts for them though - the burdens is ours. For some golden visa programs, clients have to open bank accounts in destination countries (like Cyprus CBI program), but not all. Second, it's actually funny hearing your sentence "people trafficker", i know it's not an offence. Sadly it's again true to the banks eyes. But we are honest with the business and if the banks don't accept our KYC, we accept and go ahead. Same thing happened to any other business as well, banks just get tighter and tighter.

If you go EMI route then most EMI's offer dedicated EU iban and account in your name. Checkout EMI thread list on forum and try some. However people trafficking......sorry immigration consulting business with clients from developing countries is next to impossible to bank. If clients however are from EU then probably a lot easier.

Again i had fun reading your reply Well I think you are an experienced member, you totally understand the problems with EMIs aren't just about the beneficiary name. But giving those companies the privileges to hold my money then it's a NO-NO. I've read enough bad reviews from people who suffer from those EMIs. From my point of view, EMIs are just like payment processors, they hold our money whenever they want and release it whenever they want. It's not good for cash flow. I'm not running an one-man business, there are people waits for their paychecks as well. I'd trust them for a < 5,000 $ turnover business, not a 50,000 $ one.

Does anyone have experience with OTP Bank (HU) for Hong Kong companies?

 

[dutchnik]

First of all, thank you all for your responses.


It does accept HK, but not a borderless account. I think it only can be used to send payment. Mine is under verification. I will update when it's activated. I think EMIs like Paysera, ePayments or Leopay do accept payments from outside SEPA. I do not own any account with them due to the bad reviews I saw everywhere. But my friends own accounts with them and I know they work (at least for under 100k turnover), the only problem is the incoming payment will be sent to those companies bank account instead of ours.


Definitely not, I live on and off in Swiss. Many people mistaken it as well (especially our customers). It's not so related though - many people takes a Switzerland bank account a safer place to send money to, compare to other EU countries like Hungary, Bulgaria, Poland, Slovakia etc... (Swiss is indeed in EU continent Correct me if I'm wrong)


There are two parts of your response, I will break them down. First it's true that clients in those developing countries wipes out access to most banks in EU. But it's not impossible to open EU bank accounts for them. It's not necessary in most cases to open bank accounts for them though - the burdens is ours. For some golden visa programs, clients have to open bank accounts in destination countries (like Cyprus CBI program), but not all. Second, it's actually funny hearing your sentence "people trafficker", i know it's not an offence. Sadly it's again true to the banks eyes. But we are honest with the business and if the banks don't accept our KYC, we accept and go ahead. Same thing happened to any other business as well, banks just get tighter and tighter.


Again i had fun reading your reply Well I think you are an experienced member, you totally understand the problems with EMIs aren't just about the beneficiary name. But giving those companies the privileges to hold my money then it's a NO-NO. I've read enough bad reviews from people who suffer from those EMIs. From my point of view, EMIs are just like payment processors, they hold our money whenever they want and release it whenever they want. It's not good for cash flow. I'm not running an one-man business, there are people waits for their paychecks as well. I'd trust them for a < 5,000 $ turnover business, not a 50,000 $ one.

Does anyone have experience with OTP Bank (HU) for Hong Kong companies?

Yes. One of the requirements is that you must deliver all your documents notarized and signed in HU language -> with all documents asked and the HK documents set is large, this is an expensive option. However, look out if you want to do business from these Oost European countries, many banks in EU don’t like to get transfers from them!

 

[moneyhoney]

It does accept HK, but not a borderless account. I think it only can be used to send payment. Mine is under verification. I will update when it's activated. I think EMIs like Paysera, ePayments or Leopay do accept payments from outside SEPA. I do not own any account with them due to the bad reviews I saw everywhere. But my friends own accounts with them and I know they work (at least for under 100k turnover), the only problem is the incoming payment will be sent to those companies bank account instead of ours.

Yes TW does accept HK, but without borderless account is pretty useless for your goal.
Paysera/Leopay: I wouldn't trust for good amount of money.
ePayments: no chance to get accepted even for much less risky business than yours.

 

[billythepool]

Yes. One of the requirements is that you must deliver all your documents notarized and signed in HU language -> with all documents asked and the HK documents set is large, this is an expensive option. However, look out if you want to do business from these Oost European countries, many banks in EU don’t like to get transfers from them!

Thank you. Did you try the bank already? What's your experience with the bank then? I contacted them 2 days ago but didn't received a response from them yet.

Yes TW does accept HK, but without borderless account is pretty useless for your goal.
Paysera/Leopay: I wouldn't trust for good amount of money.
ePayments: no chance to get accepted even for much less risky business than yours.

I guessed so, I just tried to register to see how it goes. But I think TW accepts Belize companies for borderless accounts. Correct me if I'm wrong, or let me know if there's anyone actually having account with TW for Belize companies. Imo, TW is the only name I would say I can trust for its scale. Thank you for your comments on Paysera/Leopay/ePayments, I don't trust them either.

 

[Mark Rucken]

TW does accept Belize and Seychelles companies. However, they do not accept HK, not because it is unstable jurisdictions, but because the jurisdiction itself has requested a ban for HK companies from TW. That is what I read on another forum.

 

[Martin Everson]

It still shocks me that TW accepts Belize and Seychelles. Wonder how long that will last.

 

[dutchnik]

I contacted them with information and after 5 (!) days I got reply. For me personally it was not worth the risk paying 2-3k for notarized translation with the risk of not being accepted

 

[billythepool]

It still shocks me that TW accepts Belize and Seychelles. Wonder how long that will last.

TW has always offered for Belize and Seychelles since its borderless account exists. I will try to apply my Belize company after the HK one and let's see how it goes. The reason I tried to apply for TW is to see what's the real use for a TW account if it couldn't receive funds. If that's only because of the saving for mid-market exchange rate and bank fees, then I don't think it's too important for SMEs.

I contacted them with information and after 5 (!) days I got reply. For me personally it was not worth the risk paying 2-3k for notarized translation with the risk of not being accepted

Maybe it's good for EU companies but I don't think it's quite good for non-EU. We can tell if a bank really works with offshore companies by judging the response time. For this point, CIM Banque is the best - I always receive replies within 1-2 hours, unbeatable. Too bad they rejected my recent application.

 

[aage]

What is your suggestion for the best banking solution for a simple Hong Kong company? Do you have any direct link or name for a valid banking option please?

 

[reesek]

we can help with sepa iban for hk, but the process is long and requires a bunch of apostilized docs

 

[speedster]

we can help with sepa iban for hk, but the process is long and requires a bunch of apostilized docs

With which bank / emi is this?

 

[CaptK]

You can always try with Europacific bank lol....I'm sure they Will open an account

Are they still in business lol

 

[CaptK]

Yep I already have an account with them lol

Bro please for your own sanity find another bank!!

 

[reesek]

With which bank / emi is this?

become a client and you will know

 

[CaptK]

I already have another one but for receiving money at name of a banana IBC works lol

Good man!!