Opening and EMI for HK based company to transfer funds from NEAT

[Sinbad59]

Hi everybody, I've been thoroughly looking through the threads on this sub-forum, but haven't found a direct answer to my soon-to-be-a problem.

I have established an HK LTD company and opened an EMI account with NEAT. Since my company deals with project based transactions I will sooner or later arrive to the point, where my funds will stay on their account more than allowed 90 days. They have stated that if I will not be able to remove funds to alternative account after their warning, they might return funds to the initial payer. So it makes sense to work on alternative account, that supports unlimited fund keeping.

I'm sure I am not the only one with this problem, as there seems to be quite some NEAT users on this forum based on what I've read.

Currently I'm leaning towards Wise or Revolut as they are both well established EMI's. I've read that Wise wasn't supporting HK companies pre-covid, is it still the same? I mostly do wire transfers and credit card payments to my suppliers in HK and China, so NEAT is ideal for me (if I could keep the funds indefinitely, that is).

Does anybody have any experience with this (opening an additional account to remove funds from NEAT and/or applying for an account with above EMI's with HK based LTD company)?

Thanks in advance for all answers and time on this!

 

[uplana]

Currently I'm leaning towards Wise or Revolut as they are both well established EMI's. I've read that Wise wasn't supporting HK companies pre-covid, is it still the same? I mostly do wire transfers and credit card payments to my suppliers in HK and China, so NEAT is ideal for me (if I could keep the funds indefinitely, that is).

I can only highly recommend you to get your self a mentor group gold membership and swipe through all the outstanding threads and guides there which can walk you through the process to setup several entities that can accomplish exactly what it is you are looking for.

Personally I have made a guide which you also find in my signature that can help you, beside that, you can find service providers there which are no on the public forums!

 

[Sinbad59]

Hi uplana,

thank you for your feedback, I'm sure mentor group gold is definitely worth 100$ and I will probably pick that up at one point, as I'm a newbie in the offshore business. Since it's valid for only one month I'm saving that when I'll be opening an IB account for company (and at that point actually see, if that is sensible) and dealing with accounting issues. But ATM I'm not looking on opening new entities or looking for ways to withdraw the funds from my company. I actually want them to stay there, to be able to grow my business ( I have other sources of income) and as long as I don't withdraw them to my personal account they are not taxable in my local country. I'm well aware that I'll have to pay tax at some point, when I need/want the funds and I don't have a problem with that, since money is from clean an traceable source (trade of goods).

So currently I just need a place to park my additional funds, that I'm using for everyday business and are generated from the trade and be able to use them when needed. No credit card needed, no withdrawals. I will continue to do business via NEAT, where I have everything I need for day to day business operation. I'm looking at another EMI solution, since these figures are low 5 folds and some regular maintenance costs would make it nonviable. Additionally I can add this account in my NEAT account, and they automatically transfer funds that are due to that account.

I'm actually just asking for personal experience using respectable EMI's that offer longer periods of fund keeping and support HK based entities. I'm definitely leaning towards Wise, as they are supporting HK companies now (https://wise.com/help/articles/2948998/how-do-i-verify-my-business-in-hong-kong) with rather standard verification procedure. If I get any quorum suggestions for another EMI, I will do another application in conjunction with the Wise one (better having two accounts than (n)one).

 

[manukahoney]

Currenxie, Statrys - both work with HK companies, both accept applications remotely.
Alternatively you can always loan money to shareholders (I assume it's you) and pay them back with a small percentage.

 

[uplana]

Currenxie, Statrys - both work with HK companies, both accept applications remotely.

that's a good suggestion, and alternative to need.

 

[Sinbad59]

Do you have personal experience with either of this 2?

Doesn't Currenxie have same 90 day rule as NEAT?

I've spoken to a lawyer and it's definitely not recommended to transfer money from business entity in offshore to your personal account if you don't pay tax on that money, even if everything is legit and you have a good reason to do so, as this will draw attention and almost certainly a lot of paperwork + additional cost from Mr. Taxman.

Currenxie, Statrys - both work with HK companies, both accept applications remotely.
Alternatively you can always loan money to shareholders (I assume it's you) and pay them back with a small percentage.

 

[MiddleEuroAsia]

Does anybody have any experience with this (opening an additional account to remove funds from NEAT and/or applying for an account with above EMI's with HK based LTD company)?

Thanks in advance for all answers and time on this!

Yeah Sure I have a couple of EMIs for my HK company because of the exact same situation that you describe, that's why I diversify, anyway back to topic, here are a couple of EMIs that you could use and that allows for online/remote opening:

currenxie (I have nothing but a positive experience with them)
https://www.currenxie.com/en-hk/
airwallex (they get the job done, but their support sucks a*s)
https://www.airwallex.com/hk

statrys (pretty good too)
https://statrys.com/hk
ebury (top notch support, I use them for both my dubai and HK companies since they support both jurisdictions, but they are on the costly side, other than that, they are great)
https://en.ebury.hk/
worldfirst (they have been in this business for a hot minute, their UI is not the greatest but they get the job done)
https://www.worldfirst.com/en-hk
wallex.asia (Haven't used them yet, however they are regulated in HK, Singapore and Indonesia, and they are backed by big names like ant group, owner of alipay, so they seem reputable)
https://www.wallex.asia/hk/wallet
3s.money (I don't use them, but it's worth mentioning that they require a higher turnover like about a million dollar or so)
https://3s.money/join
Good luck!

 

[Sinbad59]

Fantastic MiddleEuroAsia!

Ebury looks very respectable, definitely an alternative. I've tried to find data about pricing on their website but they don't seem to have a public price list. Could you tell me where low end monthly/yearly fees start?

Since there are almost only good reviews of Currenxie I'll look deeper into them as an option as well and contact support with my questions.

 

[markdk]

I have hk ltd and I have neat ( but not using ) currenxie , statrys and the best ( only for EUR ) paysera. I have also airwallex but not using

 

[billwobblestick]

Can a Hong Kong company made through NEAT be used as the company required for an alipay business account?

 

[uplana]

Can a Hong Kong company made through NEAT be used as the company required for an alipay business account?

I don't know, but your question is interesting. As I understand the NEAT operation setup a company for you as if you did it on your own. So I assume this company can be used for anything you want under applicable HK laws. But I stay tuned to learn more.

As far as I remember there is a rep on the forum from Home long time since I have seen them around maybe they are not here any longer. Anyway, the service sounds reputable.

 

[PaulKruger]

that's an awesome thread for someone like me searching for HK EMI's

 

[lory]

OP awesome list!

 

[shizui04421]

Yeah Sure I have a couple of EMIs for my HK company because of the exact same situation that you describe, that's why I diversify, anyway back to topic, here are a couple of EMIs that you could use and that allows for online/remote opening:

currenxie (I have nothing but a positive experience with them)
https://www.currenxie.com/en-hk/
airwallex (they get the job done, but their support sucks a*s)
Global Business Accounts with Multi-Currency Transfers | Airwallex HK

statrys (pretty good too)
https://statrys.com/hk
ebury (top notch support, I use them for both my dubai and HK companies since they support both jurisdictions, but they are on the costly side, other than that, they are great)
https://en.ebury.hk/
worldfirst (they have been in this business for a hot minute, their UI is not the greatest but they get the job done)
https://www.worldfirst.com/en-hk
wallex.asia (Haven't used them yet, however they are regulated in HK, Singapore and Indonesia, and they are backed by big names like ant group, owner of alipay, so they seem reputable)
https://www.wallex.asia/hk/wallet
3s.money (I don't use them, but it's worth mentioning that they require a higher turnover like about a million dollar or so)
https://3s.money/join
Good luck!

Hi sir, it looks like you have a lot of experience with Hong Kong companies, i was wondering if you know any EMi who is crypto friendly and i could use to withdraw money from coinbase and also i would like to know if Wise works with KG Companies, thank you for your time and your great quality posts.

 

[bastard]

If you can't find any other solution you may simply use ADVCASH to get your money from counbase and from there send it to currenxies.

 

[Forte]

If you can't find any other solution you may simply use ADVCASH to get your money from counbase and from there send it to currenxies.

Does Coinbase provide an account in your name? Recently I received this message from ADVCASH

We provide SEPA transfers to send funds from ADV to bank accounts and vice versa. Such transfers could be sent only from/to the company's bank account your ADV account is associated with.