Remote opening bank account for startup company

[reddior]

Hello there, everyone!

I'm a young entrepreneur who imports electronic home products from China to the Philippines. Using a Philippine bank to pay my suppliers was too expensive.

In which jurisdiction is best to open this account, Hong Kong or Singapore? I am not sure whether I should open a business account or personal account? What are the factors that an entrepreneur think about before opening this account.

Thank you so much for your feedback!

 

[MiddleEuroAsia]

In which jurisdiction is best to open this account, Hong Kong or Singapore? I am not sure whether I should open a business account or personal account? What are the factors that an entrepreneur think about before opening this account.

A business account 100%. you can't just do business transactions in your personal account, and I'm sure that's against a lot of the banks T&C.

The question is where is your company located? if it's in HK, then you will have good options of regular banks and EMIs, here, take a look at these threads:

https://www.offshorecorptalk.com/threads/opening-and-emi-for-hk-based-company-to-transfer-funds-from-neat.34564/#post-183320

https://www.offshorecorptalk.com/threads/looking-for-established-bank-for-hk-company.35403/post-191574

Singapore doesn't make sense in your case, HK is more suitable for you since you will be dealing with Chinese people/manufactures, and a lot of them have presence in HK, so it will be easier to deal and do transactions with them.

 

[Zikki]

Currenxie is based in HK and the experience is smooth so far. Business bank account was open in two working days...