Question Should i look for a new bank?

[thom038]

Hi all,

I have a HK limited, operating from ES and my corporate bank account is at CIM Banque.
The policies from CIM Banque changed a couple of days ago, and from the 7th of December i need to have a physical office + employees in Hong Kong (proof of both).
If not my account will be closed.

My question at this very moment is;
Should I start searching for a new bank, or should i open an office / virtual office and employ somebody who takes care of invoices or customer service?
I´m in the online advertising industry. Mainly consulting companies when it comes to their online activity + affiliation.

All answers will be appreciated. If you need more information regarding my corporate structure i´m happy to provide answers in detail.

 

[Gediminas]

Hey,

The answer depends on how bad you want to remain a customer of CIM. Both options are on the table for you except for the virtual office.

If I was you, I would still get a second account, for diversification purposes. You never know when the bank will decide to close your account, so you want to have another as a backup.

 

[thom038]

Thank you Gediminas for you quick response,

I´ve only been a customer of CIM for about 2 months so just started running money through the account. I will definitely take your advice and open a second account. Due to the current situation traveling is difficult which is limiting the possibilities of opening a bank account.

Do you have any recommendations for a HK ltd?

 

[Gediminas]

Yep, get an account with Bankera and you will have peace in your mind.

I suppose your business structure is straight-forward, so go for it on yourself. But if there are some uncertainties, I would recommend doing this with the help of introducer.

 

[thom038]

Thanks again, is Bankera similar to - Paysera / Neat / Revolut?
Are they reliable when it comes to guarantees when they go bankrupt? sorry for the questions.
I evaded fin-tech companies on purpose because i rather want to focus on more reliable banks. however if this is very reliable i will give it a try. Appreciate your recommendation!

 

[Gediminas]

Yes, Bankera is an EMI like Paysera or Revolut. The only difference - Bankera is a business-oriented financial institution; most of its clients are businesses.

I wouldn't worry about bankruptcy. They employ over 140 people around the world and also they owe massive capital. I know them very well and I can vouch for them.

 

[thom038]

Great i will discuss it tonight and most likely start opening an account tomorrow.
Do you have other recommendations? What do you think about the EMI Neat?

 

[Gediminas]

Do you have other recommendations?

You can also try Verifo, but they are a little more expensive.

What do you think about the EMI Neat?

I don't have any opinion on Neat, but you can find some information about them in this forum.

You can also check this thread: List of Banks, EMI's, Payment processors and BTC to FIAT institutions.

 

[clemens]

Question is how much it will cost you to get a office and employees in Hong Kong, I believe it can't be that expensive if you get it setup outside of Hong Kong city.