SVG based Marketing Company is looking for a business bank account

[Fred]

do you really think Hong Kong banks or Panama banks are in anyway better? Both is a big red-flag for european banks nowadays

To be honest we don't have any issues transacting between US, Panama, Switzerland, UAE, Singapore and Hong Kong obviously with a Hong Kong Bank - if your Transaction Profile is within Europe only I would definitely choose UK Bank over HK Bank solely for the reason that a UK Bank has most of the time SEPA Payment access.

Beside of Europe I can't think of a Jurisdiction who has problems receiving money from a DBS Bank, CITIBANK etc. in Hong Kong with a dedicated Account Number in a Companies Name.

You need to see the Transactions Profile behind a Country as well - Hong Kong is one of the most Transactional Jurisdictions you can look at due to the International Trade with Goods from Chinese Factories etc. so yes in this sense Hong Kong is on the level of US, Europe and other Western Countries in terms of Transactions while smaller Jurisdictions like Panama, UAE and Singapore are rather less Transactional but still better compared to the Caribbeans.

Caribbeans are less Transactional just for the fact that the Islands are small and having way small Economies - a 1M USD Wire Transfer in a Nevis Bank is the Topic of the day if not of the week while a 1M USD Wire Transfer in a Hong Kong Bank is a normal Monday Morning.

I hope my point is clear and no one feels attacked by me outlining my point.

 

[SCHLOSSFINANZ]

ehhmmm sorry but you are aware of the fact that on SWIFT the address in Panama of the company will be communicated to the receiving bank. Inserting wrong addresses is a big AML issue. So when Panama pops up irrespective of where the bank is located it shows up in the system

 

[Fred]

ehhmmm sorry but you are aware of the fact that on SWIFT the address in Panama of the company will be communicated to the receiving bank. Inserting wrong addresses is a big AML issue. So when Panama pops up irrespective of where the bank is located it shows up in the system

Yes - I'm very aware of this fact - still I can't report from any Banking issues.

 

[SCHLOSSFINANZ]

all these transfers are because of that flagged at high-risk at banks. What sense makes such a setup when you are high-risk always? I would better go for low-tax onshore and not these "wild" structures. Also curious how you can claim that Hong Kong is non-CRS because Omnibus accounts are shortly also reportable

 

[Fred]

all these transfers are because of that flagged at high-risk at banks. What sense makes such a setup when you are high-risk always? I would better go for low-tax onshore and not these "wild" structures. Also curious how you can claim that Hong Kong is non-CRS because Omnibus accounts are shortly also reportable

I mentioned the Setup as a better and workable Solution with reliable Transactional Retail Banking Access for someone that was looking into setting up a SVG Company - Small Islands in the Caribbeans.

You can't compare this with a Low-Tax Onshore Jurisdiction which has Audit and Accounting in Place - if Low-Tax Onshore you can still look into Dubai, UAE but as you can see most Users here are looking for 0% Tax.

Any doubts about getting reported can be avoided by using Nominees properly Setup.

 

[SCHLOSSFINANZ]

Panama has also account requirements I believe
https://www.leotrust.ch/post/upcoming-changes-to-panama-accounting-requirements

I am not talking about Dubai but about lets say Hungary 9%, EU, compliant and nondiscriminatory

Yes great a nominee which is illegal, great advice. The nominee can't hide the UBO

 

[Fred]

Panama has also account requirements I believe
https://www.leotrust.ch/post/upcoming-changes-to-panama-accounting-requirements

@Sols mentioned it in his post here pretty well:

Premium Advertising Partner Post in thread '0% Tax PANAMA Offshore Company & 0% Tax Dubai Residence with NON-CRS Bank Account & Crypto Off-Ramp - DLS Offshore'

May 3, 2025

Panama has no Public Company Registry and no Corporate Tax and at the same time no Accounting or Audit requirements.

Panama has a public company registry: https://www.rp.gob.pa/ But it doesn't list shareholders or UBOs, so if @Fred is providing nominees, it's quite private (if a nominee subscriber is also provided at incorporation).

Not that it really matters aside from being a technicality, but both accounting requirements and corporate tax exist. However, since tax is on a territorial basis, none applies to people who don't do business in Panama. Accounting is to my...

• Sols

• 

I am not talking about Dubai but about lets say Hungary 9%, EU, compliant and nondiscriminatory

Yes great a nominee which is illegal, great advice. The nominee can't hide the UBO

I understand this and you can count in next to Hungary, Bulgaria, Malta or Cyprus however you think as an EU Individual and not every non-EU national has the possibilities to incorporate within Europe and open local Bank Accounts.

Further the OP is about a SVG Company so what I have mentioned is more related to SVG as a Jurisdiction and a solid equal with better Banking Options - I get your point but I doubt that someone looking into SVG as Jurisdiction starts looking into Hungary as an alternative as in first place someone looking for SVG is looking for cost effective 0% Tax Offshore Company without any Accounting or Audit requirements.

No bad feelings involved - your point is valid.