Hi All,
I am thinking of setting up a Hong Kong company due to its beneficial corp tax rates for offshore income (0%) and the fact its a proper jurisdiction that client are comfortable with. Banking options would be Airwallex, Currenxie to start and possibly CIM Banque going forward too.
Seeing as no money is touching a physical Hong Kong bank, what are the accounting requirements?
Does airwallex, currenxie and CIM Banque report our fund balances and details to HK? or its based on a self disclosed nature?
I was going to report nothing but want to make sure things are done properly. After all 0% tax is due for offshore income so no reason to hide anything. Although I would rather not disclose the full list of expenses so they dont see which counterparties I am dealing with for privacy on their end.
Hope someone with experience can assist.
Thanks
I am thinking of setting up a Hong Kong company due to its beneficial corp tax rates for offshore income (0%) and the fact its a proper jurisdiction that client are comfortable with. Banking options would be Airwallex, Currenxie to start and possibly CIM Banque going forward too.
Seeing as no money is touching a physical Hong Kong bank, what are the accounting requirements?
Does airwallex, currenxie and CIM Banque report our fund balances and details to HK? or its based on a self disclosed nature?
I was going to report nothing but want to make sure things are done properly. After all 0% tax is due for offshore income so no reason to hide anything. Although I would rather not disclose the full list of expenses so they dont see which counterparties I am dealing with for privacy on their end.
Hope someone with experience can assist.
Thanks