Ok so my experiences trying to open hongkong bank account for my seychelles ibc

[SCHLOSSFINANZ]

you need an introducer. Try

http://www.alcpa.com.hk/home

 

[daniels27]

you need an introducer. Try

http://www.alcpa.com.hk/home

I think there are enough here that can introduce him free of charge. You have contacts too?

 

[SCHLOSSFINANZ]

there are introducers and there are introducers. You get the point?
Alcott CPA is decades in business and very high regared and has top connections

 

[AAJ]

Any update getting a bank account in Hong Kong? How did the recommendation from linusAG go regarding an account opening with pingpongx? Maybe Fred from DLS Offshore can help get you an account with DBS. I believe he has a MSO license and can get accounts open for Panama companies. Not sure about other offshore jurisdictions likes Seychelles though. I have been lurking a lot, reading countless threads and soaking up information. This is my first post.

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[linusAG]

Any update getting a bank account in Hong Kong? How did the recommendation from linusAG go regarding an account opening with pingpongx? Maybe Fred from DLS Offshore can help get you an account with DBS. I believe he has a MSO license and can get accounts open for Panama companies. Not sure about other offshore jurisdictions likes Seychelles though. I have been lurking a lot, reading countless threads and soaking up information. This is my first post.

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Other MSO also can open a DBS Virtual Account to Seychelles IBC.
(Currenxie, PingPong, etc.)

 

[AAJ]

Other MSO also can open a DBS Virtual Account to Seychelles IBC.
(Currenxie, PingPong, etc.)

Yes, but Fred said his set up is direct with the bank, as opposed to a multi currency account through an EMI like Currenxie.

 

[AAJ]

Other MSO also can open a DBS Virtual Account to Seychelles IBC.
(Currenxie, PingPong, etc.) your contact at pingpong?

Other MSO also can open a DBS Virtual Account to Seychelles IBC.
(Currenxie, PingPong, etc.)

What happened with OP and your contact at pingpong?

 

[linusAG]

Yes, but Fred said his set up is direct with the bank, as opposed to a multi currency account through an EMI like Currenxie.

Most payment companies(or what we call MSOs) in Hong Kong are directly partnered with DBS HK. So I don't understand what you mean.

 

[AAJ]

Most payment companies(or what we call MSOs) in Hong Kong are directly partnered with DBS HK. So I don't understand what you mean.

I got the impression the client will access the DBS app directly and not through a third party payment company website. My mistake if wrong.

 

[daniels27]

I got the impression the client will access the DBS app directly and not through a third party payment company website. My mistake if wrong.

Yes, but what do you gain from it? Higher fees sound attractive to you?

 

[aniglo22]

Most payment companies(or what we call MSOs) in Hong Kong are directly partnered with DBS HK. So I don't understand what you mean.

He probably has a omnibus account (which transfers the AML due diligences mostly to Fred ) .
Fred acts as the agent, holding funds for multiple clients in segregated form internally.
But this comes also with risks :

17. Your Assets may be deposited together with assets belonging to our other customers, and/or the customers of our Agents in an omnibus custody account. This is known as co-mingling. Co-mingling comes with certain risks which you understand and agree to as below:

1. While we will maintain records of your interests in the pooled Assets, your right to such Assets may not be easily identified from documentation such as separate certificates, other documents of ownership or equivalent electronic records;
2. If we or our Agent defaults or becomes insolvent, you may not receive your full entitlement. Any shortfall in relation to the value of pooled Assets may be apportioned to you and other customers. Delays in identifying individual investments in such situations may result in an increased risk of loss; and
3. You may not receive the identical Assets deposited in custody. We will, however, return to you Assets that are of the same class, denomination quantity and nominal amount (and rank equally) with those originally deposited with or transferred to us.

 

[linusAG]

He probably has a omnibus account (which transfers the AML due diligences mostly to Fred ) .
Fred acts as the agent, holding funds for multiple clients in segregated form internally.
But this comes also with risks :

Yes, DBS HK provide umbrella account to payment companies.
And payment companies can issue Virtual Accounts under clients' name.
So the clients can't access the DBS app directly

 

[linusAG]

Yes, but what do you gain from it? Higher fees sound attractive to you?

hahaha, that's the point, if you feed the bank monkey with enough bananas, they can even open an account for your USA entity.

 

[AAJ]

Yes, but what do you gain from it? Higher fees sound attractive to you?

Didn't know about their monthly fees

 

[daniels27]

Didn't know about their monthly fees

Not only that. You also pay for opening and closing. Unless you have some benefit, EMIs may be cheaper.

 

[linusAG]

Not only that. You also pay for opening and closing. Unless you have some benefit, EMIs may be cheaper.

Agreed, fintech companies can offer a lower fee for some old-school offshore companies.

 

[AAJ]

Not only that. You also pay for opening and closing. Unless you have some benefit, EMIs may be cheaper.

Good to know. I would imagine it's harder to get these Chinese EMIs open for offshore companies, especially if it's a high risk business.

 

[dany]

What HK EMI would anyone suggest then for a HK company ?

 

[ActionMan]

What HK EMI would anyone suggest then for a HK company ?

Statrys or currenxie.

 

[linusAG]

Good to know. I would imagine it's harder to get these Chinese EMIs open for offshore companies, especially if it's a high risk business.

Not exactly, you can onboarding EMIs easily than a bank.

What HK EMI would anyone suggest then for a HK company ?

Airwallex, PingPong, LianLian, WorldFirst, Xtransfer, Statrys or currenxie.