European Bank for Hong Kong Limited company

[markdk]

Hello to Everyone

I'm italian resident , I recently set up a limited company in Hkg for doing consulting activity for another Hong Kong company, Plan A was to open an Hong Kong bank account via HSBC but there is no way to do it remotely and i don't know when i can fly there without risk of quarantene , so I'm planning to set up a bank account in Euope where i may use the bank account for future European trading .

i start checking with transferwize ( they answered no hong kong) , malta ( several including HSBC) , Germany , austria , slovenia , Uk ... i think i sent at least 100 emails to several normal bank.. mostly NO answer or simply they answer not .. i really don't understand why , it's a normal business , I have a good background and i also attach recommendation letter from my private bank

do you have any suggestion of european bank who can accept corporate account for Hkg company ? better if they can accept to set up the account remotely
thank you in advane for your suggestion
Marco

 

[Gediminas]

Hi,

Send me an email (click on the banner), I think I can help you. You can try registering for some EMIs by yourself, but probably you want to have assistance.

 

[StuartG]

A problem that gets worse every year!

 

[Mr Magoo]

As far as I know Latvian banks amay ccept HK companies. But banking in Latvia is not without risk. See threads on Latvian banks like BlueOrange Bank, Rietumu on this forum.

 

[cyprus123]

Don't just send random emails to banks. Think about to which countries you have bonds like staff, business partners like suppliers, important clients etc and work with a bank there.

If you have good contacts with a local bank you can even ask them about your HK entity account. I have seen it working many times ;-)

 

[markdk]

thank to all of you for all yr suggestion , some update about my research that maybe can usefull for other friends
No Latvian bank accept my request exept BlueOrange that asked me additional documents , but i read several bad experience and I prefer to avoid

all other bank I contacted that i found into another interesting thread they refuse or didn't answer , I still have a "hope" with CimBanque that didn't answer yet but i will try to call tomorrow

I found 2 options who seems to be available :
DSBC in lithuania : DSBCnet
EMONEY in Malta : Em@ney Plc

they are both very expensive but my main concern is that I'm not finding comment in the web about them and I'm very concern if they are trustable or not , is there anyone with some experience with them ?

regarding EMI account in Europe , TW refuse me saying that they can't finalize agreement for HK company and same with a couple of others I tried , is there anyone who has a suggestion ?

I found a solution with Currenxie | Digital Finance who is HKG base but owned by an italian and they accept to finalize my subscrition via webconferene.. within a week I should be operative even i would prefer to store my money into an european bank but seems really impossible !

thanks again to everyone

 

[Mr Magoo]

check if a service provider (several are on this forum, see their banners) can set you up with a bank. This will save you time and you have a better chance to succeed.

 

[markdk]

https://www.cimbanque.com/At the end I found the right bank.. Not cheap at all but I finalize the bank account!

 

[markdk]

Friends.. I can't believe.. After 1 months o f correspondence with 1 tons of documents including 20k wire transfer cimbanca at the last second reject my application. I'm back from point 0 and I can't fly to Hong Kong till September!! I have Currenxie opened and working but I want to find a normal bank to store money. Is there anyone who has suggestion for safe bank if possibile in safe country where I can open remotely??

 

[markdk]

I'm still waiting september to fly to hkg and open my local bank account, at the moment I found Currenxie that is good to transfer money but I would prefer a normal bank for storing money, is there anybody with a good suggestion? I'm looking for a bank into a safe country, like Singapore Japan Korea Europe, USA..

 

[rey skywalker]

try neat or ranchovista bank , it should work , you can try capital security bank in cook island

 

[markdk]

Thank you, I already have Neat, it's an emi like Currenxie or Tw, are rancho and capital real bank?

 

[rey skywalker]

they are only emi . capital secutity bank is bank, waht is problem withneat

 

[reesek]

If it is a safe eu bank you will pay negative interest rate to store money there.

 

[markdk]

Thank you, I have nothing against EMI, I think are good for daily activity but for storing money I prefer to keep it into a traditional bank, if possible into a traditional country. I don't have CRS issue, my business is 100 % legal and standard, I simply want to store money into a safe country. Is there anybody with an experience in EU?

 

[reesek]

It's not the country that keeps money safe but the credit risk of the counterparty you keep your money with.

 

[markdk]

Thank you but I'm still a traditional person so it exist I would prefer a bank who accept my application possibly in Europe or Singapore or other country

 

[NicolasMaduro]

Do NEAT not meet your requirements? Whats your experience with them?

 

[Tax Cow]

In Europe, you'll need an answer to a riddle from The Holy Banker's Bible - 2020 edition: "What is your connection to the country of our bank?"

...You got a HK IBC and you're a resident in Italy... With eventual plans to trade in Europe but nothing too specific yet.

That won't work.

By minimum, you'll need:

1. One EU client
2. EU VAT number
3. and be applying to an Italian bank, or a bank in the EU state where the client is. Other banks in other states won't feel comfortable onboarding your business. If they do, the communist watchdog will heat up the fine-maker's machine and make them uncomfortable.

Do not bother with the high street banks until you have the minimum requirements met. Seek out a few high risk appetite EMIs but keep the balance amounts on each fairly modest.

 

[Tax Cow]

Btw, OCBC Bank in Singapore might consider you. It makes more sense to apply there because your business ties in Asia are more vivid compared to nothing but plans in Europe.