Fresh Hong Kong Company

[moneyhoney]

You can open other bank accounts but having a neat.hk virtual bank account won't help (in my optinion) in the eyes of the banks. Citibank SG and HK wants 300k min. balance in their business accounts.

Perhaps Hang Seng with a personal visit might work.

Just need to find the right branch and buy personal insurance and they'll help to open business account as well.

Before trying personally I read everywhere it was impossible to have a business account in HK with no business in the city or with China: it's simply not true. Just need the right contacts and obviously not an high risk business.

 

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I managed to have HK personal and business accounts. It's not impossible, it's just that for the bank they need to see profits and no risks.

The more risks, they more profits they want to make. That's it

 

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offshore account in Shanghai.

Is that true that you can have a tax free company in the Shanghai free trade zone?

 

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Hi, you can have a company registered in FTZ area in Shanghai, the LLC that foreign entrepreneur can register is called Wholly Foreign Owned Enterprise (WFOE). The WFOE is subject to 3% VAT (small-scale taxpayer) or 6-13% VAT (general taxpayer) and 10-25% of profit tax, there is no tax free for the company registered in Shanghai. The advantages are that the FTZ Company is good for international trading business, e-commerce, enjoy more preferential policies and customs declaration process is easier and quicker than the company registered outside of FTZ. For company account opening, the owner of the company needs to be personally visit the bank in Shanghai which you can open with ICBC, BOC, etc. We provide the A-Z services for WFOE incorporation, bank account opening, accounting & auditing, working visa application, etc.

A friend told me there's a way to stay tax free in Shanghai. Thanks anyway