Hong Kong - are things easier now?

[Vaios01]

Hi,

Prior to COVID it was near impossible to open a bank account in Hong Kong.
Are things the same now or have they become more flexible seeing as they had such an outflow of capital. Do they allow virtual setups now? easier process than before?

If not, what recommendations do you have for banking these days?
EMI or Offshore account is perfectly fine.

It is for a client of mine who is an exporter of leather goods mostly across Asia.
It is a simple clean business.

Thanks for the help

 

[manukahoney]

Neat, Statrys, Currenxie - all open accounts in HK remotely.

 

[Vaios01]

Didnt know about Statrys thanks. Heard bad things about NEAT previously - closing accounts randomly and unable to get funds out. Not sure if that is still a concern.

 

[Fulton Abraham Sanchez]

Hi,

Prior to COVID it was near impossible to open a bank account in Hong Kong.
Are things the same now or have they become more flexible seeing as they had such an outflow of capital. Do they allow virtual setups now? easier process than before?

If not, what recommendations do you have for banking these days?
EMI or Offshore account is perfectly fine.

It is for a client of mine who is an exporter of leather goods mostly across Asia.
It is a simple clean business.

Thanks for the help

Antigua bank account will be OK for this type of business. PM for info.

 

[daxbr]

Hi,

Prior to COVID it was near impossible to open a bank account in Hong Kong.
Are things the same now or have they become more flexible seeing as they had such an outflow of capital. Do they allow virtual setups now? easier process than before?

If not, what recommendations do you have for banking these days?
EMI or Offshore account is perfectly fine.

It is for a client of mine who is an exporter of leather goods mostly across Asia.
It is a simple clean business.

Thanks for the help

Possibly a healthy response to: US sanctions 7 Hong Kong liaison office officials

 

[uplana]

No it is not easier now!

 

[JFP]

Didnt know about Statrys thanks. Heard bad things about NEAT previously - closing accounts randomly and unable to get funds out. Not sure if that is still a concern.

Agree that Neat is a complete joke. Got my account closed for no reasons and no explanations. They left me three months to remove the funds so that’s ok.

 

[Absol]

I'm still at the beginning of my studies, walking slowly, and I haven't looked much to the eastern side yet, I wanted to understand more why Hong Kong is interesting, I've seen it here a few times and it always arouses curiosity, it's not a risk with Chinese control in up?

The intention is to use services only in the east, or it makes sense for the west as well. I imagine I'm asking very ignorant questions, but it arouses my curiosity and I'm not sure where to start to understand Hong Kong in relation to offshore.

 

[Clip]

I think that after the pandemic, they are going to pump big money in HK to make it shine. CCP needs to make it cool to teach the world (specially their biggest trading partners) that their system is the best

 

[Forester]

No it is not easier now!

Definitely, I do not possess enough information to oppose in general but opening an account with Statrys or Currenxie seems not to be a nightmare now – or am I wrong?

 

[abchongkong]

Hi,

Prior to COVID it was near impossible to open a bank account in Hong Kong.
Are things the same now or have they become more flexible seeing as they had such an outflow of capital. Do they allow virtual setups now? easier process than before?

If not, what recommendations do you have for banking these days?
EMI or Offshore account is perfectly fine.

It is for a client of mine who is an exporter of leather goods mostly across Asia.
It is a simple clean business.

Thanks for the help

It is already 2022, yet opening a bank account in Hong Kong cannot be done remotely. But if you are looking for a conventional bank, you can try other jurisdictions that will meet your needs like Singapore.

Before deciding which jurisdiction you will proceed with, you'll need to identify your needs first. It depends on how you will use the account. Since most business operations and transactions can be done digitally now (except those traditional business natures), opening an EMI or FinTech account is very common as a prompt secure backup plan. Not to mention these FinTech accounts are much easier to open when compared with conventional banks. Also, the FinTechs in Hong Kong are under monetary protection since their custodian partner banks are licensed banks that are being regulated.

As for EMI / FinTech accounts, you can try different companies. I do recommend (for Hong Kong companies), Airwallex and Currenxie, because of their prefix arrangement (no prefix), range of currencies, corporate cards, and quality customer service.

 

[sherwoodcap]

It is already 2022, yet opening a bank account in Hong Kong cannot be done remotely. But if you are looking for a conventional bank, you can try other jurisdictions that will meet your needs like Singapore.

Before deciding which jurisdiction you will proceed with, you'll need to identify your needs first. It depends on how you will use the account. Since most business operations and transactions can be done digitally now (except those traditional business natures), opening an EMI or FinTech account is very common as a prompt secure backup plan. Not to mention these FinTech accounts are much easier to open when compared with conventional banks. Also, the FinTechs in Hong Kong are under monetary protection since their custodian partner banks are licensed banks that are being regulated.

As for EMI / FinTech accounts, you can try different companies. I do recommend (for Hong Kong companies), Airwallex and Currenxie, because of their prefix arrangement (no prefix), range of currencies, corporate cards, and quality customer service.

Is it easy to open a HK bank account in person? Do you know the requirements? Thanks