Hong Kong Incorporation

[Vaios01]

Hello,

Can someone please recommend a good company for incorporating a business in Hong Kong.
I will specifically require a Hong Kong bank account introduction and assistance as well.

I know there are many posts about how difficult it is to get one but I am hoping things have changed a bit.
HK has been suffering financially over the past year and their current predicament with the Virus isnt helping, hopefully this means banks are more willing to do business.

Also, my business sector is quite different than many on here. Im not involved in ecommmerce or bitcoin.
Its a simple consultancy company that provides market research and other services to clients. I assume the KYC process and potential for acceptance would be much higher in this case?


Thanks for the help

 

[JohnLocke]

To setup something in Hong Kong under the current COVID - 19 situation is something you me reconsider!

Otherwise Google search for providers which got posted in the tons of posts at OffshoreCorpTalk. You can Google search the forum using this string: siteffshorecorptalk.com hk company formation

One of them is NEAT that seem to be used here a lot but has both good and bad reviews.

 

[Vaios01]

I was thinking things would be much easier during COVID - up until the face to face verification meeting that is.
Afterall they are losing tons of business I would think they would be keen on someone actually doing well during it and depositing funds at a time like this.

Also was in HK last week everything was OK just as in Singapoe - went out and about as normal. Situation in the West is much worse

Yes, NEAT has lots of mixed review.

 

[clemens]

Here we go, I did some of the work for you OP:

https://www.offshorecorptalk.com/threads/where-can-i-get-hk-company-for-cheap.26803/#post-104680https://www.offshorecorptalk.com/threads/fresh-hong-kong-company.27228/
There are even more threads to look at, but above should help you further.

 

[Vaios01]

thanks very much. Its a bit surprising everyone is relying on EMI's. Maybe I am being overly risk averse but holding 100,000usd+ on an EMI doesnt feel as safe as in a real bank.

 

[JohnLocke]

thanks very much. Its a bit surprising everyone is relying on EMI's. Maybe I am being overly risk averse but holding 100,000usd+ on an EMI doesnt feel as safe as in a real bank.

I totally agree with you. Once we are over the COVID19 you may take a flight to HK and consult a trustable lawyer who may be able to help you.

 

[James Turner]

I agree with the concern surrounding heavy use of EMI's and prefer banking arrangement despite the process being considerably more difficult. We are talking to HK banks at the moment about allowing distance account opening for the time being, which may well be successful. We have already reached agreement with a number of banks to work on electronic documents (normally they require sight of the original notarised o certified versions) for the time being, which will hopefully help clients continue to open accounts an also help the banks keep onboarding.

 

[speedster]

I incorporated earlier this year with bridges. Overall I'm happy with their service

 

[Vaios01]

Speedster - Thanks


By the way, is it possible to add a nominee shareholder and director at a later date post company registration and bank account opening?

Placing them before the bank account opening will definitely impact the KYC and bank account opening process.

Thanks

 

[Mia Marie]

Placing them before the bank account opening will definitely impact the KYC and bank account opening process.

I had form HK company with Bbcincorp 2 years ago, all good, fast reponse.
I don't think that you can't use the bank account long time with nominee.
Espessialy when you need to do accounting & auditing..

 

[Clip]

It's almost impossible to open a bank account in HK if you are not already here. HK Gov put on quarantine everybody coming from overseas and banks require personal visit. If you already have an account with the bank, maybe they are still want to open a new one for a different company. Another option is to be HNI and have access to private banking, maybe they lower the requirements.

You can still use Neat, doesnt require visit, but they freeze your account on any small suspicion you are doing something dodgy.

 

[Vaios01]

Have another quick question regarding this.

Apparently, a viable alternative option is opening a bank account in Singapore with a HK incorporated company.
I am getting some conflicting information regarding the setup howver so would appreciate some clarity from anyone familiar with this.

Assuming it goes through, would the HK company need to file and pay Singapore Tax?

There will be no operations in Singapore and no dealings with onshore Singapore clients.

 

[James Turner]

Hi, You can open banking for a HK Company in Singapore, but again a personal visit will be needed. The HK Company not doing business in Singapore and only using it as a banking location will not incur Singapore taxation.

 

[Vaios01]

Ok noted that is what I thought. Not doing business in Singapore solely refers to a physical onshore presence correct?

For example, would receiving funds from a client based in Singapore via their Singapore bank account for services we render while we are in Hong Kong complicate matters and make us liable to Singapore tax? Logically, I do not think so as our place of business is still overseas and we arent in Singapore at all.

Thanks for the assistance James