Hong kong offshore company 2023

[uranium]

I am thinking about incorporating IT company in Hong Kong tax free. I will not be accepting any Hong Kong based customer or business.
I know I have no chance to get a physical bank account in Hong Kong for my business without physical presence.
But I can get emi in my company name.
I can receive payments into emi and from there pay my self a salary to my personal bank account in dubai.
It also requires accounting and filling annual reports
I got quoted for around 5k full setup. What do guys think of this plan
I hope some people with experience could help.

 

[Sols]

You can find cheaper in Hong Kong. There are dozens if not hundreds of CPAs that can form companies in Hong Kong for you. However, 5,000 (USD/EUR) is a reasonable price, especially if it's a reputable service provider.

Running a Hong Kong company is easy. Have your CPA/accountant (that you form the company through) do all the paperwork for you.

When it comes to tax, it has been getting more difficult lately to get tax exemption for being a foreign company. Sometimes the IRD wants to see proof that the company is tax resident somewhere else, before issuing an exemption. But based on your description of your situation, that'll probably not be a concern, at least for the foreseeable future.

 

[jafo]

Sometimes the IRD wants to see proof that the company is tax resident somewhere else, before issuing an exemption.

What does this mean in practice? Is it where the UBO lives? Where the company is being managed?

 

[Sols]

What does this mean in practice? Is it where the UBO lives? Where the company is being managed?

Technically it means wherever the company qualifies as tax resident, which is often down to place of effective management.

 

[bibing]

I got quoted for around 5k full setup. What do guys think of this plan
I hope some people with experience could help.

5K USD?

Just for first year registration? or What else is included?

This sound like the most expensive price I have ever heard for a HK setup

 

[uranium]

5K USD?

Just for first year registration? or What else is included?

This sound like the most expensive price I have ever heard for a HK setup

Address, tax number, local representative

 

[12345]

5K USD?

Just for first year registration? or What else is included?

This sound like the most expensive price I have ever heard for a HK setup

5K USD? Daylight robbery!
https://statrys.com1100 USD plus you get a bank account

 

[uranium]

5K USD? Daylight robbery!
https://statrys.com1100 USD plus you get a bank account

Where ?

 

[12345]

Where ?

https://statrys.com/hong-kong-company-registration

 

[uranium]

https://statrys.com/hong-kong-company-registration

Do you recommend them?
I cannot find accounting included

 

[Sols]

Many times in life, you get what you pay for. Depending on what's including (e.g. some agreed cost for accounting), 5,000 USD is a perfectly reasonable amount if it's from a reputable service provider.

But if cost is a major concern, there are many that are cheaper. And not everyone that charges premium prices provide premium service.

 

[uranium]

Many times in life, you get what you pay for. Depending on what's including (e.g. some agreed cost for accounting), 5,000 USD is a perfectly reasonable amount if it's from a reputable service provider.

But if cost is a major concern, there are many that are cheaper. And not everyone that charges premium prices provide premium service.

5k without accounting..

 

[Sols]

Still a reasonable sum if it's a good, reputable provider. If you feel that you get peace of mind going with that service provider, it's worth the 3-4,000 USD extra compared to the cheapest rate on the market is.

As I've said, you can find cheaper. Under 1,000 USD is doable in Hong Kong. But will they be around to help you if you need? Can they give you tax advise and guidance? Do you get an account manager who's always available for you? Do they know how to get the tax exemption status? And so on and so forth.

One of the best things about Hong Kong is the fierce competition and wide range of corporate service providers.

 

[uranium]

Is statrys.com bank account crypto friendly?

 

[Clank]

I recommend Sleek

800 USD for incorporation.

 

[uranium]

I recommend Sleek

800 USD for incorporation.

They offer banking with Airwallex which is not crypto friendly

 

[Clank]

They offer banking with Airwallex which is not crypto friendly

You can open a bank account with the EMI or bank you want. It’s easy.

 

[uranium]

You can open a bank account with the EMI or bank you want. It’s easy.

It seems that with statrys.com that has its own emi, it would be better.
Just need to confirm if they are crypto friendly or not

 

[Clank]

It seems that with statrys.com that has its own emi, it would be better.
Just need to confirm if they are crypto friendly or not

You can use statrys with any HK company, no need to create it with them.

 

[uranium]

You can use statrys with any HK company, no need to create it with them.

I heard that if you form a company with them, it is easier to get emi account