Hello friends i am travelling to hongkong in a week and thought if i can open an account for my company (seychelles ibc ) with any of the banks in hongkong there .If anybody has any experience then let me know.
Do you have some business ties to Hong Kong (customers, suppliers, ...)? If yes, then it is difficult but it might be doable with some introduction. If not, then next to impossible.Hello friends i am travelling to hongkong in a week and thought if i can open an account for my company (seychelles ibc ) with any of the banks in hongkong there.
What's your annual volume?To the above questions i plan to supply computer hardware from shenzhen for some selected clients in Africa( one of the reasons to open the seychelles ibc was to cater to some african clients).My african clients would mostly not work with a Hongkong company.In this case what kind of documents might these banks ask for and which banks do you recommend me to try for.
It does not seem to have much (or maybe any) HK connection and it is not a particularly profitable activity for the banks. HK non-resident (i.e., onboarding a non-local company and/or one that does not have local substance) banking is almost always available only for wealth management purposes or similar activities that bring high economic value to the entity.To the above questions i plan to supply computer hardware from shenzhen for some selected clients in Africa( one of the reasons to open the seychelles ibc was to cater to some african clients).My african clients would mostly not work with a Hongkong company.In this case what kind of documents might these banks ask for and which banks do you recommend me to try for.
I recommend PingPong, It provides Hong Kong local VA and African local VA.It does not seem to have much (or maybe any) HK connection and it is not a particularly profitable activity for the banks. HK non-resident (i.e., onboarding a non-local company and/or one that does not have local substance) banking is almost always available only for wealth management purposes or similar activities that bring high economic value to the entity.
I'd say try PingPongX or Currenxie, both of which will work well for B2B trade and provide HK receiving details.
Perfect thanks brother for the help.I recommend PingPong, It provides Hong Kong local VA and African local VA.
but I'm not sure if they will onboard Seychelles IBC, I'll check tmr with my contact in PingPong Shanghai office.
Just for the african business of supplying hardware i think it would be small amount between 200000 usd to half a million a year varying yearly.If i consider all the activities under my business umbrella it would be bigger than that.
Hi, for such a lower volume, I think it will be very very hard to onboard any bank in Hong Kong, I'll help you to check with some Chinese fintech tmr for free (No profit, admins don't delete this postJust for the african business of supplying hardware i think would it be small amount between 200000 usd to half a million a year varying yearly.If i consider all the activities under my business umbrella it would be bigger than that.
Thank you for your suggestions.
I second this.It does not seem to have much (or maybe any) HK connection and it is not a particularly profitable activity for the banks. HK non-resident (i.e., onboarding a non-local company and/or one that does not have local substance) banking is almost always available only for wealth management purposes or similar activities that bring high economic value to the entity.
Currenxie is very good in general; but they are reluctant to payments to and from a lot of African countries. So I am afraid that it won't fit.I'd say try PingPongX or Currenxie, both of which will work well for B2B trade and provide HK receiving details.
Well... certain locations are (relatively) easy to setup but very difficult to find a proper banking.The real reason for seychelles ibc was anonymity though and kind of easy to setup
I see and understand. It's OKHi, for such a lower volume, I think it will be very very hard to onboard any bank in Hong Kong, I'll help you to check with some Chinese fintech tmr for free (No profit, admins don't delete this post)
good to know, that make Seychelles worth to look into again. It was close to impossible to get a bank account for a SC company for the last 5 - 7 years. If currenxie opens accounts it change the picture.P.S. Seychelles IBC can have a HK account with Currenxie (in general, I have no clue about your business and whether they would like it) – no need to travel.
Does adding supplying computer hardware from Hongkong make it worthwhile for these Hongkong banks to take a look at onboarding my business?I would have really loved to have a Hongkong bank account for my seychelles company.We have wise and advcash setup a long time ago for my company and then covid happened( and i was focusing on growing my p2p business hence i didnt venture out much to check for other bank accounts for my company except in Georgia ,UAE and Romania.)All of which were s**t shows.I second this.
Currenxie is very good in general; but they are reluctant to payments to and from a lot of African countries. So I am afraid that it won't fit.
Well... certain locations are (relatively) easy to setup but very difficult to find a proper banking.
I see and understand. It's OK
I share your opinion that a Chinese fintech is probably the only @providenceventurer 's viable chance (perhaps except of some Mauritian bank but I am not sure re:this).
P.S.
BTW, knowing something about the compliance at Worldfirst, I would hesitate to recommend it for @providenceventurer 's case
I would say not enough. Honestly even locals with local companies often cannot get HSBC account directly as first account. And if you do, you will need to make an appointment and then wait 3 months for them to go though the papers.Does adding supplying computer hardware from Hongkong make it worthwhile for these Hongkong banks to take a look at onboarding my business?I would have really loved to have a Hongkong bank account for my seychelles company.We have wise and advcash setup a long time ago for my company and then covid happened( and i was focusing on growing my p2p business hence i didnt venture out much to check for other bank accounts for my company except in Georgia ,UAE and Romania.)All of which were s**t shows.
All of them!how many of these accounts that didn't get denied are opened ?
I second this.I would say not enough. Honestly even locals with local companies often cannot get HSBC account directly as first account.
More likely half a year from the beginning to the end, I would say.And if you do, you will need to make an appointment and then wait 3 months for them to go though the papers.
Well, yes; but IMO it's wasting the time.If you are there anyway, you can make the appointments now, go that and check what happens. You may want to try Citi and Bank of China.
They will ask him for papers documenting everything – invoices, agreements, etc.If you go there, tell them at least that all your suppliers are in Hong Kong and come with a lot of businesses your are buying from. You can get the names from hktdc marketplace.
It's a plus, yes. But see above.And that you want to register your company in Hong Kong as local company (you could do this anyway and then decorate no tax and close after 3 years, no audit needed).
For personal accounts funded with a substantial wealth it should help. Yet business accounts make a different story – and are much more difficult to open.You may also want to check out late @jafo's advice, but sure if it still helps:
All of them!how many of these accounts that didn't get denied are opened ?
Before you visit Hong Kong, swing by Confiserie Sprüngli on Bahnhofstrasse 67, buy two 500-gram boxes of Pralines & Truffles, and take one for the banker's children/wife and one for his parents.
It's the same as a wife or girlfriend: if we stop giving her presents, chocolate, and flowers, she'll dump us and find someone else who does.
No, Your annual volume is too low. The teller/banker at the branch will refuse you and it will waste time.Does adding supplying computer hardware from Hongkong make it worthwhile for these Hongkong banks to take a look at onboarding my business?I would have really loved to have a Hongkong bank account for my seychelles company.We have wise and advcash setup a long time ago for my company and then covid happened( and i was focusing on growing my p2p business hence i didnt venture out much to check for other bank accounts for my company except in Georgia ,UAE and Romania.)All of which were s**t shows.
That's true, Non-resident personal bank accounts and Non-resident business accounts have different ML risks for the bank. So it is always easy to onboard personal bank accounts.For personal accounts funded with a substantial wealth it should help. Yet business accounts make a different story – and are much more difficult to open.
I am interested as well if pingpong may onboard a Seychelles or nevis holding companyNo, Your annual volume is too low. The teller/banker at the branch will refuse you and it will waste time.
And I checked with PingPong, they can onboard you with HK and Africa VA. If you don't mind, I can share a unique link to register(No referral commission, make sure you can register successfully)
In general yes (for Seychelles apparently, for Nevis probably); but it does not mean that they will like you and your business (e.g., they usually look for ties to China). For @providenceventurer with his China suppliers and African customers it was a viable solution; yet more information is needed about you / your business – not just to waste time. Share this info, it might show that e.g. Currenxie is a better bet for you (they onboard Nevis as well).if pingpong may onboard a Seychelles or nevis holding company
For PingPong, I have a strong connection so that I can make sure the success rate with a unique link(And for both providers, you do not need any special link, you can go directly – in general.)
I agree with @Forester . You need to disclose more information, such as your business, your nationality, and whether you have a business connection with China, Hong Kong, or Asia.I am interested as well if pingpong may onboard a Seychelles or nevis holding company
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