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Offshore account for HK business (with PayPal)

H

Harry

New member
Oct 6, 2016
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#1
I have a business in HK and I need to setup a bank account for it ( I got rejected in HK).

Does anyone have any suggestions, I need a bank that will let me send money to and from PayPal, has online banking and either a debit or credit card.

I have looked at CIM Banque and Euro Pacific Bank but their fees are quite high compared to my earnings.

Any ideas?

I'm located in Thailand and UK resident.
 
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#2
You can open an account in Cyprus for this purpose. However you won't get that approved unless you have a PayPal account that is opened in Cyprus say for a person in Cyprus.
 
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#3
I have read most of the threads about PayPal so what I find out during my way through this vast of information is that you need a Cyprus PayPal account to connect your Cyprus bank account which can only be accomplished if you are going to get fake docs or you know someone in Cyprus (if you are not a Cypriot).

I contacted @auric today by PM to get the docs :)
 
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#4
Thank you for your comments.

I am a freelancer, I need PayPal so I can do my filing the correct way. I think I might need to take a trip to Singapore and set an account up there or ask around in Thailand. Have a meeting next week with one bank, hopefully I can meet the requirements.
 
#5
Singapore or HK may be indeed your best option.
 
#7
#8
I do have a PayPal account for Thailand linked to a local Thai bank. However I just setup a company in HK and need an account for that company and it's pretty darn hard to get a business account in Thailand although I am seeing a bank next week about it.
 
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#9
@Harry I'm curious living in Thailand must be great :) as far as I know if I move there I don't need to pay tax in Thailand or only a little is that true? Why are you looking for a HK company when you have all options in Thailand? as said just curios to understand your situation.
 
#10
To setup a company in Thailand you need $80,000+ captial and 4 working staff full-time. Another option is to setup a BOI but that starts at $5000~ for an application but you can still get rejected.

You don't have to pay tax in Thailand but I still need to pay tax in the UK because I'm a resident.
 
#13
NickNack said:
USA, open an account and paypal is straightforward
Click to expand...
Don't you need a SSN to open any account in the USA or someone to do the underwritting that you trust?
 
#14
stoddart said:
What's type of business you have ?

You can open a bank account in HK, i have a contact in HK if you need.

With this account you can use Stripe, Skrill, etc.
Click to expand...
To open a Stripe account you can simply use stripe.com/atlas and a skrill.com account you can open with any company or even personal it's easy.

As you may read then OP got declined by a HK bank, what bank can you help open an account with?
 
#18
yeah Im not sure... Im not able to private message either. If you are interested drop an email.

Basically the steps are:

1) Incorporate
2) Open account remotely
3) Wait for them to mail card
4) Open USA PayPal
5) Connect PayPal to Bank Account

Process should only take 1-2 weeks after incorporation.

You can also do this with a personal account, which would be cheaper.
 
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