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Offshore bank accounts

#143
Another newbie here. I live in a country in Asia that is very corrupt where politicians and people with power can easily make things difficult for my bank account account. I have already registered a Seychelles company but would need a offshore bank account for my business preferably in Hong Kong and possibly in Singapore. I have spent 3-4 months talking to HSBC and Hang Seng bank in HK to no avail. Any leads which Hong Kong or Singapore bank would allow me to open an account for Seychelles registered company?
 
#148
Danny George said:
Thank you Ezequiel for giving me some ideas. In the meantime I want to exhaust all possibilities of opening a bank account in Hong Kong or Singapore if possible. I welcome any other idea that somebody might throw at my question.
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For Seychelles IBC your main option is a Mauritian bankaccount. HK/SG will only open accounts for HK companies hat have ties to asia. Also you need to come in in person and they schedule two meetings so you have to travel twice.

Maybe @NickNack cangive you more info on opening a HK account.
 
#152
NickNack said:
ideal situation: HK company with singapore bank account. Quite easy if you are traveling
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I wouldn't agree with this very general statement. Especially for the question at hand which sounds like pretty basic requirements. HK companies are expensive and come with a lot of extra hassle such as accounting and auditing etc. I generally only recommend HK companies if you have a high income and require the image of a jurisdiction like HK over a small tax-haven. In this case though the IBC is already incorporated in Seychelles so a HK company makes even less sense.

@Danny George getting a HK bank account for a non-HK company is a long shot. They used to do it but I've not heard of anyone successfully obtaining one for quite a while. I'm sure there are rare cases but in general I wouldn't look at HK for your Seychelles IBC's bank account. Singapore is a lot easier though still has some strict requirements. For Singapore you can look at DBS, OCBC, possibly UOB to open a non-resident company account. They do require a personal visit and the minimum balances of these accounts range from $30k-$50k.
 
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#153
It seems to me that it is convenient to use offshore banks. The main thing is to find the right one.
A couple of years ago I used the services of a Cypriot bank (I will not disclose the name), where almost half a year could not withdraw money.
Then I got my money and changed the bank.
Now all the funds in Delta West Credit Bank. Convenient at reasonable prices. For the transfer - for 0.5% of the amount. They do not care where my company is in and what kind of activity it has.
A couple of transfers came a couple of days later than necessary. but after problems with the Cypriot bank - this is not a problem at all.
 
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#154
mnschwarz said:
I wouldn't agree with this very general statement. Especially for the question at hand which sounds like pretty basic requirements. HK companies are expensive and come with a lot of extra hassle such as accounting and auditing etc. I generally only recommend HK companies if you have a high income and require the image of a jurisdiction like HK over a small tax-haven. In this case though the IBC is already incorporated in Seychelles so a HK company makes even less sense.

@Danny George getting a HK bank account for a non-HK company is a long shot. They used to do it but I've not heard of anyone successfully obtaining one for quite a while. I'm sure there are rare cases but in general I wouldn't look at HK for your Seychelles IBC's bank account. Singapore is a lot easier though still has some strict requirements. For Singapore you can look at DBS, OCBC, possibly UOB to open a non-resident company account. They do require a personal visit and the minimum balances of these accounts range from $30k-$50k.
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What other options we have if HK banking is out of order and can't be done any longer what would you suggest as a good and "cheap" alternative?
 
#156
CarrolFoss said:
Now all the funds in Delta West Credit Bank. Convenient at reasonable prices. For the transfer - for 0.5% of the amount. They do not care where my company is in and what kind of activity it has.
A couple of transfers came a couple of days later than necessary. but after problems with the Cypriot bank - this is not a problem at all.
Click to expand...

Quite facinating you bank with a bank that does not excist. :)

SWIFT Code for Banks in Comoros
 
#157
maxmoney said:
What other options we have if HK banking is out of order and can't be done any longer what would you suggest as a good and "cheap" alternative?
Click to expand...

neat.hk is working on becomming an HK based EMI (they have a HKD debit card and they are working on getting a current account for each account). They also will start beta testing a business offering later this year.

Neat Business - corporate cards & current account

So you might want to see if this will solve the HK bank account problem.
 
#158
mnschwarz said:
HK companies are expensive and come with a lot of extra hassle such as accounting and auditing etc. I generally only recommend HK companies if you have a high income and require the image of a jurisdiction like HK over a small tax-haven.
Click to expand...

Switzerland and HK have a tax treaty whereby you effectively reduce the witholding tax on dividends from 35% to 0% (when you have a +10% stake in the swiss company), so there are business cases.

Even then it is difficult to get a HK bank account.

Nice starter: Applying To Hong Kong Banks? Results After Visiting 20 in 2 days (As an American Entrepreneur)
these guys are helpful: Bank Account Non Resident Hong Kong
 
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#159
Hi ,

I've searched it in the topics but couldn't find exactly what I'm looking for.

I want to have an off-shore bank account but privacy is not important to me and I'm not a US citizen. I want to have private/investment banking if possible with banking advice. The reasons I want to wire money out of my current country are;
1. not to pay capital gain taxes
2. the banking system is getting unstable here.

So I want to have my money moved to a safer place where I would pay less or no taxes to invest in funds, bonds, or stocks/etfs. I hear this all the time that really wealthy people move their money abroad and pay no taxes. And my country doesn't have the resources or the laws to follow me and and make me pay taxes. The money I have is completely legally earned and my business is legitimate. I can visit the bank in person and deposit cash to open an account.

So I would be glad if someone can point me to a general direction(country, type of banking,etc) or to an even more specific way like recommending bank names.
 
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