Offshore company in hong kong with bank account ?

[cchinta]

ok so i am very new in this forum and i really liked the discussion here and may be you guys can help.

i am doing freelancing with 100k$ turnover annually.

Now i need to save this money somewhere and i can have easy access to it and can move to my country when ever i needed.

Why i dont want this money in my country ?

whenever i transfer the money in my country the state bank hold the usd and transfer local currency into my bank.

and the value of dollar is going down and down for example i had 100k in 2017 are now 60k.

moreover its very very hard to transfer money from here to other country , they as too many questions, too much fees and all.


I am searching for a solution so i can store my all income over us or uk and only transfer the money which i needed. And one day i will be out of this s**t hole.

Last year i tried uk but they require physical appearance to open a bank account.

In this year start i went to turkey to get trp card and setup bank accounts and all but when my appointment date was near the govt offices closed due to corona and my date went 3 month ahead so i came back as I didn’t knw When this will end.

after coming back a friend told me to setup llc in us and i did setup an llc.

after llc an other friend told me he can help me to open a physical bank account in usa without visiting. I said why not lol.

so now i have bank of america account.

and when i was telling one of my friend that i have us llc and bank account and thinking to move all the money there he told me about taxes that if i move that much money in us bank i will have to pay tax if though i am not a resident of us.

all of the hardwork gone waste...

so i was searching online and found that i can setup hong kong offshore company and bank account on that off shore company name.

and as long as i dont do business in that country and my all income come from foreign i dont have to pay any kind of tax..

And while doing the research i found this forum..

Now can anyone guide me if i am correct about hongkong offshore thing or i am missing something ?

if not missing how much it will cost me to setup offshore company + bank account without visiting there.

also anyone know the banks fee ? Like monthly or if i want to make transfer or something ?

Do i have any other country option where i can save my income without paying tax or less tax ?

and if i go with hongkong option can i use that money anywhere in the world?

any cons ?

thank you for you help in advance.

 

[Clip]

Hello from HK,

HK company is good if you live here of do a lot of business with China. Banking can be a problem without a physical presence or without good banking relationship.

Maybe think about having a company in Estonia, Cyprus or even a US LLC.

 

[CaptK]

If you have a friend in the UK you can use there address get a Wirex account from the app store, quick and simple.
If you set up a UK LLP and get a Transferwise account that should sort you out.

 

[JohnLocke]

I would take a trip to the UK and speak with someone there, a highly skilled tax advisor and tax attorney may help you with a stable and valid solution.

IF you can't travel anywhere or you don't have the money to do so, you want to use an EMI like Transferwise which is what most are doing.

 

[reesek]

i would not suggest to hold money with tw
only on a brokerage account or in credible stablecoin

hk company can get a eur iban to store eur with the central bank of lithuania but there will be overnight negative interest

 

[Shlomo]

I can say from own experience that even opening a personal banking account in Hong Kong is very hard these days without being a resident. People working in the sector told me that opening a corporate account for an offshore company is pretty much out of the question. Even for local companies the rules have become much stricter, and supposedly if you have a local company the banks require you to deposit a certain amount in the bank account. Note however that all of this I only heard from others, so I make no claim that it is true.

 

[JustAnotherNomad]

You don’t have to pay US taxes only because you have a bank account. That’s bulls**t.
The important thing is CRS/FATCA - most countries will inform your country’s authorities about the money you keep there.

 

[cchinta]

Hello from HK,

HK company is good if you live here of do a lot of business with China. Banking can be a problem without a physical presence or without good banking relationship.

Maybe think about having a company in Estonia, Cyprus or even a US LLC.

i have already US LLC, but as i have mentioned if i move money there like 100k or plus i will have to pay pretty good taxes.

If you have a friend in the UK you can use there address get a Wirex account from the app store, quick and simple.
If you set up a UK LLP and get a Transferwise account that should sort you out.

i have trusted transferwise or mrucury fintech banks in past, not gonna trust them with large amount.

You don’t have to pay US taxes only because you have a bank account. That’s bulls**t.
The important thing is CRS/FATCA - most countries will inform your country’s authorities about the money you keep there.

with just bank account i dont have to pay tax but when i will have over 100k or plus in the bank account , they wont ask any questions ?

======================================

today i found someone who says he can get me offshore company + bank account without visitng in HK

he sent me this

Now you can have company and bank account in Hong Kong without visiting Hong Kong


- A) 1470$ Scheme + Government fee $530 USD (Suitable for all overseas businessmen without bank accounts arrangements) All corporate documents delivered via email And including ·

Provision of Registered Office Address ·
Provision and appointment Corporate Secretary ·
Registration at Companies Registry (CR) ·
Original Formation documents ·
Electronic copy of the Certificate of Incorporation ·
Electronic copy of the Business Certificate

Note: Our packages include: Providing public phone line for a year; Providing public fax line for a year Receiving Mail and Mail forwarding for a year; Appointment of compliance officer for a year; Appointment of data information officer for a year; Keep and maintenance of the Significant Controllers Record for a year.

I) Hong Kong E- BUSINESS ACCOUNT as your offshore HONG KONG jurisdiction operation
– Which takes only 1 WEEK ONLY BY REMOTE, COST ONLY USD 2,000.

Documentation we need

1) Scanned passport

2) email I’d and password which you can change later on
3) proof of address - personal bank statement or any bill
4) company name of your choice
5) Address
6) telephone number

when i asked him which bank i will get his response was : I will not disclose the bank name right now but it will be main and famous bank

 

[Clip]

ney there like 100k or plus i will have to pay pretty good taxes.

I) Hong Kong E- BUSINESS ACCOUNT as your offshore HONG KONG jurisdiction operation
– Which takes only 1 WEEK ONLY BY REMOTE, COST ONLY USD 2,000.

Documentation we need

1) Scanned passport

2) email I’d and password which you can change later on
3) proof of address - personal bank statement or any bill
4) company name of your choice
5) Address
6) telephone number

when i asked him which bank i will get his response was : I will not disclose the bank name right now but it will be main and famous bank

I'm very aware of the banking situation in Hong Kong and I can tell you it's not as easy as that

Probably you'll lose 2000 USD and they get your passport and PoA to create accounts somewhere else to scam people

 

[JustAnotherNomad]

with just bank account i dont have to pay tax but when i will have over 100k or plus in the bank account , they wont ask any questions ?

They will already ask questions when you open the account, I believe it’s called W-8BEN.
Unless your LLC is taxed as a corporation or does something physically in the US, it is taxed where you are. So if you live in a tax free country, there is no US tax. Obviously you should double check that with an accountant, but that’s how it should work. Even if you have millions in your account.
The more likely issue is that the bank could feel uneasy about large deposits from non-resident aliens and they might close the account eventually. But that could happen with any bank in any country.

 

[CaptK]

i have already US LLC, but as i have mentioned if i move money there like 100k or plus i will have to pay pretty good taxes.




i have trusted transferwise or mrucury fintech banks in past, not gonna trust them with large amount.




with just bank account i dont have to pay tax but when i will have over 100k or plus in the bank account , they wont ask any questions ?

======================================

today i found someone who says he can get me offshore company + bank account without visitng in HK

he sent me this

Now you can have company and bank account in Hong Kong without visiting Hong Kong


- A) 1470$ Scheme + Government fee $530 USD (Suitable for all overseas businessmen without bank accounts arrangements) All corporate documents delivered via email And including ·

Provision of Registered Office Address ·
Provision and appointment Corporate Secretary ·
Registration at Companies Registry (CR) ·
Original Formation documents ·
Electronic copy of the Certificate of Incorporation ·
Electronic copy of the Business Certificate

Note: Our packages include: Providing public phone line for a year; Providing public fax line for a year Receiving Mail and Mail forwarding for a year; Appointment of compliance officer for a year; Appointment of data information officer for a year; Keep and maintenance of the Significant Controllers Record for a year.

I) Hong Kong E- BUSINESS ACCOUNT as your offshore HONG KONG jurisdiction operation
– Which takes only 1 WEEK ONLY BY REMOTE, COST ONLY USD 2,000.

Documentation we need

1) Scanned passport

2) email I’d and password which you can change later on
3) proof of address - personal bank statement or any bill
4) company name of your choice
5) Address
6) telephone number

when i asked him which bank i will get his response was : I will not disclose the bank name right now but it will be main and famous bank

The bank is a DBS online account it's a version of a DBS EMI.
It's not easy to get it and they shut them down fast. I had one it was great but they closed me down because I wasn't doing any business in China. I did tell them I have no Chinese clients when I applied.
My friend has exactly the same with much higher turnover and no business in China. So it's the luck of the draw with the compliance officer who gets your file.

 

[dragodrago]

The bank is a DBS online account it's a version of a DBS EMI.
It's not easy to get it and they shut them down fast. I had one it was great but they closed me down because I wasn't doing any business in China. I did tell them I have no Chinese clients when I applied.
My friend has exactly the same with much higher turnover and no business in China. So it's the luck of the draw with the compliance officer who gets your file.

That is Neat Business, which offers a DBS HK virtual bank details, along with IBAN. You can apply on their website for free, but as @CaptK mentioned they are known to close accounts for a wide range of reasons, although I don’t think a connection with China is a major issue.

https://www.neatcommerce.com/

 

[JohnLocke]

You want to have a look here HK company - what bank account? if you still consider to proceed with your HK setup!

 

[CaptK]

That is Neat Business, which offers a DBS HK virtual bank details, along with IBAN. You can apply on their website for free, but as @CaptK mentioned they are known to close accounts for a wide range of reasons, although I don’t think a connection with China is a major issue.

https://www.neatcommerce.com/

they give any stupid reason

 

[dkpalash]

UAE TAX free zone is the best option for you i guess.