Online Business Account for US LLC with Hong Kong / Chinese Passport

[longr2512]

Having difficulty getting a business bank account opened with any major online bank for my LLC. I'm a Hong Kong citizen and resident.

Talking to other forum members and foreign friends in my industry, everyone says their Mercury.com bank opening was very easy, but I've been rejected by Mercury, Novel, Brex, etc. over and over again. RelayFi straight up has Hong Kong on its prohibited countries list. It feels like the large banks behind these finteches aren't accepting Chinese/Hong Kong founders.

I'm waiting for my ITIN application to be processed right now. I actually need several accounts opened for several LLCs since I do e-commerce. Wise and Payoneer won't work in my situation, I would need either an online bank, hybrid bank, or physical bank. Tried reaching out to a few Puerto Rico banks, but they don't seem to respond to emails.

Does anyone have any recommendations on what I can do?

 

[kekmaw]

I don't have personal experience with this but you can try East West Bank.
They have special perks for Chinese founders and you might be able to open it through their HK branch.

 

[Sols]

Hong Kong is by many viewed as having lost its independence and is now functionally the same as China, which is why Hong Kong has lost a lot of its perceived prestige and value. The US removed Hong Kong's special status in July 2020. Now, banks consider Hong Kong almost as risky as China, which unfortunately is a contributing reason to the difficulties you're facing.

You can try Asian facing US banks like East West Bank mentioned by @kekmaw as well as Cathay Bank, Royal Business Bank, and Preferred Bank. They are more experienced dealing with China and Hong Kong. However, banks like those expect you to trade both in US and Asia. They don't like US LLCs formed by foreigners without any business ties to the US. Speak with them and see if there's a match.

 

[Martin Everson]

Does anyone have any recommendations on what I can do?

Have you tried Globalfy?

https://globalfy.com/en/banking/

 

[JustAnotherNomad]

What about Currenxie? Surely they should open an account?

 

[FDS ADS]

Having difficulty getting a business bank account opened with any major online bank for my LLC. I'm a Hong Kong citizen and resident.

Talking to other forum members and foreign friends in my industry, everyone says their Mercury.com bank opening was very easy, but I've been rejected by Mercury, Novel, Brex, etc. over and over again. RelayFi straight up has Hong Kong on its prohibited countries list. It feels like the large banks behind these finteches aren't accepting Chinese/Hong Kong founders.

I'm waiting for my ITIN application to be processed right now. I actually need several accounts opened for several LLCs since I do e-commerce. Wise and Payoneer won't work in my situation, I would need either an online bank, hybrid bank, or physical bank. Tried reaching out to a few Puerto Rico banks, but they don't seem to respond to emails.

Does anyone have any recommendations on what I can do?

Do you have the reason why you are rejected?

 

[jafo]

Having difficulty getting a business bank account opened with any major online bank for my LLC. I'm a Hong Kong citizen and resident.

Talking to other forum members and foreign friends in my industry, everyone says their Mercury.com bank opening was very easy, but I've been rejected by Mercury, Novel, Brex, etc. over and over again. RelayFi straight up has Hong Kong on its prohibited countries list. It feels like the large banks behind these finteches aren't accepting Chinese/Hong Kong founders.

I'm waiting for my ITIN application to be processed right now. I actually need several accounts opened for several LLCs since I do e-commerce. Wise and Payoneer won't work in my situation, I would need either an online bank, hybrid bank, or physical bank. Tried reaching out to a few Puerto Rico banks, but they don't seem to respond to emails.

Does anyone have any recommendations on what I can do?

Why not an HK company with a local HK bank?
Or a Singapore company with a Singapore bank?

 

[longr2512]

I don't have personal experience with this but you can try East West Bank.
They have special perks for Chinese founders and you might be able to open it through their HK branch.

Hong Kong is by many viewed as having lost its independence and is now functionally the same as China, which is why Hong Kong has lost a lot of its perceived prestige and value. The US removed Hong Kong's special status in July 2020. Now, banks consider Hong Kong almost as risky as China, which unfortunately is a contributing reason to the difficulties you're facing.

You can try Asian facing US banks like East West Bank mentioned by @kekmaw as well as Cathay Bank, Royal Business Bank, and Preferred Bank. They are more experienced dealing with China and Hong Kong. However, banks like those expect you to trade both in US and Asia. They don't like US LLCs formed by foreigners without any business ties to the US. Speak with them and see if there's a match.

Thank you, I will try these banks with Asian backgrounds. Should have high chances of getting approved once I have my ITIN and make a visit in branch. I will contact them and inquire.

Have you tried Globalfy?

https://globalfy.com/en/banking/

Yes, they rejected me. I have a gut feeling that Globalfy reserves their banking service mostly to those who incorporated through their service, since their fee is $599 and all inclusive. Or it might just be my Hong Kong passport getting rejected by Blue Ridge Bank during backend approval.

 

[longr2512]

What about Currenxie? Surely they should open an account?

Why not an HK company with a local HK bank?
Or a Singapore company with a Singapore bank?

I have a HK Company and accounts with HSBC and Currenxie, this isn't a problem since I'm a Citizen+PR. But I do e-commerce Amazon and need US based accounts from either hybrid or physical banks. Currenxie would be an EMI and wouldn't fit my specific needs unfortunately.

Do you have the reason why you are rejected?

No, none of these fintechs propvided a reason why I was rejected. I don't think they're allowed to disclose the reason.

 

[jafo]

I don't think they're allowed to disclose the reason.

Why do you say this? Someone in a position of "authority" mentioned this or did you read it somewhere?

PS. Trying to help you out here, but first I need to figure out the playing field.

 

[Sols]

Banks aren't allowed to disclose that an applicant was declined if the decline was for certain reasons (such as suspicion of criminal activities), but they are allowed to disclose if a decline was for certain other reasons. To avoid accidentally disclosing something they shouldn't, most banks have a general policy of not disclosing anything. That means you can in some cases appeal to regulator or courts to find out the reason, but banks are betting you won't do that.