HSBC HK used to be very good, but things have changed...
I formed my first HK company in 2014, tried to open bank account remotely with some help from my local HSBC UK, failed but arranged a meeting in their HK headquarters. Left on Wednesday evening, got there Thursday evening, had 20 minutes meeting Friday lunchtime and I was on my way back to the airport. That was a decent investment in terms of time and money to achieve the goal.
Then things had changed as a year later I needed to open bank accounts for two more companies and the formalities have changed and the meeting was a two hours grilling and I wasn't told whether I would get the account or not (I did eventually).
Fast forward a couple of years HSBC HK started doing their audits to meet new regulations, so I played stupid as long as I could till they closed the accounts (I wasn't able to provide anything they were asking for). They gave me back the money which was cool. I asked them to send me a pdf statement (at the same time Paypal HK decided to re verify the account) and they said they couldn't do that, by post only. Fine, but I have never received it even despite asking and paying for the service a couple of times (which took exactly a year). After a year made a formal complain about their handling my case (I paid for the service) and they were sorry and proposed that if there;s something wrong with the post maybe they could email me a PDF... Only a year later than I asked about it.
Unfortunately those dosc were too old for Paypal HK at that stage... so they needed bank docs that I couldn't provide, without that they would not lift any limits from the accounts. There was like 50 emails over half a year or so and no step further in the case. They didn't like the fact that there was a decent balance there and a regular monthly incoming funds but I have never took anything out nor paid for anything using that paypal account. They started to investigate the sources of those incoming funds and the companies we were doing business with (all adult and dating companies just with grayed out fronts).
To be frank all this has happened because I have completely forgotten about this account (amateur mistake), so for whoever needs this, keep using the account don't be jus stashing money in there!
Long story short, it has turned out that the best case scenario was to ask paypal to close the account.
They have imposed a 180 days block on the funds but said that after that they will release what's there.
In my case, so far so good (and a lot of lack that I needed, some due to my own mistakes) and for some time things were fine, however HK and regulations changed.
HSBC HK instead of helping became a burden and a company that became hard to deal with (I have comparison), also Paypal HK , it;s like talking with robots or bots (sometimes badly written bots). Whatever docs we have uploaded got refused without providing any reasoning nor advise what they actually needed. It's not bad when things get refused, but when you are unable to get any personal attention then it is as bad as it takes.
HK still may be good for some but there are more and more formalities there, so unless you have someone on the ground or good professional help with procedures then there are much better countries for banking and forming companies. Personally I would stay away as it becomes more and more China.
It's still one of my best places for entertainment!
I formed my first HK company in 2014, tried to open bank account remotely with some help from my local HSBC UK, failed but arranged a meeting in their HK headquarters. Left on Wednesday evening, got there Thursday evening, had 20 minutes meeting Friday lunchtime and I was on my way back to the airport. That was a decent investment in terms of time and money to achieve the goal.
Then things had changed as a year later I needed to open bank accounts for two more companies and the formalities have changed and the meeting was a two hours grilling and I wasn't told whether I would get the account or not (I did eventually).
Fast forward a couple of years HSBC HK started doing their audits to meet new regulations, so I played stupid as long as I could till they closed the accounts (I wasn't able to provide anything they were asking for). They gave me back the money which was cool. I asked them to send me a pdf statement (at the same time Paypal HK decided to re verify the account) and they said they couldn't do that, by post only. Fine, but I have never received it even despite asking and paying for the service a couple of times (which took exactly a year). After a year made a formal complain about their handling my case (I paid for the service) and they were sorry and proposed that if there;s something wrong with the post maybe they could email me a PDF... Only a year later than I asked about it.
Unfortunately those dosc were too old for Paypal HK at that stage... so they needed bank docs that I couldn't provide, without that they would not lift any limits from the accounts. There was like 50 emails over half a year or so and no step further in the case. They didn't like the fact that there was a decent balance there and a regular monthly incoming funds but I have never took anything out nor paid for anything using that paypal account. They started to investigate the sources of those incoming funds and the companies we were doing business with (all adult and dating companies just with grayed out fronts).
To be frank all this has happened because I have completely forgotten about this account (amateur mistake), so for whoever needs this, keep using the account don't be jus stashing money in there!
Long story short, it has turned out that the best case scenario was to ask paypal to close the account.
They have imposed a 180 days block on the funds but said that after that they will release what's there.
In my case, so far so good (and a lot of lack that I needed, some due to my own mistakes) and for some time things were fine, however HK and regulations changed.
HSBC HK instead of helping became a burden and a company that became hard to deal with (I have comparison), also Paypal HK , it;s like talking with robots or bots (sometimes badly written bots). Whatever docs we have uploaded got refused without providing any reasoning nor advise what they actually needed. It's not bad when things get refused, but when you are unable to get any personal attention then it is as bad as it takes.
HK still may be good for some but there are more and more formalities there, so unless you have someone on the ground or good professional help with procedures then there are much better countries for banking and forming companies. Personally I would stay away as it becomes more and more China.
It's still one of my best places for entertainment!
