Setting up a company but where ?

[moneyhoney]

For my experience in both the countries (SG/HK) here my 2cents:

HK or SG? Reading your situation, I'd rather prefer SG. Why? Access to banking services. In HK you won't able to open a REAL bank account if you don't have any link with the city and/or China. In SG is still possible. Nonetheless: Transferwise doesn't offer borderless account for HK, but it does for SG (you have anyway a limit of 400,000 SGD, you cannot keep more due to SG law). If you go for this way, I do suggest you OSOME.com - I don't know if they are the cheapest around but they are really really professional.

Note this situation is going to change soon: HK released some virtual bank licenses and they are going to launch the products soon. This will be a good game changer but still need to wait to see it. SG is doing the same but it is still in early steps.

NEAT.hk: you can read a lot of bad reviews about them and I confirm them all. They aren't professional, they are slow, they give little support. You can open it, but don't rely on it. Much better Currenxie.com. And have a look into Airwallex.com (depends on your needs).


Hope it helps.

 

[Spinat]

Much better Currenxie.com. And have a look into Airwallex.com (depends on your needs).

For general understand, why do you consider these services to be much better, what makes them better?

 

[moneyhoney]

For general understand, why do you consider these services to be much better, what makes them better?

I'm referring mainly to Currenxie: you have support if you need it and a multicurrency account including HKD, EUR and USD account in HK (with Neat you just have HKD in HK and EUR/GBP in UK now, but you can get just SEPA transfers).

Airwallex.com has many features if you need them and a EUR account (just SEPA) in Germany.


NEAT.hk isn't to avoid, it can be an option, but you have to be ready to have a really bad and slow support and it's slow to process incoming payments.

 

[Spinat]

Why would someone at all consider NEAT if they are that slow and you can get the same with Currenxie?

 

[Margeb]

All great answers here, I can't believe my question has gone that far

I heard the best about Currenxie, didn't know about Airwallex. This means Airwallex offers a European Bank account (sort of) in Germany ?That'd be great.

I wonder what the banking details look like when you need to issue an invoice to a customer, where it be Currenxie or Airwallex, or even Neat.

 

[moneyhoney]

Why would someone at all consider NEAT if they are that slow and you can get the same with Currenxie?

Cause NEAT issues virtual credit cards. Currenxie not (yet).

All great answers here, I can't believe my question has gone that far

I heard the best about Currenxie, didn't know about Airwallex. This means Airwallex offers a European Bank account (sort of) in Germany ?That'd be great.

I wonder what the banking details look like when you need to issue an invoice to a customer, where it be Currenxie or Airwallex, or even Neat.

Airwallex gives you an IBAN with your name on it. BUT you can use just for SEPA, no SWIFT.

Both Currenxie and Neat allow you to use their accounts BUT the name will be CURRENXIE - Your Company LLC. You cannot get a payment without the suffix.

 

[Margeb]

Cause NEAT issues virtual credit cards. Currenxie not (yet).


Airwallex gives you an IBAN with your name on it. BUT you can use just for SEPA, no SWIFT.

Both Currenxie and Neat allow you to use their accounts BUT the name will be CURRENXIE - Your Company LLC. You cannot get a payment without the suffix.

Thanks for that explanation !

So with Airwallex:
Name of company
IBAN

>> then money is on the German account (paid by my customer in france for ex) ?
From there I can send my salary to Thailand ? (that'd require swift I guess).

Sorry if what I say may sound dumb, I really have no clue about all these things

 

[moneyhoney]

Thanks for that explanation !

So with Airwallex:
Name of company
IBAN

>> then money is on the German account (paid by my customer in france for ex) ?
From there I can send my salary to Thailand ? (that'd require swift I guess).

Sorry if what I say may sound dumb, I really have no clue about all these things

Yes, all right

 

[Spinat]

Cause NEAT issues virtual credit cards. Currenxie not (yet).

Great that make sense, thanks for your information. Do they have a normal debit card available?

 

[Artemis Eleutheria]

Airwallex gives you an IBAN with your name on it. BUT you can use just for SEPA, no SWIFT.

No SWIFT in, No SWIFT out or neither? If neither ... how do they get $ to HK?

 

[AMD]

No SWIFT in, No SWIFT out or neither? If neither ... how do they get $ to HK?

That's interesting, wonder how they are doing the transfers then!

 

[moneyhoney]

No SWIFT in, No SWIFT out or neither? If neither ... how do they get $ to HK?

The problem is money in, for safety reasons they prefer to do just with other EU banks. Not money out.

 

[moneyhoney]

Great that make sense, thanks for your information. Do they have a normal debit card available?

No. Sounds like it is coming....

 

[Spinat]

What is the final outcome of all of this where are you going to setup the company OP ?

 

[karim8899]

I am French and have been living for 10 years in Thailand and Laos (permanently).

Aren't your that French who would come to the Switz bakery over coffee in Vientnyan at 7-8 o'clock every day(!) and talk very loudly, almost yelling, with his friend?

 

[karim8899]

You need to download some APP to get verified with Rapidcompany

What app? Why download an app for verification?

 

[JohnLocke]

I don't remember the APP name, but they will send you a link to a APP which you have to install on your smartphone, so the verification will be done with live video and after that you get your documents approved and company registered.

 

[Margeb]

Aren't your that French who would come to the Switz bakery over coffee in Vientnyan at 7-8 o'clock every day(!) and talk very loudly, almost yelling, with his friend?

nope not me, but I'm not surprised at what you say !

 

[Margeb]

What is the final outcome of all of this where are you going to setup the company OP ?

Hi,

Still a bit early to say. I checked and some of my business partners in Europe seem to be needing a Bank Account for SEPA transfers.

I contacted Airwallex et they only provide a European IBAN for merchants accounts, if it's wire transfer then it's directed to DBS Singapore (no European IBAN then).

if HK company is the way to go then I'll need an IBAN somewhere in Europe.

Or I'll have no choice but setting up a UK ldt or Hungarian company etc...

 

[Spinat]

Or I'll have no choice but setting up a UK ldt or Hungarian company etc...

Hungarian company sounds more complicated and risky compared to UK or what you think?