Ok so my experiences trying to open hongkong bank account for my seychelles ibc

[providenceventurer]

I would check out BEA and CITIC.And also take a look at LGT and negotiate‌ their percentages if possible.Is the information about the OCBC brokerage cum bank account correct if‍ anyone can confirm.Between HSBC,Hang Seng and LGT which one will be better in services and⁠ which one is better in costs or which one is better overall.Anyone has any experiences.⁤
Are the percentages on AUM charged killer level?

 

[SCHLOSSFINANZ]

Custody varies but 0,25-0,5% annually

 

[providenceventurer]

I will⁣ try these 6 on my next trip to hongkong and update.Any good cards that these⁢ might have which i can use and get a good bang for my buck from︀ these 6(HSBC,Hang Seng,LGT,BEA,CITIC,OCBC) and a wild card CITIBANK

 

[SCHLOSSFINANZ]

NO good cards LOL
if you want to have a HK account you need to‌ accept high fees and no loyalty programs

 

[daniels27]

HSBC not that‍ bad.

 

[providenceventurer]

Perfect.I need a good card- then‌ this is the order i will apply.

1.LGT/BEA
2.HSBC- Just for the cards.
3.OCBC for‍ trading.
4.Rest all others shortlisted.

If the other accounts can give me anything better or⁠ provide some better service will work with them.

0.25% AUM is doable but not sure⁤ i will get that rate.Should be negotiable though.

 

[providenceventurer]

Thank you all and specifically @daniels27 ,@Sols and @SCHLOSSFINANZ for all your inputs.

 

[providenceventurer]

Also Thank you @Forester ,sorry had missed acknowledging your input.

 

[brianK]

It will be very interesting to hear if you actually manage to get a bank‌ account in Hong Kong for your Seychelles company. I would outright dismiss it as impossible,‍ but I hope you come back and share whether you succeeded.

 

[Forester]

You are welcome.
Perhaps just a few points, at the end of the party 😉

I have no experience with LGT⁢ HK but with LGT LI it is possible.

Wow. Do you speak, @SCHLOSSFINANZ , particularly about LGT HK? (Because if you spoke︂ about LGT LI, I would ask you whether you are sure; I witnessed noticeably higher︃ fees there – OK, less than 1% in any case...)

LGT LI︆ is a good bank. Perhaps the only LI investment bank which is also OK with︇ routine payment services and does it well. Unfortunately, I have neither experience with LGT HK︈ nor information whether it works in the same manner as its LI parent.
My experiences︉ with services of HSBC are not good overall. Just a hell of a big bank,︊ so to speak. Yet I admit that these are impressions from North America and Europe,︋ in Asia might be better (although I doubt, I admit).

Do you have in mind a bank in general or just︍ a card?

 

[providenceventurer]

So if CITIC is chinese bank it⁤ should solve most of my problems of paying either Hongkong or Chinese suppliers correct? Hadn't⁣ noticed this earlier ,this is why I try to re read the posts again just⁢ so that i have not missed any important information.

 

[Sols]

CITIC Bank is part‍ of CITIC Group, which is Chinese state-owned (majority ownership).

I would put them in the⁠ same category as Bank of China, China Construction Bank, and Bank of Communications as mainland⁤ Chinese banks with strong presences in Hong Kong. If you need CNY access and have⁣ mainland suppliers, those banks are good options.

ICBC also goes in that group.

 

[daniels27]

China is strict currency control. All the Hong Kong⁤ banks allow you to deposit CNY paper bills. But while it says CNY on your⁣ account, it actually is CNH.

While even European banks are allowed to pay CNH to⁢ China (if you have a CNH account with them), it is still CNH being sent︀ and newer CNY. Your supplier will still have to go to the bank in person︁ most likely and show any documentation of the funds that arrive.

It is a big︂ difference to sending local CNY from your personal Chinese account or buying on Taobao. It︃ is more leg work for the supplier and normally the bank fees per transfer account︄ around 25 USD minimum. It really only makes sense for bigger purchases that you export︅ offically.

 

[providenceventurer]

I have suppliers both in Shenzhen and Hongkong.I⁣ would like to pay them both easily and cost efficiently and preferably on the same⁢ day instead of the standard 4-5 days with international transfers.Also having a Hongkong corporate account︀ gives me much needed diversification and reduces my dependency on wise and advcash.I wanted to︁ work more with the Shenzhen suppliers as they are more cost effective.

 

[JackAlabama]

cant they help you getting⁣ these?

 

[daniels27]

It is not so‌ easy anymore.

 

[providenceventurer]

Havent asked them yet‌ as i dont like taking favours but will check on my next trip.But as @daniels27 says it my not be easy for even them.But lets see.On my next trip will‍ apply with the 7-8 banks shortlisted and see.

 

[drillbill]

This applies to everything you do in the business world.‍ If you want to secure good deals and results, have personal meetings, this is where⁠ agreements are often finalized, and the impossible becomes possible.

 

[Sols]

Just as a quick reminder: The topic is opening a bank account in Hong Kong.‌ While it is tangential to incorporating in Hong Kong and running a business in Hong‍ Kong (including taxation involved therein), discussions about that are off-topic here and better discussed in⁠ a separate thread.

I'm sure your intentions are good, but this isn't the place for⁤ it. Thanks to @providenceventurer sharing his in-person experiences in near real time, this thread is⁣ more of an interactive blog than a normal thread. It's uniquely valuable. Let's show @providenceventurer some respect and allow this thread to not spiral into a topic about incorporations and⁢ taxation. That would risk derailing the whole thread, which makes this thread less valuable for︀ participants and future readers. Please create new threads instead to discuss other topics.

Thanks.

 

[providenceventurer]

Thanks @Sols for the acknowledgement.
All the walking around in the︃ bank area of Mongkok with many rejections have not gone to waste atleast including my︄ fatigued legs after so much walking around from bank to bank and their stairs- that︅ many have appreciated and liked what i came up with on those two days and︆ the appreciation has made my day I thank you all both for your inputs and︇ appreciation.