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

[SCHLOSSFINANZ]

you need an introducer. Try

http://www.alcpa.com.hk/home

 

[daniels27]

I think there are‌ enough here that can introduce him free of charge. You have contacts too?

 

[SCHLOSSFINANZ]

there are introducers and there are introducers. You get the point?
Alcott CPA is decades‌ in business and very high regared and has top connections

 

[AAJ]

Any update getting a bank account in Hong Kong? How did the recommendation from linusAG‌ go regarding an account opening with pingpongx? Maybe Fred from DLS Offshore can help get‍ you an account with DBS. I believe he has a MSO license and can get⁠ accounts open for Panama companies. Not sure about other offshore jurisdictions likes Seychelles though. I⁤ have been lurking a lot, reading countless threads and soaking up information. This is my⁣ first post.

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[linusAG]

Other MSO also can open a DBS⁢ Virtual Account to Seychelles IBC.
(Currenxie, PingPong, etc.)

 

[AAJ]

Yes, but Fred said his set up is direct with‌ the bank, as opposed to a multi currency account through an EMI like Currenxie.

 

[AAJ]

What happened with OP and your contact at pingpong?

 

[linusAG]

Most payment companies(or what we call MSOs) in Hong Kong are directly partnered with DBS HK.‍ So I don't understand what you mean.

 

[AAJ]

I got‍ the impression the client will access the DBS app directly and not through a third⁠ party payment company website. My mistake if wrong.

 

[daniels27]

Yes, but what do you gain from it? Higher fees sound attractive to you?

 

[aniglo22]

He probably‍ has a omnibus account (which transfers the AML due diligences mostly to Fred ) .⁠
Fred acts as the agent, holding funds for multiple clients in segregated form internally.
But this comes also with risks :

 

[linusAG]

Yes, DBS⁠ HK provide umbrella account to payment companies.
And payment companies can issue Virtual Accounts under⁤ clients' name.
So the clients can't access the DBS app directly

 

[linusAG]

hahaha, that's the point, if you feed the bank monkey with‍ enough bananas, they can even open an account for your USA entity.

 

[AAJ]

Didn't know about their monthly fees

 

[daniels27]

Not only that. You‌ also pay for opening and closing. Unless you have some benefit, EMIs may be cheaper.‍

 

[linusAG]

Agreed, fintech companies can offer a‍ lower fee for some old-school offshore companies.

 

[AAJ]

Good to know. I would imagine‍ it's harder to get these Chinese EMIs open for offshore companies, especially if it's a⁠ high risk business.

 

[dany]

What HK EMI would anyone suggest then for a HK company ?

 

[ActionMan]

Statrys or currenxie.

 

[linusAG]

Not exactly, you can onboarding EMIs easily than a bank.
Airwallex, PingPong, LianLian, WorldFirst,⁠ Xtransfer, Statrys or currenxie.