Hong Kong company bank account?

[noideas]

I am a HK resident and director of a HK company but cannot open my bank account in HK. The company does business outside of HK but does not have offshore recognition
If i need to collect payments via stripe/paypal from multiple currencies, what country is best to open the bank account in?

 

[John Morris]

Why can't you open a bank account in Hong Kong? You could use EMIs as well (TransferWise?)

 

[Remy]

noideas said:
I am a HK resident and director of a HK company but cannot open my bank account in HK. The company does business outside of HK but does not have offshore recognition
If i need to collect payments via stripe/paypal from multiple currencies, what country is best to open the bank account in?
Click to expand...

Have you tried simply HSBC HK ? If the source of the company's revenue is from outside, where is the problem to open an account in HK. There will be no taxes for your company.

 

[Mia Marie]

Remy said:
Have you tried simply HSBC HK ? If the source of the company's revenue is from outside, where is the problem to open an account in HK. There will be no taxes for your company.
Click to expand...

He is an HK resident, that mean he must pay taxes for the income even though it came from outside.
You can try to open bank account in SG.
But i think the reason you can not open bank account is your business sector?
Right?
you're HK resident and can not open bank account there?
Is there any chance for foreigner like me?
humm

 

[Remy]

Mia Marie said:
He is an HK resident, that mean he must pay taxes for the income even though it came from outside.
You can try to open bank account in SG.
But i think the reason you can not open bank account is your business sector?
Right?
you're HK resident and can not open bank account there?
Is there any chance for foreigner like me?
humm
Click to expand...

Sorry, but it's a non-sense, if your company doesn't pay taxes because business outside from HK, you don't pay taxes on personal income from revenue from your company. If it was the case, foreigner ou HK resident owner of the company will pay taxes in the same manner for IRS.

 

[Martin Everson]

noideas said:
I am a HK resident and director of a HK company but cannot open my bank account in HK.
Click to expand...

What is the reason for not being able to open in HK?

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[noideas]

Thanks for all replies. Indeed we will pay no tax since it is offshore profits. However the banks just denied us an account in Hong Kong - apparently it is v difficult to open them now (tried HSBC).
Could i place the account in UK since i will be paying most people there? There is no UK tax implication right?

 

[JimBeam]

Have you tried at other banks in HK? There are more banks than HSBC (like Citi, Bank of China or Standard Chartered etc...)