I have a HK company that I no longer need. If someone is interested contact me. The annual fees are due, 600+ USD. There is no guaranty that HSBC will keep the account open when a new owner is registered, but for now the company hav a working bank account. To ensure the new owner is registered the process will be managed by Startup Hong Kong and they will of course charge for their work. If someone is interested I can get the full cost.
Hong Kong company for sale with HSBC account
- Thread starter JohnSpain
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It is impossible to sell the company with bank account! This is nonsense. Firstly, this goes against financial institutions RULES. You only have to options to open or to close. NEVER believe or buy a company from someone else= BIG RED FLAG.
I got your point but to be fair the post creator mentioned that there is no guarantee for the bank account.
Maybe he could add:
Once the company owner changes - HSBC is required to do a complete new customer due diligence. Therefore the change of the bank account will be handled like a new account application. I assume the HSBC account is aged and was opened back in time when things were different. So during the new application process the current situation and regulation of the bank will apply and therefore without any substance or HK residence the bank account will be simply closed.
Same here in Dubai - we have Bank Accounts opened few years back and even the Bank says that it's nowadays impossible to open the accounts like we did in the past. The banks keep such accounts in the system till the owners close them but never again open such accounts in 2021.
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No single Bank will lose license and accreditation or can be sanctioned for billions of dollars. This might lead to "extreme abuse" from "selling hands to hands" Thats the whole point.
Anyway HSBC HK does yearly KYC reviews for most accounts. It's a big hassle and always a risk of they're closing the account.
However, as mentioned the bank will do a new review, especially if the business nature changes, so it's quite likely that they will close the account.
That is nonsense. If course its possible to sell a company with a bank account, no rules against that.
However, as mentioned the bank will do a new review, especially if the business nature changes, so it's quite likely that they will close the account.
The company was setup in 2011. In 2018 it had a full review by HSBC where we re-submitted all the documents.
A company can and will in most cases be sold with a bank account, contrary to what some seem to think on this forum. But it is of course up to the bank to decide if they want to continue offering banking with a new owner.
It might be more hassle to change the ownership than to setup a new company. But some might need a company that have been around for a while.
In HK, the moment the banks knows that there's a director or sustancial shareholder change you need to do the KYC process again.
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Expat in Hong Kong - There are two ways to conquer and enslave a nation. One is by the sword. The other is by debt. - John Adams
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Expat in Hong Kong - There are two ways to conquer and enslave a nation. One is by the sword. The other is by debt. - John Adams
You have no clue and you have no idea what are you talking. HSBC was sanctioned for 10B in the past for some business (I won't tell but DYOR). So, who you is going to buy a 10 year old company? Correct, only schizophrenic will do it. Let's put in a simple words, if you want to start a company always begin with "fresh clean" never utilize a used one PERIOD.
I dont understand how some people seem to know everything. We know lockdown can take its toll but no need to act as an idiot. If you are not interested just dont reply to the post.
This is terrible news for everyone involved in M&A. If companies can no longer change ownership because banks will get 10 billion dollar fines every time majority shareholding of a company changes, this will leave a lot of people without jobs. 🙁
Exactly. HSBC will simply re-do KYC on the new owners, including reviewing any changes to the business plan. They will likely insist on meeting with the new directors.
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This is the probably the answer to your question.
I am not acting like an idiot I just try to explain that this is unrealistic and nearly impossible. I love this website so many useful information and good people who keep this forum clean. So, let's keep it up. In other post I suggested to make a complete separate thread to expose all this "gypsy nonsense schemes" to inform and warn members.
FWIW: In 2015 I sold an existing business, incorporated in HK with hsbc.hk account and I have added a new owner to this account immediately after the sale. Over a period of the following year, we have also added his accountant as signatory and I removed my name from the account. It is my understanding that the account is still active.
A lot changed from 2015, if the new owner has already relationship with HSBC maybe they don't bother
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Expat in Hong Kong - There are two ways to conquer and enslave a nation. One is by the sword. The other is by debt. - John Adams
Hi, I'm interested. Please PM me. Thank you very much! I already have a HK company with HSBC since 2009. Thanks!
Is this still available?
And just as a curiosity: how much does it cost to incorporate an HK LLC without being physically in HK, and so with a local director? (bank account potentially not needed if TW works with that one)
According to one website i found, it seems to be super cheap. So why do everybody bother with UAE companies, when they could just get an HK company?
And just as a curiosity: how much does it cost to incorporate an HK LLC without being physically in HK, and so with a local director? (bank account potentially not needed if TW works with that one)
According to one website i found, it seems to be super cheap. So why do everybody bother with UAE companies, when they could just get an HK company?
Sorry I will have to close this thread, OP is don't even a Mentor Group Gold member which is a requirement to open such threads! I didn't see it before now 🙁
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