Hong Kong is a trap, a fake good offshore jurisdiction
- Thread starter dotbloup
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Laurent Timmermans added an information about Hong Kong tax authority:
Even worse now... the tax department made a talk at the HK institute of CPA's (HKICPA) to discourage them to file offshore tax claim due to international tax agreements and automatic exchange of information.
So, it means that if you think about Hong Kong company formation, it means 15,6% corporate tax and no withholding tax. The Tax return is not difficult to fill out but still you need to pay a CPA (Chartered accountant) to do an audit whatever your turnover.
Even worse now... the tax department made a talk at the HK institute of CPA's (HKICPA) to discourage them to file offshore tax claim due to international tax agreements and automatic exchange of information.
So, it means that if you think about Hong Kong company formation, it means 15,6% corporate tax and no withholding tax. The Tax return is not difficult to fill out but still you need to pay a CPA (Chartered accountant) to do an audit whatever your turnover.
It is mandatory according to my accountant in Cyprus 😉
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It's most often not something they mention when you approach them for an offshore company registration. Most often they only mention the setup costs and renewal fee.
I was considering to incorporate my HYIP business in HK because no one else have done this before.
If I can't incorporate in Seychelles or Belize and if I can't get bank account this is even after these outrageous fees the best option. Do you know if this business hihourly.com is accepted there?
If I can't incorporate in Seychelles or Belize and if I can't get bank account this is even after these outrageous fees the best option. Do you know if this business hihourly.com is accepted there?
With the profits you are doing and that I read in one of your other threads I would not waste money on an HK entity. You need something fast and cheap so you can switch once required.
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Seychelles and Belize are the fastest, most often it can be done within a few days which is sufficient most of the time if you are into such business.
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anyone has experience with Laurent Timmermans?
Someone describes his YT channel as an epic fail but from my point of view he has been honest, much better then many chinese agents selling bullshits out there in HK
I need to open an other bank account for my company and since it's been extremely hard to get the 1st one im looking for some good advice.
In case out of HK, where do you suggest me? (hk company but bank account abroad)
Perry, omg, agents in HK... There are so many scammers. I think about this game they use to catch westerners and hide fees.
With the L. Timmermans company athenasia that can't be worst
Bank account opening - Athenasia
I wanted to say something. Hong Kong... for the future even with 15,6% of corporate tax will always be worth it for Europeans who want to escape crazy EU regulations.
Sorry Dotbluop but I can't understand. The fact that hk is full of scammers, ofc, but I guess every financial place it is.
Beside the scammers, I think Asia is full of unprofessional people that wake up in the morning to believe they could do any job. Result is a market of cheap and bad services/products. That's why it's hard to find a local agent.
About Timermans, I can't see how he would be bad. I cannot judge his service from a youtube channel nor I would call him unless someone i know and trust would introduce me to him or same for other local companies run by westerners. imho it is always the same, how to find a good supplier if you dont want DIY.
just to be correct, we keep posting 15,6% as hk corporate tax, which the real one is 16,5% not that different, but i think it's better not spread mistakes
Beside the scammers, I think Asia is full of unprofessional people that wake up in the morning to believe they could do any job. Result is a market of cheap and bad services/products. That's why it's hard to find a local agent.
About Timermans, I can't see how he would be bad. I cannot judge his service from a youtube channel nor I would call him unless someone i know and trust would introduce me to him or same for other local companies run by westerners. imho it is always the same, how to find a good supplier if you dont want DIY.
just to be correct, we keep posting 15,6% as hk corporate tax, which the real one is 16,5% not that different, but i think it's better not spread mistakes
awesome share too bad you got banned hope you join the forum anytime soon again 🙂
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What are the total costs for a HK company per year?
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Hey, I don't make the news. I only report it! 😎
What does that mean? you need to keep that amount at a bank accoutn belonging to the company or?
means that every year there is about 500/1000 hkd to pay to hk government.
on the hk bank account, in case you want avoid the banks fee (it's up to banks, so might be different) you must keep at least 5.000 USD or equivalent amount in other currency.
If under that amount my banks charge me 100/120 HKD month
on the hk bank account, in case you want avoid the banks fee (it's up to banks, so might be different) you must keep at least 5.000 USD or equivalent amount in other currency.
If under that amount my banks charge me 100/120 HKD month
This is a great share. Personally I left my Hong Kong Company last year without to renew it and do any accounting because the agent I had to manage and administrate the Company asked for an installment of 7000 USD to start the accounting, he estimated the total costs for accounting and filing of tax report to be aprox 10- 12,000 USD for the first year! LoL he must have thought I'm total stupid 😀
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