Hong Kong company how is the privacy ?

[Bmw850]

Hi,
For my business Hong Kong company is well accepted ( electronic product, smartphone ...)
I think about creating one but:
How is the privacy ?
How are the banks there?

 

[fshore]

There are public register over Hk companies.
The banks are very good. Difficult to open an account

 

[devnull]

One solution to protect privacy is to appoint an Belize ICC as mothercompany and director/shareholder.

 

[James Turner]

HK inherently lacks privacy but can be made confidential by using Nominee Directors and Shareholders or Trust Shareholders. Appointing a Belize IBC or indeed any other company as parent will increase the privacy in layers but banking will always work back to the individuals behind all companies, so won't help you much. Then main issue with adding parent companies incorporated in locations such as Belize is that they are not as well respected as HK, so while you gain reputation from using a HK Company when a bank consider the structure they will always look at the worst case company involved in the structure. Having a company formed in places like Belize will then limit the HK Companies ability to bank.

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[fshore]

It's also mandatory to keep a record of UBO at the registered office

 

[devnull]

I wanted to know, if Hong Kong company is good for personal assets, like apartment rental contracts on the name of company to protect myself and the also protect assets.

 

[James Turner]

HK Can be used as part of an asset protection structure, but it is impossible to say without having a very detailed discussion about your assets, liabilities etc how it would be used within probably a more complex structure.

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[HHU]

devnull said:
One solution to protect privacy is to appoint an Belize ICC as mothercompany and director/shareholder.
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It's not anymore possible, it needs a real person now.

 

[sierra]

HK's information access is not free, and therefore doesn't propagate through various due diligence providers like the UK does. You may find it challenging to open a bank account in HK without an in-person visit, and even if you were to get an account open with, say, HSBC, they've been a nightmare for corporate banking for anyone without an established relationship for a couple of years now.

 

[Steve Berger]

James Turner said:
HK inherently lacks privacy but can be made confidential by using Nominee Directors and Shareholders or Trust Shareholders. Appointing a Belize IBC or indeed any other company as parent will increase the privacy in layers but banking will always work back to the individuals behind all companies, so won't help you much. Then main issue with adding parent companies incorporated in locations such as Belize is that they are not as well respected as HK, so while you gain reputation from using a HK Company when a bank consider the structure they will always look at the worst case company involved in the structure. Having a company formed in places like Belize will then limit the HK Companies ability to bank.
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I was planning to use an holding company as unique shareholder of a new HK company. But it seems it does not work to protect our privacy.

 

[James Turner]

If the HK Company is created using Nominee Director and Nominee Shareholder services it will protect your privacy.

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[Steve Berger]

James Turner said:
If the HK Company is created using Nominee Director and Nominee Shareholder services it will protect your privacy.
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Ok clear, Nominee is the only way to go in HK to keep privacy.
But in this way how to have the control on the company? Is it enough a sign undated resignations from Nominee director ?
And the the nominee shareholders sign an undated Share Transfer form which you hold for use in case you decide to terminate the nominee arrangement. Is it right?

 

[James Turner]

Yes, this is correct. I would suggest also obtaining a declaration of Trust from the Nominee Shareholder and a POA from the Director.

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