Bank for transit trading

[MrGoodman]

Hello, friends.
A Hong Kong company trades in consumer goods with EU and Asian companies as agent, but in its own name and at its own expense. The monthly turnover is 150 000 eur.

Recently I have noticed that banks in general are reluctant towards companies that lead transit trading. Do you know any banks in Europe or elsewhere (non-offshore) that still welcome such activity?

Thanks for comments.

 

[neweraoffshore]

The best transit banks are in Germany, USA and Switzerland. However they won't accept a HK setup. But a transit setup in these countries, especially Germany, is normally no problem if you tax it correctly and the source of funds etc. fit. You just need to make 1-2 % of profit which stay in the country and are taxed.

 

[For Free]

Myotra said:
Hello, friends.
A Hong Kong company trades in consumer goods with EU and Asian companies as agent, but in its own name and at its own expense. The monthly turnover is 150 000 eur.

Recently I have noticed that banks in general are reluctant towards companies that lead transit trading. Do you know any banks in Europe or elsewhere (non-offshore) that still welcome such activity?

Thanks for comments.
Click to expand...

You can go to Singapore banks, they are welcome HongKong companies and trading activities. If you have customers/suppliers from Singapore, then the process to open account is even easier

 

[MrGoodman]

For Free said:
You can go to Singapore banks, they are welcome HongKong companies and trading activities. If you have customers/suppliers from Singapore, then the process to open account is even easier
Click to expand...

Thank you. Unfortunately, there are no customers from Singapore so far. I heard also that compliance in Singapore is stricter than in HK. And HK banks in their turn do not welcome companies with non-residents.

 

[MrGoodman]

neweraoffshore said:
The best transit banks are in Germany, USA and Switzerland. However they won't accept a HK setup. But a transit setup in these countries, especially Germany, is normally no problem if you tax it correctly and the source of funds etc. fit. You just need to make 1-2 % of profit which stay in the country and are taxed.
Click to expand...

Thank you. I will think about these countries. As far as I know, in Germany you should have a local company and a director do have any chances with banks...

 

[For Free]

Myotra said:
Thank you. Unfortunately, there are no customers from Singapore so far. I heard also that compliance in Singapore is stricter than in HK. And HK banks in their turn do not welcome companies with non-residents.
Click to expand...

Singaporian bank compliance is not too strict, it actually depends on some conditions like your passport, your current residence, business model, connection to Singapore etc. If you don't have Singapore customers but you have Singapore suppliers or any partner, then that's ok, you can give bank "letter of business intention". OCBC is the most welcome bank for HongKong company, so you may need to contact them to ask for more details.

 

[onidzuka]

There are some working options in EU banks, but it depends on following things:
1. citizenship of shareholder and director;
2. business partners from which countries EU?
3. Substance of the company

 

[MrGoodman]

onidzuka said:
There are some working options in EU banks, but it depends on following things:
1. citizenship of shareholder and director;
2. business partners from which countries EU?
3. Substance of the company
Click to expand...

1. Citizenship is Russian Federation
2. Business partners are from Hungary, Estonia, Bulgaria
3. The company has office and staff in Hong Kong