banking in HK and protests

[blackeric]

Because of the protests in HK, there have been job and firm closujes. Now that the economy of HK has been hit and will continue to suffer due to the protests, do you think that the banks will be more willing to open corporate accounts for those who previously they rejected?

The worse - the better.

 

[Clip]

I think easier to open bank account now in HK, but not because the protests.
HKGOV approved the virtual banks and they are going to start operating next year, so most of the banks here are trying to catch up and improve the overall experience.

If you are an startup, it could take 2 months to get it.
If you are a corporation trading more than 6 figures, they can do it in two weeks.

Personal account just 3h

They only reject if any of the directors or shareholders have a current or previous court record.
Depends on the money you have, they are more or less willing to take risks or investigate further.

I heard that bellow 20k USD of balance, the bank doesnt really makes money from you.

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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

 

[Martin Everson]

blackeric said:
Now that the economy of HK has been hit and will continue to suffer due to the protests, do you think that the banks will be more willing to open corporate accounts for those who previously they rejected?
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I don't think HK protests has any effect on the compliance departments of banks whose lazy staff get paid whether they reject 1% of new account applications or 100% of new account applications. Compliance staff have ZERO interest in helping the bank grow ask HSBC.

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

 

[moneyhoney]

Martin Everson said:
I don't think HK protests has any effect on the compliance departments of banks whose lazy staff get paid whether they reject 1% of new account applications or 100% of new account applications. Compliance staff have ZERO interest in helping the bank grow ask HSBC.
Click to expand...

I thought the same, and everywhere you can read this. I was pretty sure there was a 0% chance of opening, but.. it's not the case.

The trick? Buy a life insurance with them. Bank managers do need to sell this kind of products, if you can buy let's say a 5k$/year insurance per 5 years, they are way more happy to help you out and open the account. You need obviously the right bank and the right branch, but you can link the investment with the corporate opening.

It's all about commissions in the end, if you don't let them do enough money with your activities, they have no interest like you said.

 

[Clip]

Today a friend opened a Bank account in HK for his Seychelles company. The trick? Same, insurance for 5 years

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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

 

[moneyhoney]

GiGoGo said:
Today a friend opened a Bank account in HK for his Seychelles company. The trick? Same, insurance for 5 years
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Oh I didn't expect they could push this far to be honest. Great to know.

I just hope they don't close as fast as they open, cause at least in my case the due diligence wasn't that annoying as I expected.

 

[Martin Everson]

GiGoGo said:
Today a friend opened a Bank account in HK for his Seychelles company. The trick? Same, insurance for 5 years
Click to expand...

Which bank?

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

 

[Clip]

Martin Everson said:
Which bank?
Click to expand...

HSBC

Can you believe it?

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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

 

[Martin Everson]

GiGoGo said:
HSBC

Can you believe it?
Click to expand...

No

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

 

[moneyhoney]

I didn't open with HSBC, but many services offering the support to bank opening offer HSBC, so I guess it's not the more difficult.

 

[bibing]

GiGoGo said:
HSBC

Can you believe it?
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I can't believe too. But I trust you if you told me it happened.

I knew HangSeng was more easy for offshore.

But so he got a personal insurance product and then he asked for a corporate account?

 

[Clip]

He was already Premier at HSBC, made a personal health insurance and they happily opened the Seychelles business account.

Now he wants to sell his 20y BVI with HSBC Singapore

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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

 

[bibing]

Is him a resident in HK?

Any idea why he switched from a BVI to a Seychelles?

 

[Clip]

bibing said:
Is him a resident in HK?

Any idea why he switched from a BVI to a Seychelles?
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Yes, he's HK resident

Seems Seychelles protects more privacy now than BVI

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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