Easier Country to Open Bank accounts? HK vs UAE

[banafinfodafuggiano]

I am undecided between opening a company between Hong Kong and the UAE.

It seems like that since the UAE has now a 9% corporate Tax, it would make more sense for my business
with 100% Online Foreign income, to incorporate in Hong Kong.

Where is it easier to open a local REAL bank account that also has Multi currency possibilities? (EUR/USD/AUD/GBP)

Also how hard is to open EMIs such as Wise/Curenxie, etc... for UAE vs HK companies? What is the easiest?

Consider that I won't be a resident of neither of these countries (I am a resident of Malasya and No, I cannot use a Malasyan company for my business)

 

[Sols]

Of the two, Hong Kong is easier than UAE. Neither is easy.

 

[Clank]

If you are looking to open with an EMI both should be easy.

In case‌ you are looking for a real bank, in the UAE it's easy if you have‍ an emirates ID, if not it's nearly impossible.

 

[Barbara Roessle]

We are opening bank accounts daily in the UAE and with the right setup we‌ can guarantee a bank account (plus multicurrency accounts) within 2-3 days for Fintech local bank‍ or 7-14 days with a top tier UAE bank.

https://www.emiratessetup.ae/corporate-bank-account

 

[Sols]

@banafinfodafuggiano is asking about accounts as a non-resident business owner. Non-resident banking in UAE is⁤ almost unheard of, as you highlight in your thread:

 

[Barbara Roessle]

apologies, I misread - this is correct of course.

in addition to my previous answer I would like to︄ add that it is quite easy to become a resident of the UAE (Dubai). We︅ can do the company setup in 5-7 days and you will have to visit only︆ once (3-5 days) for the bank account opening and visa application. There is no reporting︇ requirement in the UAE. To keep the visa valid you only have to enter the︈ country every 360 days (with an investor visa). Thats all - no income tax at︉ all.

 

[banafinfodafuggiano]

So being a resident in the UAE makes it easier to open multi currency local⁠ bank accounts than being a non-resident of Hong Kong?

We're talking about corporate bank accounts⁤ only.

 

[Barbara Roessle]

I am not an expert for Hongkong bank accounts⁠ but I can tell you that we had and have a flood of company setups⁤ with residency in the UAE to get a corporate bank account. Since people do their⁣ own diligent research I acn assure you that the setp works very well in the⁢ UAE.

 

[Sols]

If you become a resident in UAE, establishing a business and opening a bank account is‍ a breeze. The whole process rarely takes more than a few weeks.

 

[Barbara Roessle]

thats correct