Help: Bank account for HK company in EU

[dutchnik]

Hi all,

First thanks for all the information in the forum. I am reading a lot here and spend every day some hours reading here for my knowledge.

I am planning to move my entire e-commerce business to Hong Kong for tax reasons. With my local tax planners I created a solid and good construction and they say I can do it in this way. My entire business is about $225k / year and growing fast. I builded this in the past 2 years.

The reason for this topic is because I live in the European Union and currently not moved my business to Hong Kong yet. I want everything to be good and not taking too much risks with EMI's. I read a lot on this forum about EMI's and I am a bit scared to use them now. Currently I do have an unique IBAN number from Neat but I don't trust them since I was reading online a lot about them the past few weeks and I don't want my money to be frozen at all. Currently I am looking for a good and solid bank account within the European Union with a unique IBAN account. Why? Because I like my money flowing within the European Union and not have my money outside the EU. I am almost ready to move everything but the bank account is a pain in the a*s.

Is there anyone who can help me out or do a recommendation for a local bank account within the EU at a good established bank, with unique IBAN in my companies name and with good prices SEPA transfers for incoming and outgoing transactions? A debit card would also be one of the requirements. In future when business is moved I need to appoint a nominee director due to my legal construction. There is no issue to travel for it. All documents are ready.

Many thanks for reading this!

 

[MrGoodman]

You may consider Hungarian banks, e.g. But there are much more options for a HK company without nominees.

 

[dutchnik]

Myotra said:
You may consider Hungarian banks, e.g. But there are much more options for a HK company without nominees.
Click to expand...

Thank you for your reply! What would be a good option for my company without nominees? As it is right now there are no nominees involved but maybe change that after getting everything like I want it to be

 

[MrGoodman]

Swiss CIM bank can be a good option for a HK company without nominees. In Hungary there are MKB and OTP.

 

[libertycity]

Swiss CIM bank has high operating fees.Cyprus bank will be good for you.
But you will have tax issue soon with your HK company in this way.
Usually the accountant agencies can not audit your HK company free tax as they promissed to you in the beginning due to lots of paper work needed for that.
If you aggree to have some tax then you need to pay it via HK bank account.Or you will get issue with your HK company.

 

[bibing]

Why not make the big step and move on full to HK?

What I mean is you should plan a change of residency as well

 

[companix]

Otp bank is Best option or santander poland

 

[dutchnik]

I had success with SatchelPay and now looking into a more solid bank. Thanks for the tips about Hungary and Santander Poland

 

[dutchnik]

libertycity said:
Swiss CIM bank has high operating fees.Cyprus bank will be good for you.
But you will have tax issue soon with your HK company in this way.
Usually the accountant agencies can not audit your HK company free tax as they promissed to you in the beginning due to lots of paper work needed for that.
If you aggree to have some tax then you need to pay it via HK bank account.Or you will get issue with your HK company.
Click to expand...

We do pay our corporate tax in Hong Kong at the end of the year and not applied for the “tax free zone” in HK

 

[dutchnik]

bibing said:
Why not make the big step and move on full to HK?

What I mean is you should plan a change of residency as well
Click to expand...

Also planning that but will take some time to get everything ready. Moving out in few years, not to HK by the way!

 

[dutchnik]

Swiss CIM Banque declined me almost instantly, no questions asked after sended my application

 

[Tax Cow]

Luxembourg branch of the ING might let you in, but of course, CRS applies, and they might ask for proof of EU VAT registration before considering your application. EU VAT registration (i.e. MOSS), even if you don't sell to EU that much, is a good asset to improve your chances of getting a business account your non-EU company.

 

[Tax Cow]

Similarly, check out Belgian banks - they have business ties with HK (incl. DTA) and lots of HK companies maintain EU bank accounts in Belgium. If you have a valid reason for an account (you sell products or services to EU), you should get an account.

 

[dutchnik]

This helps a lot. Belgium is around the corner for me! Thank you so much!

xzars said:
Similarly, check out Belgian banks - they have business ties with HK (incl. DTA) and lots of HK companies maintain EU bank accounts in Belgium. If you have a valid reason for an account (you sell products or services to EU), you should get an account.
Click to expand...

 

[Fly$]

dutchnik said:
This helps a lot. Belgium is around the corner for me! Thank you so much!
Click to expand...

Did you get success opening bank there with your HK ltd?

 

[dutchnik]

Not really. Much EU countries are asking for VAT registration in order to give the bank account 😉

 

[ciccino]

libertycity said:
Swiss CIM bank has high operating fees.Cyprus bank will be good for you.
But you will have tax issue soon with your HK company in this way.
Usually the accountant agencies can not audit your HK company free tax as they promissed to you in the beginning due to lots of paper work needed for that.
If you aggree to have some tax then you need to pay it via HK bank account.Or you will get issue with your HK company.
Click to expand...

What's the issue having a Cyprus bank account for an HK entity?

 

[cuno]

dutchnik said:
Also planning that but will take some time to get everything ready. Moving out in few years, not to HK by the way!
Click to expand...

where will you go if not HK ?

 

[markdk]

Did you finally find a a solution for yr HK company?