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. Having︀ a company formed in places like Belize will then limit the HK Companies ability to︁ bank.

 

[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.

 

[HHU]

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]

I was planning to use an holding company︂ as unique shareholder of a new HK company. But it seems it does not work︃ to protect our privacy.

 

[James Turner]

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

 

[Steve Berger]

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.