Hong Kong company - Some questions

[assassin7]

I am a citizen and resident of Pakistan. I want to create a US stock trading brokerage account for the purpose of stock trading in US markets and they do not accept my country. So I need a company in one of the countries they accept and create a company account rather than an individual account. I may not need a bank account in HK as I think I will be able to use my local bank account for funding and withdrawing.

1. What are the total costs of establishing an offshore company in HK (especially for the purpose I mentioned)?

2. I believe there are no taxes if business activity is conducted outside of HK. Is that true? I will be located outside of HK and I will be stock trading in US markets. There will be no connection of HK in this entire thing except that a HK company will be used to open the account at the brokerage. Do I get offshore tax exemption based on this scenario?

3. Are yearly accounting requirements strict?

4. As a Pakistani citizen, would I be able to incorporate an offshore company in HK?

5. Can everything be done online or will I have to visit HK?

6. Recommend an affordable and trusted service provider?

Thank you!

 

[hiju]

assassin7 said:
1. What are the total costs of establishing an offshore company in HK (especially for the purpose I mentioned)?
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You are looking at $3000 - $4000 depending on which agent you are using and what services you require

You need to do accounting and file a tax report each year for the HK company even though you won't be tax liable. That said I don't think it will make it easier to get a US brokerage account for your company but have no experience with it.

assassin7 said:
4. As a Pakistani citizen, would I be able to incorporate an offshore company in HK?
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That's not a problem in HK as well as not any other jurisdiction.

assassin7 said:
5. Can everything be done online or will I have to visit HK?
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Yes, the majority of agent provide this services as an online service.

 

[myhand]

It's easy but very costly to setup a HK company for your business needs. I would reconsider my options and only if this is the last possible solution go that route. HK sucks, so their country's regulations sucks and so their company policies sucks! All in ALL HK sucks for business unless you have multi millions available or can fly over there and speak their language!

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[marder]

@khan, yes it is expensive in HK, they are a real pain in the a*s, but HK is very discreet compared to other offshore coutries. Adavantage, you find big international secure banks available, I prefer putting money in DBS or HSBC then Loyal bank/Rietumu (who went down) or whatever offshore bank, it costs more but security is priceless for me

 

[jim1688]

I have an established HK company that I no longer use. has established bank account and was established in 2016 which I believe if the account balance is under 250K USD is not reportable for AEOI. <<snipped>>

Last edited by a moderator: Oct 11, 2018

 

[hiju]

jim1688 said:
I have an established HK company that I no longer use. has established bank account and was established in 2016 which I believe if the account balance is under 250K USD is not reportable for AEOI. <<snipped>>
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If you don't use it any longer why you don't dissolve it ask the agent to sell it for you? Anyone that would consider to buy a used company in HK will have to require you to provide accounting and financial reports for the company in order to be able to check any liabilities or whatever there may be on this company.

Some people are simply to stupid to understand that and would consider to buy the corp. blind!

 

[jim1688]

hiju said:
If you don't use it any longer why you don't dissolve it ask the agent to sell it for you? Anyone that would consider to buy a used company in HK will have to require you to provide accounting and financial reports for the company in order to be able to check any liabilities or whatever there may be on this company.

Some people are simply to stupid to understand that and would consider to buy the corp. blind!
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it's depending on supply and demand, happy to provide for serious parties, but I got a warning that I cannot sell here unless I am a mentor member, so fair enough.

But considering how hard it is getting to open a bank account in HK, especially for those from high risk countries, it may be an attractive alternative.

 

[jim1688]

hiju said:
You are looking at $3000 - $4000 depending on which agent you are using and what services you require

You need to do accounting and file a tax report each year for the HK company even though you won't be tax liable. That said I don't think it will make it easier to get a US brokerage account for your company but have no experience with it.


That's not a problem in HK as well as not any other jurisdiction.


Yes, the majority of agent provide this services as an online service.
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Depending on where you go, it can get A LOT cheaper than 3-4K USD. My cost is approximately less than 1K USD annually excluding audit and tax, that is including corporate secretary and forwarding address as well, so pretty complete for what most needs..

 

[pluma]

jim1688 said:
Depending on where you go, it can get A LOT cheaper than 3-4K USD. My cost is approximately less than 1K USD annually excluding audit and tax, that is including corporate secretary and forwarding address as well, so pretty complete for what most needs..
Click to expand...

This is for some sort of dormant company and even then it is not true! You can get all this for less than 1K USD! troll¤##

 

[jim1688]

pluma said:
This is for some sort of dormant company and even then it is not true! You can get all this for less than 1K USD! troll¤##
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Not dormant. Can you share a breakdown of those 3-4K? This is 3-4K USD we are talking about, right? not HKD?

 

[pluma]

Yeah USD ! I made a typo, wanted to say CAN'T get it for less than 1K 😀