Hong Kong is a trap, a fake good offshore jurisdiction
- Thread starter dotbloup
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I don't believe all what I read on the Internet. But this convenience me not to register my company in Hong Kong ever!
Yes I can confirm HK is a terrible choice. Especially if you go for someone with $2k+ fees annual and don't know about cheaper options.
What exactly happens when somebody drops their company (stops doing audits and fees)? I heard of fines that go up to $10k, but anyone has link to real experience? Will they arrest you or something if you arrive to HK? What's worst coming out of this?
What exactly happens when somebody drops their company (stops doing audits and fees)? I heard of fines that go up to $10k, but anyone has link to real experience? Will they arrest you or something if you arrive to HK? What's worst coming out of this?
Can you link any of those reports? Wouldn't it be wiser to not travel *after* 1-2 years because fines will only get higher.
I just registered a company there( HK) and was thinking to travel there to open a bank account but for now i opened an offshore account in latvia without going there , still it will hit me tax ? any suggestions ? Also need to open a PayPal Account on Latvia Account but my company is in Hk any Help ?
It is not going to work for you with a PayPal account. You setup a mismatch! You would need to travel to Hong Kong to get an account there! The banks require personal visit as far as I know. I have not seen any report the success of open an account in HK without personal visit at least!
If you consider to travel there then pay what you owe the guys and pay to get the corp closed. It is not worth to get troubles once you enter the airport there!
This is one of the best thread I have read about Hong Kong and how they fraud their clients and try to fool them into their business! Thanks for the great share OP!
Before I found this forum and before I even know where I wanted to register my offshore company I read a lot about Hong Kong as a great jurisdiction for offshore companies. Today I read this thread and I thank god that I didn't setup something there!
Does someone has a reliable provider of Hong Kong companies after all? I find it very informative this thread but still it would be nice to know if there is any reliable provider around that not will fool you into their business nor charge you a arm and leg once you have setup the company with them!
So far I know Bridges, which seem to be good. You can look for "Bridges HK". Not really sure how they are compared to other. I just know some people who are working with them.
To the rest:
When it comes to accounting and auditing HK is really a pain. Especially those offered by the companies who are︀ helping you to set up the Limited. I would even consider it as a scam.︁ Some of them are charging crazy amounts for auditing and accounting. However, I know people︂ who are paying less than 5% of tax per year without any tax exemption.
I think accounting can be outsourced or done by the CEO himself. I wouldn't go with︃ the provider, but as far as I know the auditing has to be done by︄ an licensed Hong Kong auditor. Also with this I wouldn't really go with provider. There︅ are many auditors in HK who are charging less. Just a bit hard to figure︆ out these legit auditors.
To the rest:
When it comes to accounting and auditing HK is really a pain. Especially those offered by the companies who are︀ helping you to set up the Limited. I would even consider it as a scam.︁ Some of them are charging crazy amounts for auditing and accounting. However, I know people︂ who are paying less than 5% of tax per year without any tax exemption.
I think accounting can be outsourced or done by the CEO himself. I wouldn't go with︃ the provider, but as far as I know the auditing has to be done by︄ an licensed Hong Kong auditor. Also with this I wouldn't really go with provider. There︅ are many auditors in HK who are charging less. Just a bit hard to figure︆ out these legit auditors.
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