Hello friends i am travelling to hongkong in a week and thought if i can open an account for my company (seychelles ibc ) with any of the banks in hongkong there .If anybody has any experience then let me know.
Hongkong Bank account for Seychelles IBC
- Thread starter providenceventurer
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Do you have some business ties to Hong Kong (customers, suppliers, ...)? If yes, then it is difficult but it might be doable with some introduction. If not, then next to impossible.
P.S. Seychelles IBC can have a HK account with Currenxie (in general, I have no clue about your business and whether they would like it) – no need to travel.
P.S. Seychelles IBC can have a HK account with Currenxie (in general, I have no clue about your business and whether they would like it) – no need to travel.
It will be very hard,
Firstly, If you have an onshore company, such as a Hong Kong company, you need a very strong business connection with Hong Kong or mainland China(customers, suppliers, office, employees), then they will consider your company. But the compliance team/onboarding team still will ask tons of questions: 'Why do you need a bank account in Hong Kong?' So you need a strong proof of business connection with this area. Or the teller/banker who works at the branch will say no to you at first.
Secondly, If you bring an offshore company, such as BVI, Cayman or Seychelles, it will have 2︀ options:
a) private investment company, you use your company to invest with your own money.︁ It will be much easier to onboard banks in HK with a clean USD 10m.︂ The Citi HK PB, HSBC PB, DBS PB, and Dah Sing Bank will be happy︃ to onboard both you and your offshore company and then provide some insurance and funds︄ for you to invest.
b) If you doing some business and something like "transaction banking".︅
If your company's annual revenue is lower than ~ USD 10m or something, you need︆ to explain 2 things to banks:
① Why do you need a bank account in︇ Hong Kong? Do you have a strong business connection with Hong Kong or China?
⓶ Why do you use an offshore entity rather than a Hong Kong local company?
You still need tons of documents and files to explain these 2 questions. Sometimes you can︈ prove the question ①, But the bankers will still advise you to set up an︉ entity in Hong Kong, so they can onboard you.
If your company's annual revenue is︊ pretty high, or you have other companies listed on the Stock Exchange or you have︋ an existing bank account in a commercial banking department in another country, It will be︌ much easier.
For example, a bank with US Capital can onboard BVI with an annual︍ turnover of more than USD 20m
Another case is, that we have a listed supplier,︎ that bank with Bank of American Hong Kong branch.
Firstly, If you have an onshore company, such as a Hong Kong company, you need a very strong business connection with Hong Kong or mainland China(customers, suppliers, office, employees), then they will consider your company. But the compliance team/onboarding team still will ask tons of questions: 'Why do you need a bank account in Hong Kong?' So you need a strong proof of business connection with this area. Or the teller/banker who works at the branch will say no to you at first.
Secondly, If you bring an offshore company, such as BVI, Cayman or Seychelles, it will have 2︀ options:
a) private investment company, you use your company to invest with your own money.︁ It will be much easier to onboard banks in HK with a clean USD 10m.︂ The Citi HK PB, HSBC PB, DBS PB, and Dah Sing Bank will be happy︃ to onboard both you and your offshore company and then provide some insurance and funds︄ for you to invest.
b) If you doing some business and something like "transaction banking".︅
If your company's annual revenue is lower than ~ USD 10m or something, you need︆ to explain 2 things to banks:
① Why do you need a bank account in︇ Hong Kong? Do you have a strong business connection with Hong Kong or China?
⓶ Why do you use an offshore entity rather than a Hong Kong local company?
You still need tons of documents and files to explain these 2 questions. Sometimes you can︈ prove the question ①, But the bankers will still advise you to set up an︉ entity in Hong Kong, so they can onboard you.
If your company's annual revenue is︊ pretty high, or you have other companies listed on the Stock Exchange or you have︋ an existing bank account in a commercial banking department in another country, It will be︌ much easier.
For example, a bank with US Capital can onboard BVI with an annual︍ turnover of more than USD 20m
Another case is, that we have a listed supplier,︎ that bank with Bank of American Hong Kong branch.
To the above questions i plan to supply computer hardware from shenzhen for some selected clients in Africa( one of the reasons to open the seychelles ibc was to cater to some african clients).My african clients would mostly not work with a Hongkong company.In this case what kind of documents might these banks ask for and which banks do you recommend me to try for.
It does not seem to have much (or maybe any) HK connection and it is not a particularly profitable activity for the banks. HK non-resident (i.e., onboarding a non-local company and/or one that does not︀ have local substance) banking is almost always available only for wealth management purposes or similar︁ activities that bring high economic value to the entity.
I'd say try PingPongX or Currenxie,︂ both of which will work well for B2B trade and provide HK receiving details.
I'd say try PingPongX or Currenxie,︂ both of which will work well for B2B trade and provide HK receiving details.
Perfect thanks brother for the help.
The real reason for seychelles ibc was anonymity though and kind of easy to setup i would say when i started my business on a shoe string.
The real reason for seychelles ibc was anonymity though and kind of easy to setup i would say when i started my business on a shoe string.
Just for the african business of supplying hardware i think it would be small amount between 200000 usd to half a million a year varying yearly.If i consider all the activities under my business umbrella it would be bigger than that.
Thank you for your suggestions.
Thank you for your suggestions.
I second this.
Currenxie is very good in general; but they are reluctant to payments to and from a lot of African countries. So I am afraid that it won't fit.︀
Well... certain locations are (relatively) easy to setup but very︂ difficult to find a proper banking.
I see and understand. It's OK 🙂
I share︆ your opinion that a Chinese fintech is probably the only @providenceventurer 's viable chance (perhaps︇ except of some Mauritian bank but I am not sure re:this).
P.S.
BTW, knowing something︈ about the compliance at Worldfirst, I would hesitate to recommend it for @providenceventurer 's case︉ 🙁
Currenxie is very good in general; but they are reluctant to payments to and from a lot of African countries. So I am afraid that it won't fit.︀
Well... certain locations are (relatively) easy to setup but very︂ difficult to find a proper banking.
I see and understand. It's OK 🙂
I share︆ your opinion that a Chinese fintech is probably the only @providenceventurer 's viable chance (perhaps︇ except of some Mauritian bank but I am not sure re:this).
P.S.
BTW, knowing something︈ about the compliance at Worldfirst, I would hesitate to recommend it for @providenceventurer 's case︉ 🙁
Does adding supplying computer hardware from Hongkong make it worthwhile for these Hongkong banks to︁ take a look at onboarding my business?I would have really loved to have a Hongkong︂ bank account for my seychelles company.We have wise and advcash setup a long time ago︃ for my company and then covid happened( and i was focusing on growing my p2p︄ business hence i didnt venture out much to check for other bank accounts for my︅ company except in Georgia ,UAE and Romania.)All of which were s**t shows.
I would say not enough. Honestly even locals with local companies often cannot get HSBC account directly as first account. And if you do, you will need to︀ make an appointment and then wait 3 months for them to go though the papers.︁
If you are there anyway, you can make the appointments now, go that and check︂ what happens. You may want to try Citi and Bank of China.
If you go︃ there, tell them at least that all your suppliers are in Hong Kong and come︄ with a lot of businesses your are buying from. You can get the names from︅ hktdc marketplace. Tell them that you are working with local residents and want to hire︆ them. And that you want to register your company in Hong Kong as local company︇ (you could do this anyway and then decorate no tax and close after 3 years,︈ no audit needed).
You may also want to check out @jafo's advice, but sure︉ if it still helps:
If you are there anyway, you can make the appointments now, go that and check︂ what happens. You may want to try Citi and Bank of China.
If you go︃ there, tell them at least that all your suppliers are in Hong Kong and come︄ with a lot of businesses your are buying from. You can get the names from︅ hktdc marketplace. Tell them that you are working with local residents and want to hire︆ them. And that you want to register your company in Hong Kong as local company︇ (you could do this anyway and then decorate no tax and close after 3 years,︈ no audit needed).
You may also want to check out @jafo's advice, but sure︉ if it still helps:
I second this.
More likely half a year from the beginning to the end, I would say.
Well, yes; but︀ IMO it's wasting the time.
They will ask him for papers documenting everything – invoices, agreements, etc.
It's a plus, yes. But see above.
For personal accounts funded with a substantial wealth it should help. Yet︍ business accounts make a different story – and are much more difficult to open.
More likely half a year from the beginning to the end, I would say.
Well, yes; but︀ IMO it's wasting the time.
They will ask him for papers documenting everything – invoices, agreements, etc.
It's a plus, yes. But see above.
For personal accounts funded with a substantial wealth it should help. Yet︍ business accounts make a different story – and are much more difficult to open.
No, Your annual volume is too low. The teller/banker at the branch will refuse you and it will waste time.
And I checked with PingPong, they can onboard︀ you with HK and Africa VA. If you don't mind, I can share a unique︁ link to register(No referral commission, make sure you can register successfully)
And I checked with PingPong, they can onboard︀ you with HK and Africa VA. If you don't mind, I can share a unique︁ link to register(No referral commission, make sure you can register successfully)
In general yes (for Seychelles apparently, for Nevis probably); but it does not mean that they will like you and your business (e.g., they usually look for ties to China). For @providenceventurer with his China suppliers and African customers it was a viable solution; yet more information is needed about you / your business – not just to waste time. Share this info, it might show that e.g. Currenxie is a better bet for you (they onboard Nevis as well).
(And for both providers, you do not need any special︀ link, you can go directly – in general.)
(And for both providers, you do not need any special︀ link, you can go directly – in general.)
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