How to get a Real Bank account for a HK company?

[banafinfodafuggiano]

I'm well aware that local HK business bank accounts are very hard to open and may take showing years of business history if you are lucky.

Therefore, are there any foreign/offshore REAL banks, for example, based in Switzerland or Singapore or even just in normal countries like the USA/UK/Canada that allows you to open a business bank account
for your Hong Kong entity?

Unfortunately the payment gateway I work with and which allows me to earn my business profits, only allows real banks for payouts (e.g: Royal bank of Canada, HSBC, Barclays, Commonwealth Bank, Bank of America, etc...).
Therefore none of the EMIs are ok since they specifically request me a bank statement showing the name of the bank each time I change the payout bank details.

 

[JohnLocke]

You have limited your options for getting a real bank account with the setup you have. I doubt there's any real bank that will open an account for you unless you have a really well-developed and professional business plan, have professional advisors on the sidelines you can refer to in front of the bank, AND you're making a lot of money.

Otherwise, I would set up a company that is solely registered as a payment processor for your HK company and is registered in a country where it's easier to get a business bank account in a real bank. For example, the UK, Switzerland, Germany, etc.

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[banafinfodafuggiano]

JohnLocke said:
You have limited your options for getting a real bank account with the setup you have. I doubt there's any real bank that will open an account for you unless you have a really well-developed and professional business plan, have professional advisors on the sidelines you can refer to in front of the bank, AND you're making a lot of money.

Otherwise, I would set up a company that is solely registered as a payment processor for your HK company and is registered in a country where it's easier to get a business bank account in a real bank. For example, the UK, Switzerland, Germany, etc.
Click to expand...

Set up a company for payment processors and then how to legally move those funds to the HK company?

 

[JohnLocke]

You should talk to an accountant about it; they have some good methods by which money can be transferred so that it isn't taxed, for example, in an English company but is moved to the parent company and taxed there. And it's completely legal if you get professional help.

For good reasons, I can't spell out here how, since I 1 don't know your setup and 2 am not an advisor who can speak on such matters.

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[CALAY]

hello,
depending of the situation of your HK setup I could potentially help setting up a Spanish high street bank account. We would have to look more in details into your case.
When it comes to opening an SPV in the UK or Europe with a STABLE ESTABLISHMENT operating as a distributor/payment processor for your HK entity I would recommend to work exclusively with a good lawyer (and not someone desperate to sell you a company incorporation) to draft a plan and concentrate on growing your business. Trying to do it yourself might look cheaper from far away, but 99% of the time it's either non-compliant or not sustainable...

Last edited by a moderator: Mar 14, 2024

 

[Forester]

JohnLocke said:
You should talk to an accountant about it; they have some good methods by which money can be transferred so that it isn't taxed, for example, in an English company but is moved to the parent company and taxed there. And it's completely legal if you get professional help.

For good reasons, I can't spell out here how, since I 1 don't know your setup and 2 am not an advisor who can speak on such matters.
Click to expand...

I agree completely; just adding that in some jurisdictions accountants are the proper persons to consult, in some other jurisdictions rather lawyers do such work ”“ simply, you need a tax advisor (in some jurisdictions this is even a special profession).

Generally, @banafinfodafuggiano, some Swiss or Singapore banks might be able to onboard you, the same e.g. for Mauritius ”“ but it really depends on what business are you in, your (as ”“ presumably ”“ UBO of the company) residence and citizenship and (very important) your turnover. If you share this, you might obtain some more advice...

Last edited: Mar 14, 2024
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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂

If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...

 

[apres777]

In which currency do you plan to receive your payouts from your PSP? And do you need to verify it in a certain way?

I might have an idea for you depending on the currency.