neat.hk and CRS compliance

[iwanttobefree]

Hello guys,

I have set up an offshore company not long ago in Hong Kong and i have both a business and a personal account using Neat.

Just recently i got aware that Hong Kong has joined OECD group of countries and CRS compliance is a requirement.

My question is if Neat is required to comply with this since it does not have a virtual banking licence. it is licensed as a money service operator I have looked on their terms and conditions and found no reference to this.

Thanks in advance!

 

[Flatworld]

neat is not good...stay away from them...sorry, not the answer you asking for~

 

[Clip]

Hello from Hong Kong. Neat doesnt have a⁢ license, it just a reseller of another Bank that has it (Standard Charter), this for︀ sure will be reported to the HK Tax Authorities that at the same time will︁ be reported on request by your resident country. Its not automatic as its a company︂ bank account.

For personal prepaid card account its no reported as not included under CRS︃

 

[JohnLocke]

That's a huge sign to not go that‍ route but are you sure about this?

 

[Clip]

It was in the past
https://www.hongkongfp.com/2019/02/...ed-fintech-startup-neat-customers-left-limbo/
Now they are using‍ another bank, not sure wich one as I stopped working with them

 

[iwanttobefree]

They are with bank of China now.

Just to make sure I understood well. They will only⁢ report if the tax authority from my country requests to HK Tax authority, is this︀ correct?

Thank you so much for your reply

 

[iwanttobefree]

And by the way, neat business is a multi-currency account. They are partners with a‌ bank in UK and the bank of China HK. Not sure if this is relevant‍ information for the case, but I used UK account for receiving one or two payments.⁠

 

[moneyhoney]

Actually is DBS.‌

 

[iwanttobefree]

Yes you are right, personal account is‌ the one using Bank of China

 

[zeytin]

Did you incorporate your company by Neat or⁢ somewhere else?

 

[iwanttobefree]

I've opened using Fast offshore company registration | Just From US$399 in 30 Mins

Fast and good support

 

[JohnSeed]

congrats why did you post it here‍ - do you opened an account with neat.hk using this service provider or are you⁠ only spam advertise this provider?