Setting up a company but where ?

[moneyhoney]

For my experience in both the countries (SG/HK) here my 2cents:

HK or SG? Reading your situation, I'd rather prefer SG. Why? Access to banking services. In HK you won't‌ able to open a REAL bank account if you don't have any link with the‍ city and/or China. In SG is still possible. Nonetheless: Transferwise doesn't offer borderless account for⁠ HK, but it does for SG (you have anyway a limit of 400,000 SGD, you⁤ cannot keep more due to SG law). If you go for this way, I do⁣ suggest you OSOME.com - I don't know if they are the cheapest around but they⁢ are really really professional.

Note this situation is going to change soon: HK released some︀ virtual bank licenses and they are going to launch the products soon. This will be︁ a good game changer but still need to wait to see it. SG is doing︂ the same but it is still in early steps.

NEAT.hk: you can read a lot︃ of bad reviews about them and I confirm them all. They aren't professional, they are︄ slow, they give little support. You can open it, but don't rely on it. Much︅ better Currenxie.com. And have a look into Airwallex.com (depends on your needs).

Hope it helps.︆

 

[Spinat]

For general understand, why do you consider these services to be much‍ better, what makes them better?

 

[moneyhoney]

I'm referring mainly to Currenxie: you have support‍ if you need it and a multicurrency account including HKD, EUR and USD account in⁠ HK (with Neat you just have HKD in HK and EUR/GBP in UK now, but⁤ you can get just SEPA transfers).

Airwallex.com has many features if you need them and⁣ a EUR account (just SEPA) in Germany.

NEAT.hk isn't to avoid, it can be an⁢ option, but you have to be ready to have a really bad and slow support︀ and it's slow to process incoming payments.

 

[Spinat]

Why would someone at all consider NEAT if they are that slow and you can‌ get the same with Currenxie?

 

[Margeb]

All great answers here, I can't believe my question has gone that far 🙂

I heard‌ the best about Currenxie, didn't know about Airwallex. This means Airwallex offers a European Bank‍ account (sort of) in Germany ?That'd be great.

I wonder what the banking details look⁠ like when you need to issue an invoice to a customer, where it be Currenxie⁤ or Airwallex, or even Neat.

 

[moneyhoney]

Cause NEAT issues virtual credit‍ cards. Currenxie not (yet).

Airwallex gives you an IBAN with your name on it. BUT you can use just for⁢ SEPA, no SWIFT.

Both Currenxie and Neat allow you to use their accounts BUT the︀ name will be CURRENXIE - Your Company LLC. You cannot get a payment without the︁ suffix.

 

[Margeb]

Thanks for that explanation !

So with Airwallex:
Name of company
IBAN

>> then⁣ money is on the German account (paid by my customer in france for ex) ?⁢
From there I can send my salary to Thailand ? (that'd require swift I guess).︀

Sorry if what I say may sound dumb, I really have no clue about all︁ these things 😛

 

[moneyhoney]

Yes, all right 🙂

 

[Spinat]

Great that make sense, thanks for your information. Do they have a normal debit card available?‌

 

[Artemis Eleutheria]

No SWIFT in, No SWIFT out‍ or neither? If neither ... how do they get $ to HK?

 

[AMD]

That's interesting, wonder how they are‍ doing the transfers then!

 

[moneyhoney]

The problem is money in, for‍ safety reasons they prefer to do just with other EU banks. Not money out.

 

[moneyhoney]

No. Sounds like it is coming....

 

[Spinat]

What is the final outcome of all of this where are you going to setup‌ the company OP ?

 

[karim8899]

Aren't your that French who would come to the Switz‍ bakery over coffee in Vientnyan at 7-8 o'clock every day(!) and talk very loudly, almost⁠ yelling, with his friend?

 

[karim8899]

What app? Why download an app for verification?

 

[JohnLocke]

I don't remember the APP name, but they will send you a link to a‌ APP which you have to install on your smartphone, so the verification will be done‍ with live video and after that you get your documents approved and company registered.

 

[Margeb]

😵😉😛 nope not me, but I'm not surprised at what you say⁠ !

 

[Margeb]

Hi,

Still a bit early to‍ say. I checked and some of my business partners in Europe seem to be needing⁠ a Bank Account for SEPA transfers.

I contacted Airwallex et they only provide a European⁤ IBAN for merchants accounts, if it's wire transfer then it's directed to DBS Singapore (no⁣ European IBAN then).

if HK company is the way to go then I'll need an⁢ IBAN somewhere in Europe.

Or I'll have no choice but setting up a UK ldt︀ or Hungarian company etc...

 

[Spinat]

Hungarian company sounds more complicated and risky compared to UK‍ or what you think?