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HSBC has rejected my business bank account application

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  1. #121

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    Nov 2007
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    Quote Originally Posted by alixjames

    Most transactions will be through paypal which once business starts if I didnt change anything it would go into my personal account, anyone have any experience of filing taxes using transactions going into a personal bank account or is that not allowed? What if it was all left in paypal, would an accountant audit a paypal account?

    Just trying to figure out which way to take this.
    thanks in advance
    I do the books for a HK company that has a paypal account. There are some funds left in there, as long as the balance is reflected as a cash account in the books of the Company and you have the documents to verify the transactions and balance as at your FYE then the auditors are fine with that.
    alixjames likes this.

  2. #122

    Join Date
    Sep 2011
    Posts
    152

    Klau11

    There are many service providers that will be able to set you up a HK company or BVI or Seychelles company is popular now. Setting up the company is easy and anyone can do that for you, or even yourself if you go to companies house and fill in forms, but better to get a service provider to do it...You just need your passport and proof of address either utility bill or bank statement. Cost is about 14k hkd for HK company and slightly less for BVI or Seychelles.

    What the service provider won't provide you is a company bank account opening, anyone that says they can open one for you is talking BS, all they will do is set up the bank interview for you which anyone can do anyway. Forget about HSBC and Hang Seng and Standard, they are shit anyway. Try your luck with BOC, DBS, BEA, CCB and the other less prominent ones. I've helped associates set up in DBS and CCB and BOC with very few problems.

    Make sure you have a decent set of business documents. Business plans, orders, sales receipts, invoices ect etc will all help your cause. A company brochure or website will also help. Chinese is all about how you look and the paper you have, they don't care if you have a real business or not since I've done so many fake websites and brochures for people who simply want a business bank account. Be creative with your docs and invoices. And also exaggerate like you would in a job interview.

    Good luck!


  3. #123

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    Dec 2013
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    Quote Originally Posted by NAMBLA
    Klau11

    There are many service providers that will be able to set you up a HK company or BVI or Seychelles company is popular now. Setting up the company is easy and anyone can do that for you, or even yourself if you go to companies house and fill in forms, but better to get a service provider to do it...You just need your passport and proof of address either utility bill or bank statement. Cost is about 14k hkd for HK company and slightly less for BVI or Seychelles.

    What the service provider won't provide you is a company bank account opening, anyone that says they can open one for you is talking BS, all they will do is set up the bank interview for you which anyone can do anyway. Forget about HSBC and Hang Seng and Standard, they are shit anyway. Try your luck with BOC, DBS, BEA, CCB and the other less prominent ones. I've helped associates set up in DBS and CCB and BOC with very few problems.

    Make sure you have a decent set of business documents. Business plans, orders, sales receipts, invoices ect etc will all help your cause. A company brochure or website will also help. Chinese is all about how you look and the paper you have, they don't care if you have a real business or not since I've done so many fake websites and brochures for people who simply want a business bank account. Be creative with your docs and invoices. And also exaggerate like you would in a job interview.

    Good luck!
    Our corporate services provider did far more than set up the interview. They basically did the whole opening for us and clearly had a relationship with HSBC which helped smooth the process. Yes, it was a couple of years ago, but then my company is owned by three of us, two of which were American and we all know how much fun it is opening bank accounts here with Americans involved.

  4. #124

    Join Date
    Aug 2014
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    451
    Quote Originally Posted by HK_Katherine
    Our corporate services provider did far more than set up the interview. They basically did the whole opening for us and clearly had a relationship with HSBC which helped smooth the process. Yes, it was a couple of years ago, but then my company is owned by three of us, two of which were American and we all know how much fun it is opening bank accounts here with Americans involved.
    Mine did too for one of my companies three years ago with HSBC. But things changed drastically in the last few years. HSBC recently introduced enhanced KYC requirements and while doing a periodic review of one of my accounts decided to close down one of my business accounts. I honestly, to this day, don't know exactly why as they kept giving different reasons. Maybe because the owner structure was two legal entities (my own and an European holding company) and HSBC had concerns around the UBO, maybe because there was not much business activity last year in this particular company.... who knows. They were impossible to get in touch with, kept sending papers to an address from three years ago (long updated in their systems), drove my accountant crazy with new requirements every week. And yes, I am legally in HK, had that company incorporated in Hong Kong three years ago, rent office space in Hong Kong for that company etcetc.

    So I am afraid your experience from three years ago won't hold up in present days and with two Americans as UBO's you may prepare yourself to be in trouble when they decide to do an enhanced periodic KYC review.
    shri and TheBrit like this.

  5. #125

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    Quote Originally Posted by Edwardstorm
    Mine did too for one of my companies three years ago with HSBC. But things changed drastically in the last few years. HSBC recently introduced enhanced KYC requirements and while doing a periodic review of one of my accounts decided to close down one of my business accounts. I honestly, to this day, don't know exactly why as they kept giving different reasons. Maybe because the owner structure was two legal entities (my own and an European holding company) and HSBC had concerns around the UBO, maybe because there was not much business activity last year in this particular company.... who knows. They were impossible to get in touch with, kept sending papers to an address from three years ago (long updated in their systems), drove my accountant crazy with new requirements every week. And yes, I am legally in HK, had that company incorporated in Hong Kong three years ago, rent office space in Hong Kong for that company etcetc.

    So I am afraid your experience from three years ago won't hold up in present days and with two Americans as UBO's you may prepare yourself to be in trouble when they decide to do an enhanced periodic KYC review.
    They did a review very recently. Pain in the neck. But we got all the documents they wanted eventually and they seem to have gone quiet again.

  6. #126

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    I work for a service provider and it is true that it's very difficult now to open accounts at your retail banks.

    I do have contacts at two private banks that are still very much open for business but it really depends on the complexity of the structure at one of them and the minimum balance to be kept at the other, in deposits or investments (it's not a small amount)


  7. #127

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    Mar 2008
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    866
    Quote Originally Posted by Trebor
    I do have contacts at two private banks that are still very much open for business
    Which banks?

  8. #128

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    Quote Originally Posted by big_panda
    Which banks?
    ANZ and UBS
    shri and Edwardstorm like this.

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