Like Tree32Likes

HSBC has rejected my business bank account application

Reply
Page 2 of 13 FirstFirst 1 2 3 4 5 10 ... LastLast
  1. #11

    Join Date
    Sep 2014
    Posts
    11

    As most "sourcing" start-ups from Mainland China, I also do prefer the HK jurisdiction. The client comes from Europe, supplier/factory from Mainland China and people who are getting paid for their work for me are free-agents or other firms who do the QC etc. on my behalf. It is a viable business model, where the startup does not need to pay much taxes and can keep it simple on Europe/Mainland side. Plenty of foreigners who have started trading companies first went this way before setting up a proper WOFE in Mainland China ( more requirements, more bureaucracy, much larger initial investment needed + waiting for the company to set up easily exceeds 6 months).


  2. #12

    Join Date
    Dec 2012
    Posts
    1,915
    Quote Originally Posted by HowardCoombs
    Do a google for : hong kong nominee lawyer
    and you'll find plenty.
    A nominee (offering corporate directors and shareholders) is very different to offering bank signatories. I don't know of any lawyers able or willing to do this. Happy for you to correct me though.

  3. #13

    Join Date
    Dec 2012
    Posts
    1,915

    Dagnai, I think (but I'm not certain) that it is a company legal requirement that one director of the Company must be resident here. You might have dealt with that via nominees though.

    The nature of business and types of suppliers/customers doesn't appear to ring any alarm bells.

    I think the biggest risk factor for the banks is probably that you're not here. I know one poster, Trebor, knows much more about this stuff than me.


  4. #14

    Join Date
    Mar 2007
    Posts
    13,153
    Quote Originally Posted by iliketurtles
    A nominee (offering corporate directors and shareholders) is very different to offering bank signatories. I don't know of any lawyers able or willing to do this. Happy for you to correct me though.
    If you go in and ask, they will do it for you.

  5. #15

    Join Date
    Mar 2007
    Posts
    13,153
    Quote Originally Posted by iliketurtles
    Dagnai, I think (but I'm not certain) that it is a company legal requirement that one director of the Company must be resident here. You might have dealt with that via nominees though.
    Absolutely not. HK is an offshore jurisdiction and there is no requirement on residency for shareholders nor directors.
    CR-Frequently Asked Questions - Local Companies - Incorporation

  6. #16

    Join Date
    Dec 2012
    Posts
    1,915
    Quote Originally Posted by HowardCoombs
    If you go in and ask, they will do it for you.
    Right, so no google results came up then?

    If you came to my firm and asked this question you'd receive a categoric "no" from us. That's why I am asking you who it is you know that offers this.

  7. #17

    Join Date
    Sep 2014
    Posts
    11
    Quote Originally Posted by HowardCoombs
    Absolutely not. HK is an offshore jurisdiction and there is no requirement on residency for shareholders nor directors.
    CR-Frequently Asked Questions - Local Companies - Incorporation
    I can only confirm. No need for any residency reg/hk id to open a limited company or a business bank account. IT SIMPLY IS NOT A REQUIREMENT.

    Another issue: Why would the lady from Hang Seng tell me that if I happened to have a hk id or a HK director/shareholder then it would be easier to get an account? And why each of banks say totally different things?

  8. #18

    Join Date
    Mar 2007
    Posts
    13,153
    Quote Originally Posted by iliketurtles
    If you came to my firm and asked this question you'd receive a categoric "no" from us. That's why I am asking you who it is you know that offers this.
    I know 2. One is a lawfirm and one is an accounting firm. I'm a current customer of the accounting firm and last dealt with the lawyer 2 years ago.

    I'm curious : why would you say no? Perhaps you have some high level of morality but its certainly not illegal.

  9. #19

    Join Date
    Dec 2012
    Posts
    1,915

    TBH I'm not convinced it is permitted under the Solicitors Practice Rules, and any suggestion of offering investment or financial advice or services and the firm gets a wallopping from the Law Society. In my firm opening a bank account and offering a bank signatory constitutes financial services.

    Accountants absolutely provide this service though.


  10. #20

    Join Date
    Mar 2007
    Posts
    13,153

    Aha, there is the answer then....

    You know perfectly well that many lawyers and accountants live under the same roof, in different bedrooms.

    It may be that the lawyer that offered me the service fulfilled it by passing it to his buddy in the next room over. I dont know that for a fact as I only dealt with the lawyer; the task may have been done by someone else...

    iliketurtles likes this.

Reply
Page 2 of 13 FirstFirst 1 2 3 4 5 10 ... LastLast