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ICICI Corporate Account in HK

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  1. #1

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    ICICI Corporate Account in HK

    So, I have incorporated a company in HK with an aim of doing small business in India. Obviously I didn't try HSBC after reading on here and thought I might be better off opening up the bank account with the Indian banks here in HK. I met with ICICI bank yesterday, everything was going positively, till they told me the yearly maintenance fees, USD 3000 per year, I couldn't believe my ears.
    Is it really like the range? Appreciate any suggestions on this, thanks.


  2. #2

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    Hsbc or standard chartered are fine for normal businesses and they have a decent footprint in India.

    The 3000 fee is ridiculous. Probably there to discourage small businesses.

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  3. #3

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    Quote Originally Posted by gunsnroses:
    So, I have incorporated a company in HK with an aim of doing small business in India. Obviously I didn't try HSBC after reading on here and thought I might be better off opening up the bank account with the Indian banks here in HK. I met with ICICI bank yesterday, everything was going positively, till they told me the yearly maintenance fees, USD 3000 per year, I couldn't believe my ears.
    Is it really like the range? Appreciate any suggestions on this, thanks.
    Contact Harpreet at Centre O, he should be able to help you with a DBS account.
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  4. #4

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    - would it not also depend on how well these banks would interact with the other side of the business, say it is RMB?


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    Thank you! I don't intend to have any dealing with the Mainland. My focus will be HK and India.
    Yeah and looks like ICICI is a crappy option and I am exploring other options suggested above.
    However quick update, I contacted SBI and basically they told me if I am looking just for a bank account for the company then they might not be interested as they only want customers who will be using their other services (though I am not sure what other services), but I will explore more and update.


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    @gunsnroses - Many of these banks make money on LCs and other trade related services. Not interested in businesses that don't need trade financing etc.

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    Quote Originally Posted by shri:
    @gunsnroses - Many of these banks make money on LCs and other trade related services. Not interested in businesses that don't need trade financing etc.
    So what is the way around this? Or is there no other way and opening up of company bank account will remain a dream?

  8. #8

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    Original Post Deleted
    Money will be sent over to India, for salaries and operational expense. Yes, there is one person in India who will be a salaried employee and taking care of business interests there.

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    Quote Originally Posted by gunsnroses:
    So what is the way around this? Or is there no other way and opening up of company bank account will remain a dream?
    I already gave you a solution.
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  10. #10

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    - easier in life to build exchange rate costs into your margin. No point f'ing around for pennies on the dollar - you have bigger problems if your main worry with banking is exchange rates.


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