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Proof of Income - HSBC Account

  1. #1

    Join Date
    Oct 2017
    Posts
    24

    1 month Proof of Income and personal loan

    Well
    i want to open my own restaurant and do my own business but my bank HSBC asks me to show 3 month proof of employment
    i have been employed and given salary in hand by my uncle tax free, so I don’t really have anything income proof to show HSBC

    my question is
    i have started work at Lai Chi Kok as a clerk this month and earn a fixed monthly salary of $12,000, I will receive w proof of employment letter and an income slip by the end of this month and they will pay me in cheque.

    Are there any banks that accept 1 month proof of income or employment for a loan?

    i really want to start my own business and not work for anyone else

    Last edited by Mamol; 26-06-2019 at 04:09 PM.

  2. #2

    Join Date
    Dec 2002
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    薄扶林
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    25,368

    Your best options - seriously - might be to borrow from your family.

    At 12K salary, even if you do find a bank or finance company to lend you money, the amount may be too small and the interest rates may be too high for any sort of meaningful business.

    (Running a restaurant, even a takeaway type counter can be very expensive)

    traineeinvestor and MandM! like this.
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  3. #3

    Join Date
    Oct 2017
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    24
    Quote Originally Posted by shri
    Your best options - seriously - might be to borrow from your family.

    At 12K salary, even if you do find a bank or finance company to lend you money, the amount may be too small and the interest rates may be too high for any sort of meaningful business.

    (Running a restaurant, even a takeaway type counter can be very expensive)
    I am not really looking for some large type restaurant
    its like one of these Indian food shops selling chicken tikka etc at sham shui po or Chung king mansion, i would require $100,000 at max.
    i just want a loan so that I won’t have to slave away anymore. Working for someone else is torture to the mind.

  4. #4

    Join Date
    Jan 2010
    Posts
    2,348

    Your $100,000 investment would have to return 120% annually to just cover your current salary. Then there is rent, utilities and taxes.

    traineeinvestor likes this.

  5. #5

    Join Date
    Dec 2008
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    Quote Originally Posted by Mamol
    I am not really looking for some large type restaurant
    its like one of these Indian food shops selling chicken tikka etc at sham shui po or Chung king mansion, i would require $100,000 at max.
    i just want a loan so that I won’t have to slave away anymore. Working for someone else is torture to the mind.
    I don't think 100k is enough to cover rent + deposit

  6. #6

    Join Date
    Dec 2009
    Posts
    4,577
    Quote Originally Posted by Mamol
    i have been employed and given salary in hand by my uncle tax free
    IRD will love that.
    jimbo_jones likes this.

  7. #7

    Join Date
    Feb 2011
    Location
    Hong Kong
    Posts
    5,509
    Quote Originally Posted by emx
    IRD will love that.
    If he's earning 12k per month, he probably owes no tax. To the OP, tax is almost free up to 300-350k/year with the tax refunds. Have your uncle report your income and set up a MPF so you can have some track record.

    Opening a restaurant is going to be a horrible headache. You'll have to answer to customers who complain, deal with issues getting food supplied to you, paying suppliers bills expenses etc. Don't think it's going to be magical. You'll need to work 14-16hour + days 7 days a week.
    jimbo_jones likes this.