Hi. I have money in another country where I've been living and I can't simply transfer it out to my own foreign bank account because the country's banking laws are very strict. The money is just my life savings that I transferred there and invested in banks to earn their high interest rates. It's all my legitimate money, no taxes owed. I'm retired.
My bank says the law allows me to transfer my money out if I have an invoice from a foreign company that I have to pay. So someone suggested to me that I go to HK, start a business, and send myself an invoice for the money I want to get out.
How much would it cost to start a simple business? I don't think I have to have a HK corporation, a sole proprietorship might be sufficient. I'm just a consultant. I want to spend as little as possible. Just start a HK company, open a HK bank account for the company, invoice myself, and ask the foreign bank that is holding my money to transfer it to the HK company's bank account in HK.
I want to stay in HK as briefly as possible, because the hotels are so expensive.
After the transfer is received in HK, I have no need for the business anymore and would want to close it. I would need to close the business's bank account and deposit the money to a personal bank account. I'd like to keep a personal bank account in HK, probably at HSBC, even after I close the business.
Is this doable? Can I do it by myself or do I need to pay for assistance? How much will I have to spend?
Would I have to pay HK taxes on the money that is transferred into HK?
Can i close the business quickly and with minimal expense?
Would i then have to file a HK tax return and is that simple enough to do by myself? The business would not earn any money, its purpose is only to get my money out of another country.
Thanks for listening. I would greatly appreciate any advice.