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  • 2 Post By shri

Offshore company in HK

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  1. #1

    Join Date
    May 2017
    Posts
    5

    Offshore company in HK

    Hello All,

    I am going to set up a company in HK using SFM Corporate Services.

    Of course all formalities will be done with my physical presence. I don't want to receive it remotely.

    On the one hand everything is clear as I have studied FAQ attentively. But I still don't have a clear picture of how to withdraw funds from offshore account?
    Do I have to transfer funds from my corporate account to individual account?
    And how to move decent funds from HK to Europe in order to purchase real estate and for investment purposes...?

    Their website says the following:
    "As with any other bank account, the funds of your offshore company bank account will be accessible through credit/debit cards, cheques, Internet banking or withdrawal at the bank."
    But it sounds very easily considering the fact, that I heard different rumors when people have to obtain a back-to-back loan, which is quite ridiculous in case you have real and legal funds.

    Kindly share your personal experience with HK offshores and SFM in general.

    Many thanks in advance!

  2. #2

    Join Date
    Jan 2010
    Posts
    6,452

    Forget about opening a corporate bank account as a non-resident without proof of prior business activity. Banks now want contracts and invoices in addition to proof of funds.


  3. #3

    Join Date
    Oct 2006
    Location
    Hong Kong
    Posts
    15,557

    Bank account will be opened in HK (which you will have to do) not offshore.


  4. #4

    Join Date
    May 2017
    Posts
    5
    Quote Originally Posted by mrgoodkat:
    Forget about opening a corporate bank account as a non-resident without proof of prior business activity. Banks now want contracts and invoices in addition to proof of funds.
    It's quite weird since I haven't any business activity presently hence can't provide any agreements... I need a company for my broker business in financial trades

  5. #5

    Join Date
    May 2017
    Posts
    5
    Quote Originally Posted by pin:
    Bank account will be opened in HK (which you will have to do) not offshore.
    How come it won't be offshore? I am not going to conduct any business in HK, therefore logically there are no taxes.
    Or I got you wrong, please specify...?

  6. #6

    Join Date
    Dec 2002
    Location
    θ–„ζ‰Άζž—
    Posts
    47,964

    Drop @Trebor a line. He has some expertise in this area and might be able to help you.

    OlegK and Trebor like this.

  7. #7

    Join Date
    May 2017
    Posts
    5

    Many thanks shri! Will do right away.

    Regards


  8. #8

    Join Date
    May 2006
    Posts
    457

    Ask SFM Corporate Services where the bank account will be opened - they're the ones offering the service.

    It's a bit unlikely these days that a bank in HK will open an account for a company with no physical operations or staff in HK. Especially one that will be processing large amounts of money!


  9. #9

    Join Date
    May 2017
    Posts
    5
    Quote Originally Posted by answerer:
    Ask SFM Corporate Services where the bank account will be opened - they're the ones offering the service.

    It's a bit unlikely these days that a bank in HK will open an account for a company with no physical operations or staff in HK. Especially one that will be processing large amounts of money!
    You are right.
    SFM Corporate Services will open in HSBC right after a company will be set up.

  10. #10

    Join Date
    Jun 2017
    Posts
    7

    OlegK, hello.

    Just wondering - how is the current situation with the bank account? Did you managed to open one at HSBC without being a resident?