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HSBC has rejected my business bank account application

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  1. #111

    Join Date
    Sep 2016
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    11

    Nambla,

    I am happy to hear that you've managed to get a business account with DBS and CCB.

    Do you mind if you answer me one question? (everyone else is invited to provide feedback, it would be highly appreciated).

    I am a freelancer. I'm in the process of opening a company in HK. I will reside in Taiwan most likely, pushing for the ARC and long term residency here. My passport is from an EU country.

    This is my first startup and I am confused as hell.

    I am taking most if not payments through PayPal. However, PayPal withdraws to my personal bank account and I don't want to use that. So I will need a business bank account.

    1. What should I do to maximize my chances? (I don't even intend on applying to HSBC, seems like a waste of time).

    2. How long does it usually take? I need to make preparations for HK in advance.

    3. Will PayPal transactions from before act as proof of prior business? I can also get orders before the business account but it would be a major pain to do so.

    Any insight you may add is welcomed. This is a small operation for now. Since I've moved to Asia, it made sense to open the HK company. Since money is tight and every expense matters, I'm looking forward to every tip you or anyone else may provide so I can get a business bank account, as fast and as cost effective as possible.

    Thank you


  2. #112

    Join Date
    Dec 2009
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    6,714
    Quote Originally Posted by Klau11:
    I am a freelancer. I'm in the process of opening a company in HK. I will reside in Taiwan most likely, pushing for the ARC and long term residency here. My passport is from an EU country.
    Why not setup in Taiwan if you intend to live there legally?

  3. #113

    Join Date
    Sep 2016
    Posts
    11

    1) Because I don't have an ARC yet, I said that I will push towards an ARC and residency. Now I'm on a visa exempt.

    2) The decision to open the company was opened before my decision to settle here.

    3) There are rather high capital requirements.

    I have nothing against paying income tax here when I'll change my residency officialy but I will keep the business in HK.

    Any advice on the questions I've posted above?


  4. #114

    Join Date
    Dec 2009
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    6,714
    Quote Originally Posted by Klau11:
    1) Because I don't have an ARC yet, I said that I will push towards an ARC and residency. Now I'm on a visa exempt.

    2) The decision to open the company was opened before my decision to settle here.

    3) There are rather high capital requirements.

    I have nothing against paying income tax here when I'll change my residency officialy but I will keep the business in HK.

    Any advice on the questions I've posted above?
    It will be very difficult, if not almost impossible considering you are not resident legally in Hong Kong or Taiwan.

    It is hard enough when you are actually resident here, let alone just a tourist.

    Perhaps open a business account in your home country for now, at least you can do that since you are still resident there.

  5. #115

    Join Date
    Sep 2016
    Posts
    11

    Traveling to my home country and back would cost a similar fee to just use a company to open an offshore bank account.

    Are you saying this from experience? Have you've tried to open one lately? What was your experience?


  6. #116

    Join Date
    Dec 2013
    Location
    Hong Kong
    Posts
    12,323

    A company like aswiss can set up your company and also sort out a bank account. They did for us. Took a couple of days. In your case with many issues probably worth it. Costs a few thousand.


  7. #117

    Join Date
    Dec 2002
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    Quote Originally Posted by HK_Katherine:
    A company like aswiss can set up your company and also sort out a bank account. They did for us. Took a couple of days. In your case with many issues probably worth it. Costs a few thousand.
    When you say "a couple of days" - best to clarify that you're a resident, using a HK incorporated company. Probably a permanent resident with banking history with the bank?

    No guarantees these days other than the invoice you get from your corporate services provider.

  8. #118

    business bank

    I incorporated a HK company in May, no transactions for it yet. I have had a personal bank account with HSBC for 8 years and a business bank account, which I have signed over to someone else recently for the last 7 years.

    Reading this I'm wondering whether I should even both applying to HSBC for the new account, I still bank personally with them, also held a business bank account with Standard Chartered too but wasn't that impressed with them. Shall I make DBS or BOC my first port of call?

    Most transactions will be through paypal which once business starts if I didnt change anything it would go into my personal account, anyone have any experience of filing taxes using transactions going into a personal bank account or is that not allowed? What if it was all left in paypal, would an accountant audit a paypal account?

    Just trying to figure out which way to take this.
    thanks in advance


  9. #119

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    Nov 2007
    Location
    Wanchai
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    5,063
    Quote Originally Posted by alixjames:

    Most transactions will be through paypal which once business starts if I didnt change anything it would go into my personal account, anyone have any experience of filing taxes using transactions going into a personal bank account or is that not allowed? What if it was all left in paypal, would an accountant audit a paypal account?

    Just trying to figure out which way to take this.
    thanks in advance
    I do the books for a HK company that has a paypal account. There are some funds left in there, as long as the balance is reflected as a cash account in the books of the Company and you have the documents to verify the transactions and balance as at your FYE then the auditors are fine with that.
    alixjames likes this.

  10. #120

    Join Date
    Sep 2011
    Posts
    179

    Klau11

    There are many service providers that will be able to set you up a HK company or BVI or Seychelles company is popular now. Setting up the company is easy and anyone can do that for you, or even yourself if you go to companies house and fill in forms, but better to get a service provider to do it...You just need your passport and proof of address either utility bill or bank statement. Cost is about 14k hkd for HK company and slightly less for BVI or Seychelles.

    What the service provider won't provide you is a company bank account opening, anyone that says they can open one for you is talking BS, all they will do is set up the bank interview for you which anyone can do anyway. Forget about HSBC and Hang Seng and Standard, they are shit anyway. Try your luck with BOC, DBS, BEA, CCB and the other less prominent ones. I've helped associates set up in DBS and CCB and BOC with very few problems.

    Make sure you have a decent set of business documents. Business plans, orders, sales receipts, invoices ect etc will all help your cause. A company brochure or website will also help. Chinese is all about how you look and the paper you have, they don't care if you have a real business or not since I've done so many fake websites and brochures for people who simply want a business bank account. Be creative with your docs and invoices. And also exaggerate like you would in a job interview.

    Good luck!