I've been denied entry to Thailand - Now What ! ?

[nikster]

Many websites make it seem very simple - give them some money, usually just over $1,000, and they create the business and a bank account for you. But talk is cheap on the web so:

Has anyone done this?

Would be for a legitimate software business with developers all over the planet. Nothing shady going on so I am not concerned about "hiding" from any tax authorities - I just want to legitimately not have a tax burden on the company profits.

[makescents]

It's legit.

Best go with a reputable provider like Ocra. They advertise on BBC World.

Hong Kong is one of the better locations. Zero tax on foreign income, although you have you name on a public record. Easier to open a bank account either there or Singapore, they've got good facilities unlike the Bahamas banks you've never heard of. That'll cost more than a grand though.

[nikster]

Yeah I'd just get one of those deals where they offer incorporation + bank account all in one package.

[Naam]

Yeah I'd just get one of those deals where they offer incorporation + bank account all in one package.

any offer that includes establishing a bank account should be considered shady. that applies to the company offering the service and to the bank as well.

setting up a corporation in an offshore jurisdiction is indeed a piece of cake. the cost however varies considerably ($ 1,000 to ~ $ 5,000) depending on the judicial location of the corporation. the same applies to the running cost per annum ($ 1,000 to ~ $ 3,500) and in special cases up to $ 10k. corporation setup can be done by mail/courier, corporate bank account only personally. it is highly recommended to ask for exact instructions what documents the bank needs and the time limits when an update of the documents is required. the latter can turn out to be quite cumbersome and expensive.

an easy way, albeit initially much more expensive, is to ask the bank to organise the corporate setup. a lot of banks are offering this service.

Hong Kong is one of the better locations. Zero tax on foreign income, although you have you name on a public record.

not necessarily, it depends what setup one uses. what cannot be avoided is that the name of the beneficary as far as the bank account is concerned and that applies to any bank in any location.

[Daveroc]

Adding to the original question can anyone direct me to websites that outline legal requirements in Hong Kong relating to the seeking of start up capital for a small IPO?

[nikster]

Yeah I'd just get one of those deals where they offer incorporation + bank account all in one package.

any offer that includes establishing a bank account should be considered shady. that applies to the company offering the service and to the bank as well.

setting up a corporation in an offshore jurisdiction is indeed a piece of cake. the cost however varies considerably ($ 1,000 to ~ $ 5,000) depending on the judicial location of the corporation. the same applies to the running cost per annum ($ 1,000 to ~ $ 3,500) and in special cases up to $ 10k. corporation setup can be done by mail/courier, corporate bank account only personally. it is highly recommended to ask for exact instructions what documents the bank needs and the time limits when an update of the documents is required. the latter can turn out to be quite cumbersome and expensive.

an easy way, albeit initially much more expensive, is to ask the bank to organise the corporate setup. a lot of banks are offering this service.

Hong Kong is one of the better locations. Zero tax on foreign income, although you have you name on a public record.

not necessarily, it depends what setup one uses. what cannot be avoided is that the name of the beneficary as far as the bank account is concerned and that applies to any bank in any location.

Thanks for your input - Ocra seems to offer "assistance" in setting up a bank account, but they don't promise they'll do it for you.

So if setting up corporation is easy, what then about setting up the bank account myself? I suppose I could fly over to HK (another benefit - it's close) and go to some bank there, but I'd like to know in advance what's required and obviously want to minimize the initial deposit as this corporation isn't yet generating any income at that point (and may not be for a few months).

As for offering "shady" banks - I don't know; one website I looked at had a whole range of choices, and to my surprise an Austrian bank was amongst them. I am from Austria, and that's the biggest bank there - far from shady. Doesn't work for me as it has an initial deposit requirement for this one is $100k - but it is being offered.

That same website recommended a bank in Cyprus. A little out there, perhaps, but still EU territory. Nice for a visit as well.

I guess the main advantage that HK has is that people don't immediately think "OMG Cayman Islands". Where it looks like they Seychelles are the new, better Cayman Islands.

What's your opinion on this?

All in all I want this to be minimal hassle - I'd prefer not to fly around - and minimal investment.

Edited March 23, 2011 by nikster

[Khun Jean]

Another way is to have your company registered in BVI and domiciled in HK.

The owners name of the company is protected and as far as i know a HK bank is not disclosing names of accountholders unless a court order. This however is a little older info and a little more 'shady', but actually offers one more layer of protection against greedy governments.

[Naam]

I guess the main advantage that HK has is that people don't immediately think "OMG Cayman Islands". Where it looks like they Seychelles are the new, better Cayman Islands.

What's your opinion on this?

the banks give a flying fàrt where your company is incorporated. they are interested in business and at the same time they want to make sure that you are neither a terrorist nor a drug dealer nor a money launderer. actually they wouldn't care about that, but global pressure forces them to act like this.

Cayman, Seychelles and Hong Kong corporations are on the expensive side. easiest to establish and cheapest to run are BVI corporations. but your priority should be to meet the demands of the bank where you establish an account. it is quite expensive to ask for additional documents which the bank might require.

in short: "first bank and clarification, THEN establishing the corporation!"

if you want to bank in Hong Kong use a fiduciary agent in Hong Kong to establish the corporation according to the requirements of the bank. if you prefer to bank in Singapore use a Singapore agent. ask the bank in advance how often (every year? every five years?) you have to submit a "certificate of incumbency" or an update of the nominee directors, etc. based on my experience (many years banking in Singapore) i'd say Hong Kong will suit you better. Singapore banks are high and mighty plus they have a strict big brother, the Monetary Agency of Singapore, looking over their shoulders.

if you have further questions or need detailed explanations don't hesitate to ask. and if you prefer the explanations in german you are free to contact me by personal message.

[makescents]

I guess the main advantage that HK has is that people don't immediately think "OMG Cayman Islands". Where it looks like they Seychelles are the new, better Cayman Islands.

What's your opinion on this?

the banks give a flying fàrt where your company is incorporated. they are interested in business and at the same time they want to make sure that you are neither a terrorist nor a drug dealer nor a money launderer. actually they wouldn't care about that, but global pressure forces them to act like this.

Cayman, Seychelles and Hong Kong corporations are on the expensive side. easiest to establish and cheapest to run are BVI corporations. but your priority should be to meet the demands of the bank where you establish an account. it is quite expensive to ask for additional documents which the bank might require.

in short: "first bank and clarification, THEN establishing the corporation!"

if you want to bank in Hong Kong use a fiduciary agent in Hong Kong to establish the corporation according to the requirements of the bank. if you prefer to bank in Singapore use a Singapore agent. ask the bank in advance how often (every year? every five years?) you have to submit a "certificate of incumbency" or an update of the nominee directors, etc. based on my experience (many years banking in Singapore) i'd say Hong Kong will suit you better. Singapore banks are high and mighty plus they have a strict big brother, the Monetary Agency of Singapore, looking over their shoulders.

if you have further questions or need detailed explanations don't hesitate to ask. and if you prefer the explanations in german you are free to contact me by personal message.

The Seychelles is dam_n cheap, $300 I think for a IBC which allows bearer shares and almost any business activities except banking and insurance. However there are only 2 major banks in the Seychelles, Barclay's being one. I inquired into the requirements of opening an account with Barclay's offshore and it seemed out of my reach, minimum balance requirement of $10,000.

There are some very reputable incorporators in Hong Kong and the government has a excellent site in English.

http://www.cr.gov.hk

However it is more than likely you will have to travel to Hong Kong in order to open a bank account. But it's cheaper to travel to HK from Thailand than it is to travel to the BVI, Caymans etc.

[Naam]

1. The Seychelles is dam_n cheap, $300 I think for a IBC

2. which allows bearer shares

3. and almost any business activities except banking and insurance.

1. no way! check the fine print.

2. since jan 1, 2011 many banks do not establish corporate accounts for corporations with bearer shares. e.g. MAS in Singapore has made it mandatory that the shares must be deposited with the bank to avoid any transfers to different beneficiaries than those who established the corporate account. similar practices are reported from other jurisdictions.

3. that applies to any offshore corporation. additional restrictions i know of are Bahama corporations which are not allowed to trade U.S. securities.

[Naam]

Adding to the original question can anyone direct me to websites that outline legal requirements in Hong Kong relating to the seeking of start up capital for a small IPO?

start-up capital is irrelevant. you can setup a corporation with a capital of 100 million or 25,000. in any case the actual capital required is ZERO.

[SolarOhm]

Do not go for the cheap approach - as you will appear on the company register - Bearer share companies can not get a bank account opened in HK.

Which means you need a nominee director to establish the company and the bank account.

You then get appointed as a general manager so you can be a signatory to the bank account.

Stick with the mainstream banks in HK -such as HSBC, DBS, Heng Seng, Standard