Offshore bank account problems

[AussieRules]

Hi Guys

 

I've recently incorporated a new company in Hong Kong but because of new banking regulations I'm finding it difficult to open a bank account to run alongside it.

The business I'm running is internet based and doesn't involve anything illegal or contentious.

Has anybody got any experience, tips or pointers as to how I can get a bank account opened that can be linked ot paypal in a non EU Jursidiction that I can use for my enterprise ?

 

Thanks in advance

[mark5335]

I've experienced similar difficulties trying to open a company bank account in HK. The CPA that I use in HK now recommends opening the company bank account in Singapore (for HK companies). He says they (i.e., the 2 banks that he has a relationship with) can open within 2 weeks subject to acceptable documents. I haven't tried this yet but plan to give it a shot later next month.

[AussieRules]

thanks sir, would be interesting to hear how you get on, one of the issues with Singapore is the high initial opening balance the banks require, I appreciate you might not want to publically broadcast how much your putting in to an overseas bank account, but is it a high or low figure that they require in your case ?

[mark5335]

My CPA advised that the 2 Singapore banks that he deals with require a minimum balance of USD10K.

[AussieRules]

thats not too bad, I'd been quoted closer to USD 50 K, if you could mail me your CPA's contact details it would be much appreciated

[AussieRules]

https://www.ocbc.com/business-banking/accounts-and-services/business-growth-account.html?gclid=CIbWo4Lp29ACFZAPaAodeKsGqA

 

just noticed this gang offering low initial balance accounts in Sing

[A1Str8]

Offshore banks like those in Cyprus, Cayman Islands, Panama, Bahamas etc are superior to those in Hong Kong, Singapore etc. 

They are cheaper, require a smaller initial deposit, have fully working online banking functions and just as safe and regulated as the more expensive ones from Asia. 

[chiang mai]

3 hours ago, A1Str8 said:

Offshore banks like those in Cyprus, Cayman Islands, Panama, Bahamas etc are superior to those in Hong Kong, Singapore etc. 

They are cheaper, require a smaller initial deposit, have fully working online banking functions and just as safe and regulated as the more expensive ones from Asia. 

 

I'm not sure why you think those jurisdictions are superior to the ones you mention since both Singapore and Hong Kong are both heavily regulated and their legal frameworks are modelled on English law, whereas the others are far less regulated. The ones you mention may be cheaper but safer, not a chance.