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How do I open a business account in Hong Kong? Proof of business?


in Hong Kong by @omar 9yr  | 6 comments

Hello guys, I was wondering if anyone had any experience in opening a business bank account in Hong Kong. Iโ€™m getting all the paperwork ready to incorporate in Seychelles and open the bank account but the agency that is helping me says Hong Kong bankers are getting more picky. They are asking me for business โ€˜proofโ€™ since iโ€™ve always ran my sites as an individual I wonder if just proof of payment from ad networks is enough. If you have any advice it would be much welcomed.

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@irismava 7yr

Itโ€™s quite difficult for startups to open bank accounts in Hong Kong, also see this article: Hong Kong: The worst place in the world for a startup to open a bank account?. It depends on several factors whether or not your will have a hard time opening an account:

  1. Age & size of your business. This is actually a very important factor. While many banks claim or people think that the reason itโ€™s difficult is because of strict anti-money laundering policies this is is only part of it. Banks will be reluctant to go through their expensive due diligence process for a customer that wonโ€™t give them a certain amount of profit. Because HK banks are old fashioned, their processes are not always very optimized and cost effective and often itโ€™s a commercial decision not to onboard a startup rather than a risk one.

  2. Almost any bank will require you to be present for face to face meeting. If you are not physically present it is normally going to be difficult.

  3. It is more difficult for non-residents, especially of certain nationalities, to open corporate bank accounts in HK

  4. If you are running a (high) tech startup or new business, the bank may not understand the nature of the business and are reluctant to research. Even if your business is completely legitimate, you may be rejected simply because of a new business model or tech that is not understood by traditional banks.

If you do have troubles opening a bank account; you can check out Neat Business, that would allow you to open a business current account online, from anywhere.

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@kethle 8yr

The Nomad Capitalist has a dedicated podcast to this topic - pretty informative and grounding.

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@karenchen 8yr

Yes, it is becoming increasingly difficult to open company bank account in Hong Kong. Proof of business and experience is a must. The best and most efficient way is to engage a local service provider who has experience in dealing with banks. This way, it saves you a lot of time, effort to identify the bank that is interested in your business. Also, the chance of getting the account opening approved is much higher. Of course, the downside is you have to pay an arrangement fee to the service provider.

Set up a Hong Kong company to conduct business offer many benefits. To name a few: tax savings as maximum corporate profit tax rate is only 16.5% (in some cases can be as low as zero); better corporate image as HK is one of the major financial centres in the world; very simple, easy to understand and flexible business system.

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@kmander 8yr

Incorporation still incurs fees to get started and ongoing (accounting, filing returns etc). So considered those as taxes. Plus, it requires mental capacity to work through. Youโ€™ll want to someday repatriate the income into your personal pockets and this then exposes you to tax liabilities where you are. Being โ€˜outsideโ€™ of the system in your own state also could create future complications (social welfare, credit scoring etc). Itโ€™s very โ€˜coolโ€™ to be offshore and itโ€™s a natural entrepreneurial drive to minimise tax payments, but I think some nomads get lost in this. Make a lot of money first, then consider navigating this.

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During the last couple years, opening a business bank account in HK has become increasingly difficult. Now, only certain banks will actually do this in practice.

To your question, business proof would be items like supplier and purchase contracts, business plan, etc. Anything that can substantiate your business as actively trading and โ€˜lower-riskโ€™ in the eyes of the bankโ€™s compliance department.

However, since you state that you have payment from ad networks - the nature of your business is likely as an online affiliate. Most Hong Kong banks would classify this as higher risk, more so with a seychelles company. Worse case scenario, you open the SY company and then cannot open the bank account in Hong Kong.

Your better bet would be to open a Hong Kong company OR to search for a bank account elsewhere. For instance I could set you up with a first tier bank in Singapore with a Seychelles company.

There is a list of different options to incorporate here: Incorporations.io that we made for this exact purpose, to help entrepreneurs decide on the best place to incorporate by comparing different options side by side.

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@pau 9yr

Iโ€™ve been told that you can open a business there and pay 0% taxes as long as the activity is out of Hong Kong. I will also be interested in that :stuck_out_tongue:

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Read and participate in 14,117 discussions on Nomad List

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What features would you like to see on Nomad List?


by @levelsio 3yr 3 years ago  | 3 comments

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What are the best places right now in the Caribbean/LatAM? (Also cheapest flights/accommodation?) Asking from the US.

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List of Visa/Residency Information in Table/Spreadsheet format?


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As part of signing up for this website I was hoping I would come across a list of Visa and/or Residency requirements by country ideally in a table format to assist with decision making. Does anybody recommend any other websites that might present the information in this format (or Google Spreadsheet)?

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Most Walkable Neighborhood / City In The World ?


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I love living in walkable areas of town. I can always find them. But now I'm wondering where in the world are the most walkable places? I'm imagining walk streets (no cars), zoning allowing both business and residential, parks or beaches ,etc.

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Any nomads in Arizona, US?


in Netherlands by @info132 3yr 3 years ago  | 4 comments

Hi guys,

After the Netherlands, the Bay Area, Colorado and being on the van life for 8 months, I am now in Sedona, AZ with a few other digital nomads. We are sharing a home here and are wondering if there are more like minded people in the area.

We do a bunch of hikes and campouts in the northern of Arizona. If you would like to connect with us, please do so :)

Val

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International number & internet?


by @leobassam 3yr 3 years ago  | 1 comment

Has anyone figured out a way to get setup with a virtual number and internet connection anywhere you go?

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Are there any tax issues I have to be aware of?


in Germany by @clara 3yr 3 years ago  | 0 comments

Hi everybody. I live and work in Germany and want to go to Canary Islands for 6 months to work from there. I'm going to keep my current job, just change the "home" in the home office part of things. Are there any tax issues I have to be aware of? I was reading about becoming a residence after 183 days, thus having to pay taxes there plus my employer having to register there. Does anybody know how it works exactly? Thanks a lot!

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Chiang Mai accommodation


in Chiang Mai , Thailand by @bertieb 3yr 3 years ago  | 0 comments

Can anyone recommend a good accommodation website for Chiang Mai?

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Is anyone travelling right now?


by @viktor 3yr 3 years ago  | 3 comments

Winter is coming and Iโ€™m feeling the ache of travelling after being stuck in the same place since the Pandemic started. Wondering if anyone is travelling right now? If so, where are you currently located and how is the situation where you are?

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Anyone up to explore some city which is kinda virus safe?


in Bangkok , Thailand by @germanrobert 3yr 3 years ago  | 2 comments

Hello World!

I'm an experienced Digital Nomad and after being in Lockdown in Bangkok and Germany for one year I would like to team up with someone to visit a new place. Or just doing some exchange about what destinations would be interesting currently.

I take the virus seriously and still I think we can still be able to take our life in our own hands. So I'm aiming for cities/countries which are not in full lockdown, are not too complicated about immigration (I'm looking at you Thailand, your state quarantine costs like 1k USD and is basically a prison) and is also rather safe regarding the virus. I tend to stick for rather big cities and like culture. I'm not a beach or nature person. I'm pretty flexible about the money topic.

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Holร  ! What's the internet / wifi situation in Sayulita ?


in Puerto Escondido , Mexico by @ambroisedebret 3yr 3 years ago  | 0 comments

After being told it's unworkable in Puerto Escondido, looking for alternatives :)

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How to find accomodation in Las Palmas, Canary Islands


in , Spain by @philippg 3yr 3 years ago  | 2 comments

Hi, we are trying to find a house to rent for 2-3 persons near Las Palmas for 4-5 months at the moment and it seems to be almost impossible except through Airbnb which is super expensive. Any advises or local contacts?

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If you're American but live in Guatemala, do you still count as American for travel purposes?


in Guatemala by @chasindreams 3yr 3 years ago  | 0 comments

What I mean is, for example, since most of the EU has banned Americans, if I live in Guatemala and will be traveling FROM Guatemala to the EU, could I get in? Or does the ban count for all Americans regardless of where they live?

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Ukraine Residency


in Ukraine by @reticle 3yr 3 years ago  | 1 comment

I have a slightly above average US income which I can work remotely from paired with a $1000 a month income stream and more than enough to purchase a middle end Flat in Ukraine. Does anyone with knowledge of this process have any advice to acquire a reliable way to stay in the country?

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Are co-working spaces a good way to meet people in a new city?


by @donaldbough 3yr 3 years ago  | 1 comment

My fiancรฉe and I are most likely moving to NYC (maybe DC) in August, and as a technical startup co-founder I'd love to meet new people that are also into startups. Would joining a co-working space be worth the money to do this?

I work for a big tech company that has an office in NYC, but it's mainly sales so I wouldn't be able to meet others that are related to any of my 9-5 work or likely into tech.

If co-working spaces, post covid of course, aren't a good way to meet business starting people in a new city, what is?

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Are there any digital nomads in the Islands e.g Bermuda, Barbuda, St. Kitts and Nevis?


in Antigua , Guatemala by @momo11 3yr 3 years ago  | 3 comments

Does anyone ever travel to any Islands like Bermuda, Barbados, Barbuda and St. Kitts & Nevis?

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Is La Gomera a nice place to stay?


in Norway by @kvarsten 3yr 3 years ago  | 1 comment

Hi, my name is Eric and I am a remote worker from Norway. Me and a friend is flying into Gran Canaria on Friday and spending two weeks in San Agustin on the south side of the Island.

After that we are pondering about staying in La Gomera. Does anyone of you have an experience staying there or are there anyone of you staying there now? :)

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Is there a map of countries open for travel now?


in Russia by @vernon99 3yr 3 years ago  | 8 comments

I have two passports from different countries and am trying to understand where can I travel now. Is there a publicly available map of countries open for visitors by passport country that I can use to see what are my options? I was pretty sure such a thing should exist, but cannot easily find any.

Maybe at least there're maps for specific passports? Mine are Russian and American.

If there's no such thing, I'd be down to build one, let me know if interested to collaborate :)

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Any good coliving or other monthly rentals in Seville?


in Seville , Spain by @antoine_th 3yr 3 years ago  | 0 comments

Hello Everyone

I'm planning to stay in Seville for 6 weeks for mid January - end of February. Do you any recommandations for a coliving or a place to live in?

Thanks ๐Ÿ™

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Are restaurants, cafes and malls working in Mexico City taking into account COVID situation?


in Mexico by @thateverdmitriy 3yr 3 years ago  | 1 comment

I am planning to travel to Mexico City next weekend and stay for 7-10 days there. I wonder if cafes, stores and other places like these work? And if cafes work, do they work as usual or only for take away&delivery? Will be very thankful if someone can help here.

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