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


in Hong Kong by @omar | 5yr  | 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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@hknomad | 3yr

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 | 4yr

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

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@karenchen | 4yr

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 | 5yr

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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@flagtheory | 5yr

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 | 5yr

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 14,011 discussions on Nomad List

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What's the best thing to do with your phone/ your phone number when travelling?


in Poland by @davda1546 | 8d 7 days ago | 6 comments

Hey, hope everyone is well!

We're leaving in a month to go travelling. Our first destination is still to be confirmed, but will likely be Poland or Slovakia. We will be moving around every month or two to different destinations.

The question we have is: what do people do with phones/ phone numbers when hopping from country to country? Ideally we'd just like one number for the whole trip (even better, the number we already have) wherever we go, rather than getting new SIMs with different numbers.

This is just so it's easier to keep in contact with family/ clients/ etc.

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Best place in Portugal near cool nomads, good surf, and a great cowork spot


in Portugal by @joelnicholson | 13d 12 days ago | 6 comments

Hi there, title says it all. Canadian nomad hoping to find the city/town in Portugal with great, consistent surfing, a solid coworking spot, and a fun group of young nomads. Please recommend!

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How to learn a language without taking a formal class?


by @zakamercury | 19d 19 days ago | 3 comments

How to learn a language without taking a formal class, while traveling in different countries?

What advice can you give me?

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Where do I get good legal advice/support to have a long-term stay?


in Lisbon, Portugal by @mzorrilla | 1mo 1 month ago | 1 comment

Hello, everyone!

My idea is to stay as low as 6 months and as long as a year (maybe, who knows) over Lisbon after doing some analysis from many cities in Europe.

I'm an Argentinian and Chilean (both nationalities) so... no Euro-pass for me (getting my Italian nationality could take 2 years easily). I'm also a remote worker and I have a really good income (I work for a Silicon Valley company) so I can show more than enough resources to stay in the country.

Everything I see online doesn't inspire me much confidence (most sites looks a bit scammy) and this is not a "vacation stay"... I want to be clear my head far away from Argentina right now. If someone has a good website, recommendations, etc I will super appreciate.

Thanks in advance!

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How do I set current location? I've looked everywhere for this option.


by @yousifyalda | 1mo 1 month ago | 5 comments

All I see is section to add trips, but I reside here. Home and all.

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What are some nice French beach towns?


in France by @amin | 1mo 1 month ago | 4 comments

I'm thinking to head over to France during the winter and I'm looking for recommendations on a good French town that has beach and is warm enough during the winter.

What are your favourites? Any recommendation is appreciated.

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What is the best online insurance for digital nomads ?


by @berberos | 2mo 1 month ago | 4 comments

Hi guys ! hope you are doing well.

I would love to get your feedback regarding the best insurance for digital nomads. i'm traveling around Asia since 1 year and for next 4 or 5 years. Would love to buy an insurance to cover especially :

- health

- laptop, phone ...

- Flights

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Driving from Italy to Croatia..how to handle passport?


in Croatia by @ld | 2mo 1 month ago | 3 comments

Hello, we are US citizens that have been able to stay in Italy past our standard visa stay due to covid. Now we must leave. We want to drive to Croatia as our โ€œout of EUโ€ stay. But Iโ€™m now wondering what considerations I need to take care of for my visa. I wonโ€™t go through an airport and get my passport stamped. But I assume I need to get my passport stamped as a way to prove Iโ€™m out of the EU.

Anyone else travel in and out of Schengen zone via car? Or know what I should do to properly handle the visa situation? I get unclear answers online. Hmm.

Appreciate your help!

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Introduce yourself โ€” who are you, where are you and what do you do?

 

by @coffeeshopceo | 2mo 1 month ago | 672 comments

tl;dr: introduce yourself in this thread.

We must all get sick of the same backpacker travel questions when we meet new friends, I know I do.

You know the ones - where are you from, whereโ€™ve you been, where are you going, what do you do, how long have you been doing it - etc.

The novelty of answering these questions wears off after maybe a week, but theyโ€™re nonetheless insightful and no matter how much we hate them, we find ourselves asking others.

So letโ€™s bring the dreaded backpacker questionnaire to NomadForum and introduce ourselves shall we?

**

  • whatโ€™s your name?
  • where are you from?
  • how long have you been away from home?
  • what do you do?
  • where are you currently?
  • where are you going?
  • what has been memorable for you so far?
  • will you go home anytime soon?
  • what have you learnt during your time as a nomad?
  • [insert your own question here]

**

No need to answer them all if you donโ€™t want to :smile:
But the more you shareโ€ฆ The merrier!

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Best/quickest way from Italy to Croatia?


in Croatia by @ld | 2mo 2 months ago | 3 comments

Hello,

We are in Umbria until August 31. We've been here since March, but crisis-level visa extensions are over. After that we have to leave the EU. We would like to stay out of the USA (our home) due to it's covid crisis, at the same time we want to be responsible about travel. Ideally we would not travel at all, rather stay hidden in the countryside of Umbria forever until covid is more under control globally, but here we are!

So we must leave the Schengen zone. We should avoid USA. We should avoid long air travel.

We were thinking Croatia.

Do you recommend a route to Croatia? We are open to long train rides. Ideally not long ferry rides. Is there a ferry route under 4 hours? I read about it...I don't see it. If not, the other option is to make our way north and up over to Croatia via train.

I'd appreciate your thoughts and insights!

Thanks.

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Where should I set up my company as a remote worker?


by @beloruchka | 2mo 2 months ago | 6 comments

Iโ€™m looking for any recommendations for services or people others have used to get answers on the best place to set up their businesses based on their personal circumstances.

Leaning towards Singapore after a ton of research, but would really like some concrete advice before jumping in.

Appreciate it!

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Anybody bring their car to Mexico instead of flying?


in Mexico by @digitaldiva | 2mo 2 months ago | 1 comment

Iโ€™m curious whether anyone drove to Mexico instead of flying and used their car down there. Iโ€™ve heard bad stories of people driving down there but not sure I believe them. How safe is it to drive through rural areas, and to park in cities? It would be cool to have the car to explore while there.

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Did you learn any Thai before staying in Chiang Mai?


in Chiang Mai, Thailand by @digitaldiva | 2mo 2 months ago | 0 comments

Iโ€™m curious to know how many people learned some Thai before going there. Learning languages is a hobby of mine but Iโ€™m very put off by how complex the writing system is, and if I decide not to learn it Iโ€™ll probably cross Chiang Mai off my bucket list. I prefer to be at least conversational in a language before I do an extended stay in a country. Iโ€™m curious how people who learned no Thai did getting by. And Iโ€™m curious, from people who did learn some, if itโ€™s any easier than it seems? Thanks!

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What age did you start out and went location independent?


by @raynesio | 2mo 2 months ago | 11 comments

Eager to find out what age most start out as a DN? (Me)โ€ฆ 27 and just started out in the last 6 months or so. Not presently 100% location independent, probably more like 90% as still required to visit the office from time to time

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How to get SMS verifications for banks while traveling?

 

by @jackgopack | 2mo 2 months ago | 39 comments

Any suggestions for seamlessly receiving SMS Verifications from US financial institutions and other sites while traveling internationally continuously? Wonโ€™t keep my US Verizon account due to cost and currently plan to use local sims at each destination (T-Mobile and Project Fi are NOT an option as they terminate for continuous roaming). In summation, I wonโ€™t have a US mobile account.

Unless Iโ€™m missing something, which is very possible, this appears to be the single most complex issue Iโ€™ve encountered in my preparations, and one that no one addresses. I would greatly appreciate any possible solution that works 100% of the time. Canโ€™t afford surprises in this regard. Many Thanks! Jack.

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How do you ensure that you have good WiFi for working whilst travelling e.g. in places like India?


in India by @davda1546 | 2mo 2 months ago | 4 comments

We are hoping to travel later this year and we will be working remotely - how do you ensure you get good WiFi in places such as in India where the signal isn't always great? Do you have any tips on where to go/ what equipment you have to get?

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Do you prefer co-living spaces or hostels or Airbnbs?


by @davda1546 | 2mo 2 months ago | 5 comments

We are hoping to become nomads soon and have booked an AirBnB in September in Goa for our first destination. We are considering what would be the best option for accommodation after that. We are trying to decide between co-living spaces, hostels, or Airbnbs.

What are your experiences of accommodation in terms of the following: reliable wifi, social aspect, pricing, cleanliness, cooking facilities?

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Can Americans with EU Passports Travel to EU during COVID-19?


in France by @fqlx | 2mo 2 months ago | 1 comment

I'm a dual citizen of America and France with my resident based in the America. Can I travel to the EU using my French passport?

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How do you find people to meet whilst travelling?


by @davda1546 | 2mo 2 months ago | 1 comment

We are going travelling but we won't know anyone out there, what's your best advice for meeting people and socialising abroad? We've thought about the obvious things like Meetup etc, is there anything else you can suggest from your experience?

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Best place in South East Asia to live for 6+ months per year


in Indonesia by @miklaskroager | 2mo 2 months ago | 1 comment

We're looking for a country in South East Asia that can function as our base, mainly for tax purposes. Meaning it will have to be a place where we can stay for the 183 days required without too much hassle.

We've been looking at Thailand, but have heard that it's very hard to do visa runs etc., so what other can you recommend? Indonesia looked like a good option, but the income rate is a flat 20% and very high for the region.

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