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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 | 4yr

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 | 5yr

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

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@karenchen | 5yr

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 14,099 discussions on Nomad List

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Most Walkable Neighborhood / City In The World ?

 

by @dannybooboo | 2d 2 days ago | 0 comments

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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Chiang Mai accommodation


in Chiang Mai, Thailand by @bertieb | 7d 7 days ago | 0 comments

Can anyone recommend a good accommodation website for Chiang Mai?

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Is anyone travelling right now?


by @viktor | 11d 10 days 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 | 11d 10 days 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 | 11d 11 days 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 Las Palmas, Spain by @philippg | 20d 19 days 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 | 26d 25 days 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 | 1mo 1 month 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 | 1mo 1 month 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 | 1mo 1 month 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 | 2mo 1 month 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 | 3mo 2 months 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 | 3mo 2 months 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 | 3mo 2 months 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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Where do I get good legal advice/support to have a long-term stay in Portugal?


in Lisbon, Portugal by @mzorrilla | 4mo 3 months ago | 4 comments

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 get Travel/Medical Insurance for Portugal for visa application from Australia?


in Portugal by @jonathanpoh | 4mo 4 months ago | 5 comments

I'm preparing my Portuguese D7 long-term visa application and one of the required documents is proof of travel insurance with medical coverage. However, as an Australian citizen, if put that as my country of residence in many travel insurance companies' quick quote forms, I'm unable to get ANY insurance coverage at all because of the current travel ban out of Australia, and the Australian govt's 'Do Not Travel' advice to ALL countries. I know that Aussies are applying for, and successfully getting visas from the Portuguese Consulate here, so where and how are they fulfilling this insurance requirement if insurers aren't selling any coverage? Does anybody know or have any ideas?

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Video chat coworking solutions?


in Brazil by @essentiallyint | 4mo 4 months ago | 2 comments

I am new to working out of coworking spaces. My business entails a lot of video conferences. I haven't chosen a specific coworking space yet but generally, what are the potential solutions for this? I have a microphone and headphones but still fell like it may be inconsiderate to take the calls anywhere in the coworking space. For a solo person, what are some general solutions? Are there usually options to rent a private room by the hour with just enough room to set up my microphone and laptop? Sidenote: any coworking space recommendations in Florianapolis, Brazil would also be appreciated. Thanks in advance!

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Any nomads in Arizona, US?


in Netherlands by @info132 | 4mo 4 months ago | 0 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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Best place in Portugal near cool nomads, good surf, and a great cowork spot


in Portugal by @joelnicholson | 4mo 4 months ago | 10 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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Best place for solo UK traveller for surf, sun & working between Oct and Dec??


in Tenerife, Spain by @leojb | 4mo 4 months ago | 0 comments

Hey Nomads, would love to know any thoughts here.

Top of the list are currently Tenerife, Lagos/Ericeira (Portugal) & Malta??

Would love to know if anyone can vouch for these at this time of year.

Beautiful beach would be the dream. Basically European Bali! I'm sure something many of us are searching for.

Thanks a million. Much love.

Leo

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