Hong Kong Company information are publicly available with a simple registration search.
Forget about business confidentiality and privacy, we live in a new era of transparency and everybody could access information.
A Hong Kong Company registration search will reveal the director(s) name and addresses with their passports number.
A Hong Kong Company registration name will also reveal the shareholders names, addresses, passports numbers, corporate shareholders names and addresses as well as additional information about the capital and the number of shares.
To access information about a Hong Kong Company you should go online and pay a small fee, at least not all the information are available free of charge as it is the case for the UK company house.
Less to say a small fee will not be a constraint to unwanted curiosity so how to protect you personal information ?
A ) by using Hong Kong nominee director services
B) by using Hong Kong nominee shareholder services
Hong Kong nominee director services are facing some reluctance by the banks during the onboarding process, the reasons behind privacy needs should be explained in details and the financial institution should be convinced of the treat created by a public exposure.
Hong Kong nominee shareholders services don’t pose the same issues when banking in Hong Kong, its a more common situation.
When addressing the subject to open a bank account for a foreign company the following should be taken into account.
The bank compliance teams are trained to open accounts for companies registered in multiples jurisdictions, the perceived quality of the jurisdiction will first have to be determined.
A company registered in BVI or in Belize will face difficulties, less to say, to open a bank account in Asia.
Contrarily Seychelles companies and Samoa companies are well perceived, and regularly used as part of a structuration, with Singapore and Hong Kong banks.
The concept is to present to the potential bank a company from a jurisdiction they know and accept well. A bank could be very comfortable to open for a UK company and reluctant to do the same for a Seychelles company or vice versa.
Targeting the right bank is the work of Corporate Services Providers, preparing the compliance report and aligning interests is a job requiring up-to-date information about the risk appetite of Financial Institutions.
Why opening a foreign bank account for a company?
Whatever the jurisdictions of either the company or the bank the business logic is the most important.
There are multiples reasons to open a bank account for a foreign company:
Accessing particular currency, i.e RMB is required when working with the People’s Republic of China
Allowing the company to invest in stocks and financial investments locally
Risks diversification, as under the current economic environment having all your eggs in one basket is dangerous.
Easing payments and reducing transfer delays
Considerations by the banks
The banks in Hong Kong will consider the following factors prior to open a bank account for a foreign company:
the nationality of the beneficial owner
the country of residence of the beneficial owner
the locations of the clients
the locations of the suppliers
the expected turnover
Working with a well-known Corporate Services Provider presenting the compliance report to the bank is crucial. To open a bank account in Asia, it should be handled by professionals.
3 Crucial Things to Think About When Taking a Business Abroad
Every investor out there dreams of one thing; growing the enterprise into a multinational. But this is a long journey that requires clear understanding and planning of every step. Business administration experts insist that growing business cannot happen by chance.
Even when the environment is favourable, entrepreneurs have to carefully strategize to optimize profits and keep growing to the next step. The following are the four most important things to think about when planning to take your business offshore.
Providing Legal And Operational Local Director
The first step to growing your business abroad is offshore company incorporation. The targeted country will have a set of rules that enterprises can use to register businesses and start operations.
In many jurisdictions such as Hong Kong and Singapore, investors can register businesses on their own by preparing the required document. However, this can be lengthy and expensive because you will be required to fly to the target jurisdiction to apply.
The alternative that many investors consider reliable is using company registration services through agencies. Agencies are professional entities allowed to help register businesses on behalf of investors. They help with documents preparation and file them on your behalf to make the process easy and fast.
Offshore bank account opening
Once the offshore company has been registered, it will need a bank account to start operating. It is important to use secretary services when opening a bank account to make it successful with the first attempt.
Many banks have become extra stringent and opening a bank account is no longer an easy task. However, the experts will help you to get the required documents and raise the chances of getting the bank account by more than 99%.
The operational costs
There is no denying it, taking a business offshore will have to involve some cost. From the process of incorporating the business to acquiring an office, you will have to foot the bill.
The best way to go about this is ensuring that you can cover all the costs for about one year before the business can start meeting the expenses.
The colonial authorities that ruled Hong Kong until 1997 had one impact that has shaped the jurisdiction up to date; helping it to craft its path. While it operates as a Special Administrative Region of China, there is a lot if independence especially on administrative issues. To put it differently, Hong Kong is a fully independent jurisdiction except on military and political administration. Read More