Concerning the bank account. At this moment, most of the banks are really reluctant to open new accounts. Over the last 11 months, we sent every client to CITIC and they were accepted. We had an account manager that knew us and was responsive but over the last few weeks we haven’t been able to schedule a single bank meeting and the account manager just didn’t reply any message.
We keep looking for options but it’s not looking good so far with HK banks. We looked overseas… In Latvia, Estonia, Cyprus, Taiwan but they all seem to require an endorsement letter from our client’s current bank (which our clients obviously don’t have as they are newly incorporated).
We keep looking for you but here is what is possible NOW:
There is a new FINTECH company call NEAT that provides a current account with MasterCard. They just released their Beta version for Business yesterday (They invited Laurent as a speaker). We know the CEO and BD personally. They have all the required licenses and they work together
with Standard Chartered to provide the corporate account. They are basically going after all the clients that most of the banks don’t want to work with.
Here is the Key advantage of NEAT Business:
– The account can be set up remotely (Yes you read well, no need to travel to Hong Kong)
– Support Paypal, Stripe, and Amazon (although we wouldn’t recommend doing a direct transaction from Amazon to an HK account directly because of Amazon exchange fees).
– Get up to 10 MasterCards for you and your teammates. You should know that HK banks don’t propose any debit cards to their clients
– Opened in just a few business days
– Integrates with Xero
– The lowest credit/debit card FOREX fees in Hong Kong (1.5% on top of mid-market exchange rate)
– This company is only deposit-taking, they don’t gamble with your money and don’t provide insurance, investment…
– User friendly
They are not yet 100% sure of their pricing but from what I heard so far, it should be around HKD299/ month (about US40). It’s the same as what HSBC would charge you if you don’t maintain your minimum balance.
From now on we will send all our clients to NEAT. We know them personally and we can help you to get direct access to the Beta version by connecting you with them.
More information here: business.neat.hk