- free, simple & fast bank account opening with Neat (don’t need to visit HK)
- $200 UD (setup), and $1,200 USD for annual running costs; by using Kams (accounting, audit, office services; in simple case; government fees are excluded)
As a startup, in most jurisdictions you have to spend a lot of time/money proving the obvious – that your startup is either losing money or is barely profitable (most income being redirected towards growth); so that you don’t get taxed even though you are not making any profit yet.
I did a fair amount of research * and Hong Kong was the only jurisdiction that I’ve found that had a combination of very little paperwork and is inexpensive for setup, operations/running (and is not in shady offshore locations).
In Hong Kong it is easy to register and operate your startup (even if you are not physically located in HK). I hope information bellow helps somebody to start pursuing their startup dreams; and at least makes the operations part easier. Good Luck !!!
Neat Business is a lifesaver; it takes care of all of your banking needs; gets you a bank account number and everything you need to run your startup (accepting payments via stripe, etc.); and you don’t even need to visit Hong Kong to open the bank account. It took me less than a week to get an account and a corporate mastercard debit card (thanks a lot Neat).
Here is why I have so much appreciation for Neat. Over the past years it has become ridiculously hard to open a bank account in HK; e.g. winner of startup competition at a local university wasn’t able to open account (ref), troubles of another startup (ref) . p.s. many of the HK banks had to pay 100 of millions of “fines” to US; and now naturally don’t want to open accounts to companies that don’t have verifiable history and operations; which unfortunately includes many of the startups 🙁
p.s. I have account at traditional banks in HK; but will be shifting most things to Neat.
Company Setup / Operations
Kams is the company that I use and highly recommend for all of the corporate operations/running needs (setup, company secretary, registered address, accounting, audit, etc.). They do everything professionally and expediently; and at a very good price; my operations are simple and per year for all of the services I am paying less than 1,200 $US (could be different in your case; but still probably very reasonable).
* Estonia (used to be good; but now it’s almost impossible to open bank account). Initially I was planning just to setup company locally in either Canada, Japan, US (via Stripe Atlas); all of which would require significant paperwork for operations. Time is something that many of the startups do not have a surplus of.
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