Startup: registering / running corporation in Hong Kong

Summary

  • 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)

Details

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 !!!

Banking

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).

 

Notes

* 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.

 

keywords: corporation startup hk hong kong bank account company setup running audit  dbs hsbc bank of china  …

 

About Neil Rubens

see http://ActiveIntelligence.org
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