
My Experience with Setting Up a Company in Hong Kong (2014) - lacampbell
https://marcoschwartz.com/hong-kong/
======
FabHK
Note that apparently in the mean time it has become even more difficult to
open a business bank account in HK (to the extent that some startups complain
that they can't get a bank account).

So, research that carefully before going down that route.

~~~
lacampbell
What's changed now?

~~~
FabHK
Good question. Don't know whether it's a reaction to US FATCA and other
governments and supranational bodies cracking down on tax havens (which HK
does not want to be seen as), but the fact remains that while 10 years ago you
could stroll into any bank and open an account, in the last couple of years
you need to provide very compelling reasons and documentation. (Note that the
banks tend to not comment on their policies and decision criteria - so they
might well tell you that they'll open an account, but when you walk in they
will (in good old Chinese fashion) decline for some mysterious reason and
recommend that you try "maybe tomorrow".)

See e.g. here:

[https://www.hongkongfp.com/2016/03/26/hsbc-tightens-
requirem...](https://www.hongkongfp.com/2016/03/26/hsbc-tightens-requirements-
for-new-bank-accounts/)

[https://www.hongkongfp.com/2017/01/31/hong-kong-the-worst-
pl...](https://www.hongkongfp.com/2017/01/31/hong-kong-the-worst-place-in-the-
world-for-a-startup-to-open-a-bank-account/)

[https://www.hongkongfp.com/2016/04/12/why-hong-kongs-
banks-a...](https://www.hongkongfp.com/2016/04/12/why-hong-kongs-banks-arent-
interested-in-your-business/)

