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phiota
Raver
Joined: Nov 01, 2005
Posts: 467
Status: Offline
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 Posted:
June 21, 2006 - 09:42 PM |
 
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| Post subject: Opening Corporate Banking Account in China |
Has anyone opened a new Corporate banking account in China? Trying to see if I can get everything setup (banking wise) while in China or if I would need to go back to the states (clients & suppliers both in the states). I have own china checking account but I think because of legal reasons (seperation of personal & business account), tax reasons and business reasons I need to have a corporate account setup for business income/expenses.
thanks,
John |
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davidcui
Seeker
Joined: Oct 21, 2005
Posts: 59
Status: Offline
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June 22, 2006 - 11:55 AM |
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Dear John
As a foreign individual, you could not open a corporate account. You are required to apply for competent Foreign Exchange Administration for examination and approval in the name of your foreign enterprise, and then, depending on the approval, to open an account in the bank.
David Cui
Attorney at Law
Co-effort Law Firm
Shanghai Head Office
31/F Hua Neng Union Tower, 958 Lujiazui Ring Rd., Shanghai PR China, 200120
Tel： (021) 68866499
Fax： (021) 58871151Mobile: 13817041900
E-mail: davidcui@youlawyer.com
Website: http://www.youlawyer.com |
_________________
David cui, local lawyer : davidcui@youlawyer.com |
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phiota
Raver
Joined: Nov 01, 2005
Posts: 467
Status: Offline
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June 22, 2006 - 12:26 PM |
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I see. I guess I may need to go back to the states to open a account then.
thanks,
John |
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phiota
Raver
Joined: Nov 01, 2005
Posts: 467
Status: Offline
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June 23, 2006 - 08:14 AM |
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Does anyone have any other idea (Hong Kong???) of how I can open up a US Corporation Banking Account? I just started up the Corporation before I left the states now need to open up a coresponding banking account (again for tax/legal/expense purpose). Any thoughts or ideas?
thanks,
John |
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pat_togo
Raver
Joined: Feb 22, 2005
Posts: 403
Location: Pudong & Hongkou, Shanghai
Status: Offline
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July 03, 2006 - 09:21 PM |
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The Hong Kong idea is a good one; what you need to do:
-Get a good company to help you register a limited company in Hong Kong. Total cost should be something between 8,000 and 10,000HKD, this includes secretary service for a year and the legal documents requested to open a corporate bank account. Anything more would be a rip off. Registered capital is HKD10,000 but you don't need to put up anything.
-Travel to Hong Kong to open the account, preferably with a known name if you are to do international operations. HSBC or Hanseng would do. Some companies (maybe the one that you used to register the company) can help for a fee (about HKD2,000 for a company that I know and that I advice to some clients). But personally I would prefer to do the job myself; you just make an appointment online and get there it will take you less than half an hour.
Then you are done. Once a year you will need to do the annual return (may cost up to HKD4000~5000 including fees) and probably pay for accounting services.
Hope it helped. Good luck.
Pat |
_________________
Sinoinvest.biz-Offshore Company Registration (BVI, HK etc.) & China Company Formation |
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pat_togo
Raver
Joined: Feb 22, 2005
Posts: 403
Location: Pudong & Hongkou, Shanghai
Status: Offline
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July 03, 2006 - 09:24 PM |
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thomasw98
Lurker
Joined: May 10, 2006
Posts: 32
Status: Offline
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Aug 05, 2006 - 07:42 AM |
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| pat_togo wrote: |
| On second thought, you don't actually need to register a company for opening a corporate bank account on HSBC. It will take more time and probably more documents to show, but it is possible to get that account for your US company. Check www.hsbc.com.hk for more details. |
It's very difficult these days to open a corporate bank account in Hong Kong in the name of a US corporation. Something to do with new anti-terrorism laws, etc. I was considering opening one a few months back, and called several banks in Hong Kong (including the Hong Kong branch of my USA corporate banking acocunt), but in the end, I gave up the idea as too complicated and time consuming. |
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