Questions

What are the best practices for setting up a bank account for a northeast Asia travel agency?

We need help setting up a bank account for an australia-based, northeast Asia adventure travel company. Ideally, we would like to not setup a company, but just set up an account for the australia-based company at a bank, and have remote access via internet. But then, there may be advantages to actually setting up a branch office in a place like, say, Hong Kong, Macau, or Singapore.... But just not sure what the pros and cons are.... We need to have dollar, Australian dollar, and euro accounts, but maybe others, too, such as Renminb (RMB) and Japanese Yen (JPY). There are some specific circumstances unique to our company that I can share on a call. If you have specific expertise related to banking and setting up companies in Asia, please let me know. Thanks!

1answers

The way I set up one of my businesses (which is in China) is creating a HK company with a company bank account in switzerland. The chinese company is "selling" to the HK company and the HK company is "selling" to the customers.

Since the business itself is not being done in HK, you don't need to pay any income tax. I wanted to have a HK bank account first, however it is very difficult now to get one as a foreigner, no matter how big your company is, hence the swiss account (no personal visit required).

In your case the only additional task would be to add another bank account in Macau, so you can accept RMB and Unionpay payments, however there are ways to simply use a payment processor and avoid this step.

Cheers,
George


Answered 2 years ago

Unlock Startups Unlimited

Access 20,000+ Startup Experts, 650+ masterclass videos, 1,000+ in-depth guides, and all the software tools you need to launch and grow quickly.

Already a member? Sign in

Copyright © 2019 Startups.com LLC. All rights reserved.