burrup.lambert
2018-02-28 13:03
has joined #hongkong

burrup.lambert
2018-02-28 13:05
Is anyone aware of a company in Hong Kong that provides the service of you authorising them to pick up official documents for you and then forwarding them on to another location? I need someone to pickup my HKID and send it to my home country!

ledrewy
2018-03-12 06:18
has joined #hongkong

gmarkey
2018-03-20 10:07
has joined #hongkong

pedrodemendez
2018-04-03 12:07
has joined #hongkong

soebusiness
2018-04-28 08:24
has joined #hongkong

asarun72
2018-05-18 00:25
has joined #hongkong

ibbyazam
2018-05-21 09:47
has joined #hongkong

info
2018-06-28 18:37
has joined #hongkong

max
2018-07-09 19:50
has joined #hongkong

2018-07-25 15:14
A file was commented on

kuka
2018-07-26 14:15
has joined #hongkong

ggiampieri
2018-08-10 20:41
has joined #hongkong

johncitizen
2018-09-02 00:04
has joined #hongkong

johncitizen
2018-09-02 00:04
has joined #hongkong

ec9731a
2018-09-02 00:05
has joined #hongkong

johncitizen
2018-09-12 05:20
Anyone got hints for banks that accept walks in for opening accounts?

johncitizen
2018-09-12 05:20
HSBC want more paperwork (some kind of official stamp from the US HSBC on the statement). Citibank want 200K for a non-resident.

johncitizen
2018-09-12 05:21
Bank of China rejected.

ledrewy
2018-09-12 06:32
If you are coming from a country with HSBC, you should begin an acc there. The relationship, especially if you have a Premier status will help you to open an acc in HK without having to maintain any min balance. StanChart is the second option. For Citi, try getting a statement with your name and HK addr and you can enjoy a lower min of HK$10k

burrup.lambert
2018-09-12 15:16
Update : My authorised representative picked up my ID without issue.

mescos
2018-09-27 17:02
has joined #hongkong

me1892
2018-10-10 08:36
has joined #hongkong

bryanlum888
2018-10-14 03:32
has joined #hongkong

bryanlum888
2018-10-14 03:35
@ledrewy Just saw this post about HSBC. I have an HSBC Premier account in Malaysia. From your message this should help my chances to get an HSBC account in HK as a non-resident? How about getting an HSBC account in Singapore? Thinking I should leverage my HSBC Premier account in Malaysia more.

ledrewy
2018-10-14 06:50
@bryanlum888 Yes, you can ask your Relationship Manager to help you get the Int?l Banking Unit to open an acct for you in HK, and Singapore.

bryanlum888
2018-10-15 06:23
Thanks @ledrewy I'll my relationship manager to help me with this.

ledrewy
2018-10-21 10:05
@bryanlum888 If u are StanChart Priority Banking cust in Msia, u could get your RM to help u get Priority Banking in HK too, just like HSBC

bryanlum888
2018-10-21 10:07
@ledrewy I don't have a standard charter account yet in Msia but will look into it. I may focus on getting bank accounts in Singapore instead since my funds do relate to Crypto. I've read HK banks frown upon crypto.

bryanlum888
2018-10-28 03:24
Question I'm hoping someone can answer. My wife has an HKID but we both live in Malaysia. Since we just got married, is there any way for me to get an HKID, thus being able to open my own bank account?

brutus
2018-11-21 09:04
has joined #hongkong

nnmatveev
2019-01-14 13:04
has joined #hongkong

jemmasta
2019-01-17 11:05
has joined #hongkong

thy
2019-02-03 14:35
has joined #hongkong

burrup.lambert
2019-02-06 03:09
Heading to HK around Friday, 22nd Feb for a few weeks if anyone is around. Finally planning on opening some bank accounts with my HKID.

burrup.lambert
2019-02-22 21:23
@simon, any recommendations for a Sim card in HK? Main use is for SMS 2FA for banking so long validity / cheap preferred. Cant seem to find anything that lasts longer than 180 days though. China Mobile 1 card 2 numbers seems OK.

simon
2019-02-22 21:23
has joined #hongkong

ledrewy
2019-02-22 23:21
@burrup.lambert You can get a China Mobile (HK-sim). Its MyLink phone app allows you to refill and extend the expiry date. But you can?t use it beyond Greater China (Including Macau and Taiwan).

burrup.lambert
2019-02-23 03:30
@ledrewy oh darn. I definitely need one that can be used in other countries. Is that just China Mobile specifically?

ledrewy
2019-02-23 03:31
@burrup.lambert Most prepaid sim don?t allow roaming beyond the national borders. I need one too if you found any :)

simon
2019-02-23 03:36
CMHK have roaming enabled SIM cards, I?ve used one in dozens of countries. CSL SIM cards also work globally.


simon
2019-02-23 03:37
If you plan to use them for data, I?d recommend getting a Supreme Global postpaid SIM instead (easy to do if you have a HKID).


simon
2019-02-23 03:40
It?s around 100 USD per month and includes 20GB of global LTE data. Not a bad deal if you can?t get a Google Fi SIM.

ggiampieri
2019-02-23 08:51
Smartone basic plan 79hkd a month charge on card

ggiampieri
2019-02-23 08:52
Works worldwide even China and is good as proof of address with banks....


ggiampieri
2019-02-23 08:56
Voice only is 68hkd montly

ggiampieri
2019-02-23 08:59
For those of you living or traveling in China I confirm Tor orbot app routes WhatsApp for free and seems stable so far

ledrewy
2019-02-23 11:46
@ggiampieri Do you need HKID for this plan?

burrup.lambert
2019-02-23 13:21
Thanks @ggiampieri. @simon, once you have a HK licence (10 year validity) and you change address / notify the Transport Department / Licencing Office either by submitting the TD559 (Change of Address form) or via the GovHK Change of Address online service, are you required to get a new licence? My plan was to apply for a drivers licence on Monday with my AirBnB address and Monex Boom statement as proof of address, then once I have a virtual address (not bothering to get one until I get some bank accounts open) and change it to that, but if I have to refile paperwork in person, get a new licence only after just getting the original one etc. I'll wait. Trying to cram as much into this trip as I can. Application form for drivers licence says processing time is 5 working days. On other fronts, I applied for a personalised Octopus card today, hopefully it arrives at my AirBnB before I leave (10 working days processing time). Monday (depending on Simons reply), I'll apply for a drivers licence (requires home country licence, HKID, passport, proof of address). Going to try use Monex Boom statement but it that doesn't work I'll try open some bank accounts first and use statements from that as proof of address, OR, subscribe to a mobile phone plan as discussed above and use that. Ended up getting a China Mobile sim card (prepaid) with the 4G/3G Data & Voice Roaming option. Took about 6 attempts into different Circle K's and 7/11's to find one but got there in the end. Working a treat currently. Using it with my fairly new One Plus 6, didn't even know it had dual sim! *Random tip for young players.* I use Signal as my SMS application. It is however tied to a mobile phone number, in my case my SIM 1 number. When I got my new China Mobile sim I put it in SIM 2 and turned off SIM 1. I then went to test the number by sending myself an SMS and it failed, and it also failed when trying to send to other HK mobile numbers. This is ofcourse because Signal is tied to SIM 1 and the SIM 1 number. To send messages from my China Mobile number (SIM 2), I had to download another SMS application like Google Messages and use that. *Long story short, for dual sim phones if you deactivate your SIM card that is tied to Signal you can continue to message other Signal users (encrypted) but you can't use Signal to send SMS (unencryped) (can not be changed it settings). You'll have to use another SMS application.* Applied for an AEON JAL credit card as well, I put my status as "Retired", was not required to provide employment details, will see if that flies. Technically I'm "unemployed" right now but I didn't want to put that down, and I didn't really want to outright lie and say I was Employed and put the details of my old employer in Australia even though the details would only be a few months old. I'm not sure if I could do that anyway as the Employer Address it wanted was a HK address. Will see. More updates to come.

burrup.lambert
2019-02-23 13:31
I think so @ledrewy , I think proof of HK address is only beneficial if you have a HKID, otherwise you'd be seen as a non-resident and subject to those account requirements, high minimum deposits etc. Simon might know more. I was lucky enough and did Simons Working Holiday Visa trick for HK before I turned 31. He does mention though that ANY visa that grants you the right to work grants you the right to a HKID, so maybe have a look if there is another way for you if you don't have one.

simon
2019-02-23 13:46
@burrup.lambert I don't think so. HK drivers license do not usually show any address.

simon
2019-02-23 13:50
A HKID is usually required when applying for a post-paid phone plan as they do a soft pull on your Transunion file (which is tied to your HKID number).

simon
2019-02-23 14:01
Interestingly, as part of the government's push to become a digital society KYC rules have been modernized and some HK banks are now allowing online applications for their products. If you have a HKID and some credit history, you can now apply for credit cards online and receive approval instantly (or within a few hours depending on the bank). I expect most banks to support online applications at some point in the near future not to mention the new digital banks that will soon receive their banking licenses.

simon
2019-02-23 14:04
This is a great development that will make it super easy for us to get new cards and open new bank accounts.

ggiampieri
2019-02-23 14:11
No hkid, just show up at causeway bay branch and you can do it. I used the revolut to do recurring

ggiampieri
2019-02-23 14:13
Just use your airbnb address and you are done. You can then use it for citibank

simon
2019-02-23 14:14
Dah Sing Bank has some decent cards, especially the United MileagePlus MasterCard https://www.dahsing.com/html/en/digital/e_express_application_service.html


simon
2019-02-23 14:16
5 HKD = 1 mile and Dah Sing is known to waive the annual fee if you call

simon
2019-02-23 14:18
@ggiampieri Did Citi open your account as a resident account? I know of some people who opened accounts with local addresses and were then charged non-resident fees due to the lack of HKID.

ggiampieri
2019-02-23 14:22
I didn't open the account, but was told that should be enough. So probably it isn't. But you can use that address proof to open accounts in South east asian countries

ledrewy
2019-02-23 23:31
@ggiampieri Do you mean Smartone at Causeway Bay branch or Aeon?

ggiampieri
2019-02-24 09:57
Smartone near time Square

burrup.lambert
2019-02-25 12:00
Very interesting. It should make things a bit easier if it follows through as you said.

burrup.lambert
2019-02-25 12:08
Had some success today with regards to applying for a HK drivers licence. Transport Department *did not* accept my Monex Boom statement as Proof Of Address as it wasn't a bank (they list on the website what documents are supported, I thought I would try Monex Boom statement anyway). *They did however accept* a bank statement *from Australia* with my HK address on it. The clarify the process: When you go to the Transport Department with the form and supporting documents you are submitting the *application*. If all the documents are good you'll be handed a letter that says come back between X and Y date, the earliest X will be is 5 working days from submitting the application. For e.g. I handed mine back in today, Monday, the earliest I can go back is Monday next week. Y looks to be about 1 month after X, after that your application is cancelled. When you go back (earliest 5 working days) you need to take the letter plus all your original documentation, passport, HKID etc, you will be told this. This is when you find out if the application was successful, it it was, then you'll receive your licence on the spot and pay the fee, *the licence does not get sent to any address*. I don't think there will be any issues. Will post update on Monday next week when I go back. See #banking for bank opening update.

burrup.lambert
2019-03-09 08:37
Got my personalised Octopus card today (Saturday), my last outstanding HK item.I'll give it to Hong Kong, if they say 3 working days, it'll day 3 working days, if they say 5, it'll take 5, if they say 10, it'll take 10.

sylvain156
2019-03-11 05:18
has joined #hongkong

sylvain156
2019-03-11 05:19
Hi guys! I've an offshore company, i didn't do accountability, i'm going to do it soon. But I realized one of my customer (french) paid me with his paypal account, which is to his HK company. Will I lose my "offshore status" because of this ? Thanks !

ledrewy
2019-03-28 10:21
What is the minimum salary requirement to obtain a work permit in HK? I mean, if I were to set up a new co in HK.

simon
2019-03-28 11:35
There is no minimum salary requirement but your salary should be ?appropriate? for the type of work you do (in line with what other people in similar positions get).

ledrewy
2019-03-28 13:33
Thanks, @simon. Is it feasible to hire myself as an employee with the minimum salary to qualify a work permit while minimising the stay in HK to under 60 days per year to qualify for the tax free status (personal)? I wish to maintain my tax residency in another country with territorial tax?

simon
2019-03-29 15:39
If I understand correctly, you want to get a HK work permit but live in another country?

ledrewy
2019-03-29 15:43
Yes, @simon. I know this doesn?t make sense but how else do I establish that the HK co has employee?

simon
2019-03-31 05:48
You could hire yourself and your employment income will indeed be exempt if you spend less than 60 days per fiscal year in HK. I'm not sure you will be considered a local employee, however, if you live and work abroad (even if you have a local work permit).

ledrewy
2019-03-31 09:14
Thanks for your feedback, @simon.

carrabeanga
2019-04-05 00:34
has joined #hongkong

assefphilippe
2019-04-10 03:43
has joined #hongkong

assefphilippe
2019-04-10 03:43
has joined #hongkong

romaindepotter
2019-05-23 07:53
has joined #hongkong

arcaballero
2019-05-24 08:13
has joined #hongkong

burrup.lambert
2019-05-29 12:25
@simon Happen to have much experience with Macau? I have a friend trying to send money to BOC Macau however they use a 18 digit account number. Transferwise says they only support FPS but it's an issue because HK has 3 digit branch codes + 6-9 digit account number. Transferwise has apparently said the transfer should count as local transactions but not all Macau banks accept them but can't say which. Any other ideas on transferring funds to Macau?

simon
2019-05-29 12:30
Macau is not part of FPS so I doubt it will be possible to send a transfer there using it.

simon
2019-05-29 12:32
Can your friend open an account in HK?

burrup.lambert
2019-05-29 14:08
He does not have an account and is not a resident there.

burrup.lambert
2019-05-29 14:10
His gf is a Macau resident and citizen however. Can Macau residents/citizens open bank accounts in HK as locals? Not too sure of the HK, mainland, Macau intricacies!

simon
2019-05-29 20:41
As a Macau citizen / resident I imagine that it will be fairly easy to open a HK account (although she will have to be careful not to choose a bank that has high non-resident fees).

burrup.lambert
2019-05-30 03:09
Thanks!

simonbcr
2019-06-12 09:27
has joined #hongkong

marc
2019-07-16 02:24
has joined #hongkong

redareda9
2019-07-20 11:09
has joined #hongkong

benjamin
2019-07-27 10:30
has joined #hongkong

timothyhimself
2019-09-27 01:01
has joined #hongkong

p.rawson100
2019-10-22 10:45
has joined #hongkong

julianmb
2019-12-15 02:54
has joined #hongkong

bigworld
2019-12-18 09:15
has joined #hongkong

burrup.lambert
2020-01-31 16:44
Any ideas for manufacture spending a HK Amex @simon while not located in HK? I'm trying to figure out how to do it. I can't add an Amex to Curve, AliPay HK, or Revolut. The only bills I pay out of HK are for Jumpstart and it isn't that often.

simon
2020-02-01 07:33
@burrup.lambert Do you have business transactions you can fund with the AmEx? Or accounts you can top up? Prepaying memberships, domain names etc can also work.

burrup.lambert
2020-02-01 08:54
The idea was to try and charge the card locally in HKD to avoid the (at least) 2% foreign currency fee.

simon
2020-02-01 10:30
There are some sites that will let you choose the billing currency (most travel sites, Netflix etc) and many do not charge a forex fee.

buynps.org
2020-02-10 20:37
has joined #hongkong

arkdeeplove
2020-02-12 05:11
has joined #hongkong

burrup.lambert
2020-02-21 13:30
Anyone handle or know someone who does company incorporation in Macau? Looking for advice. Thanks.

burrup.lambert
2020-02-21 13:31
@simon?

simon
2020-02-22 16:35
@burrup.lambert It seems that you can do it via the IPIM (a government run portal): https://www.ipim.gov.mo/en/services/one-stop-service/notary-service-for-company-registration/

burrup.lambert
2020-02-23 13:06
Thanks. I'll have a look!

nemanja.mirkovicru87
2020-03-04 13:46
has joined #hongkong

tkrunning
2020-03-08 00:56
has joined #hongkong

julianmb
2020-03-20 06:42
Any advantage of having a company in Macau ?

burrup.lambert
2020-03-20 11:49
No CFC rules.

buynps.org
2020-03-20 14:46
so you mean residency in macau is advantage because of CFC?

brent
2020-04-13 08:26
has joined #hongkong

brent
2020-04-13 08:26
@julianmb - fancy seeing you here!? :laughing:

julianmb
2020-04-16 11:24
Hey @brent Good to see you here :slightly_smiling_face:

burrup.lambert
2020-05-28 21:50
@simon. Do you know if an expired temporary HKID which you get from say the Working Visa still works at the airport to go through the automated gate? I thought about trying it next time I'm passing through but I don't want to gate to eat my expired card, or for it to call an official and then he confiscated the expired card. Super quick to go through gate when using your card.

simon
2020-05-28 21:52
It won?t work if your visa is expired. You can get a frequent visitor sticker added to your passport if you want to continue using the automated gates.

brent
2020-05-28 22:45
@simon - what are your thoughts on the potential removal of HK's status and the other geo-political games that are going on at present? I mean, HK won't disappear overnight, but it certainly makes for interesting times. My take is it'll hurt the US and HK more than China... kinda seems like the US is going to (yet again) shoot itself in the foot.

simon
2020-05-28 23:17
It?s too early to assess what impact such a move would have on HK but it?s fair to say that the city?s long-term future isn?t looking very bright at the moment. Its economy relies very much on its autonomy from the mainland and its trade relationships with other countries (not to mention its perception as a safe haven).

simon
2020-05-28 23:20
China is in a pretty bad spot at the moment, most of its major trade partners are looking at ways to move their supply chains out of the country and reduce bilateral relations to a minimum. There are even talks of subsidies being offered to companies moving out of the country / to ?friendlier? countries (India, Mexico and SE Asia stand to gain a lot from this).

brent
2020-05-31 04:38
Yes, I suspect SE Asia will benefit massively from this. I have been contemplating setting up a base in SG (which after living in HK all those years - although more on/off in recent times - doesn't appear to be that expensive, or perhaps I've been desensitised given what I used to spend monthly in HK :laughing: ).......

simon
2020-05-31 06:28
HK is definitely more expensive than Singapore, especially for stuff like food and entertainment. It?s also closer to, arguably, more interesting weekend getaway destinations.

karim
2020-06-14 19:38
has joined #hongkong

julianmb
2020-07-17 08:05
Yes, HK is doomed. But I'll wait to see what is mainland plan for HK, they might want to pump money or give it advantages so it would look better after the NSL. If not, the social unrest problems in HK are going to be worse over the time

simon
2020-07-17 17:00
@julianmb Do you plan to stop banking there? I?m currently considering my options, for the medium/long term.

julianmb
2020-07-17 17:02
Stop banking in HK? No way, I'll probably convert everything to USD in a US bank located in HK like Citibank to stay away from trade war problems

brent
2020-07-17 22:48
I'm in two minds about HK - one is that it might be best to stay away from now on, the other says that there may be some coming deals (companies with strong cashflow but selling for pennies on the dollar) -- buy when there's blood on the street and all that -- however, it may take decades to realise any real value from said assets.

julianmb
2020-07-18 07:59
I still have hope that CCP will pump money into HK. If not I think we are going to have more social unrest because the increasing unemployment

julianmb
2020-07-18 07:59
Probably allowing mainlanders to spend more money when coming to HK

julianmb
2020-07-18 08:00
When they open the borders

brent
2020-07-18 08:25
@julianmb - for sure, I think that's a real possibility... but the HKMA is already so well capitalised that the HK government could institute a bunch of programs themselves (without Beijing's direct involvement)...

julianmb
2020-07-18 08:26
That's what they are doing now. Low taxes, giving 9k HKD per month to employers

brab
2020-08-24 07:40
Best method to send money from HK to China at the moment? ~500k rmb

julianmb
2020-08-31 18:56
That should be easy, Bank transfer ?

sylvain156
2020-09-04 07:11
My offshore claim just get approved after one year and half of paperwork ?

sylvain156
2020-09-04 07:11
If someone wants the contact of the company who managed this just let me know.

buynps.org
2020-09-04 15:01
@sylvain156 wow nice! how is the process?

brent
2020-09-05 01:39
@sylvain156 Congrats - but this is exactly why I prefer to incorporate elsewhere... the paperwork/time is enough to put me off!

brab
2020-09-05 16:20
All banks have told me I can't send RMB to china unless its a to a self named account in China (which is what I am not doing). and the cap is 120k rmb per day even for that method

sylvain156
2020-09-07 08:04
Your accountant have to make a lot of paperwork, and you've to answer to many questions. It took me in total about 5 days work (including doing my accountability). It's for 3 years of activity.

sylvain156
2020-09-07 08:04
And cost about 6.000?


brab
2020-09-10 13:07
"The lawmaker also urged the government to introduce new taxes - such as on capital gains, luxuries and dividends - to bridge the gap between rich and poor and to replenish its reserves."

brab
2020-09-10 13:07
With countries poor from corona, what do you guys think chances are that they actually try to attempt this?

brab
2020-09-10 13:08
I mean with all the protests and china stuff, it already seems they are slowly losing competitiveness as a major financial hub. Introducing a capital gains tax would just seal the deal and not leave much reason for many to be here?

brent
2020-10-04 09:49
It?s a slow march into irrelevance? these ?taxes? will probably make the place uncompetitive, but time will tell..

brent
2020-10-04 09:49
I think Singapore will be the winner at the end of the day...

brab
2020-10-09 14:47
Agree, SG seems to be poised to just slowly gobble it up

brab
2020-10-09 14:48
Introducing a capital gains tax in HK is probably the ultimate final blow

sylvain156
2020-10-16 03:11
hi guys. I heard some people, who has a company in HK, and who live in a country with a territory taxation (thailand...) has a trick to don't pay tax in HK. They send the money from the company to their personal account, and declare this as salary. The salary isn't taxed in HK, it's taxed in thailand. Because thailand doesn't tax offshore income (on a certain way) they are able to don't have tax. They don't even do offshore claim. They pay tax in HK only on the portion of their income which isn't sent as salary. So they send 90% of their benefits as salary, and they pay tax on the 10% that they didn't send. My accountant tell me it's not possible to do that, we should do offshore claim. But my friends actually do that, and their accountant says it's ok. Some of you know that?

simon
2020-10-16 07:00
@sylvain156 Thailand isn?t a territorial taxation country, any income generated while in the country will be liable to tax (regardless of origin). If you run a HK company from Thailand, it will also be liable to tax in Thailand (Thai corporation tax). The only exception is foreign-sourced income that isn?t remitted to Thailand, during the year it was generated in. Foreign-sourced income is income generated while outside the country, or from sources located outside the country (for example, rental income from a property located in New Zealand). As for your example, in HK tax is only paid when local income is generated. If you do not conduct any business in HK, you?ll pay no tax there (regardless of whether you file an offshore claim).

sylvain156
2020-10-16 07:06
Thanks @simon. ***A resident of Thailand is liable to pay tax on income from sources in Thailand as well as on the portion of income from foreign sources that is brought into Thailand *** They don't bring their "salary" to Thailand, they send it to Singapore.

sylvain156
2020-10-16 07:08
But Thailand will not ask anything and will not create any problem. My interrogation is more about if hk will accept that we don't pay taxes on the salary we're sending from the hk company to our personal bank account in sg.

simon
2020-10-16 07:22
The salary isn?t from foreign sources, however, if the work was performed while in Thailand. As for HK, you will not pay any taxes there if you have no local income.

simon
2020-10-16 07:27
Thailand isn?t likely to give you any issues for non-compliance but that will change when they join CRS in 2022. If your plan is to stay there long term, I?d recommend compliance to avoid future issues.

sylvain156
2020-10-16 08:15
As for HK, you will not pay any taxes there if you have no local income. >> They will trust us when we'll say "we don't do local business", we don't have to do the offshore claim, to prove we're offshore?

simon
2020-10-16 08:24
You may have to provide evidence if you claim offshore income but this shouldn?t be difficult if you have no local operations (passport copies showing stamps, utility bills etc are usually sufficient).

sylvain156
2020-10-16 08:34
Ok, so it's so much more efficient to do that, and don't do the offshore claim...

buynps.org
2020-10-16 16:34
@sylvain156 the tax lawyers i spoke with in thailand all basically told me they?ll never be able to enforce the laws and not worry about it. crazy stuff. @simon interesting about CRS in thailand, i wonder how that will impact all the expats there now working remotely hiding :smile:

yaron.been
2020-10-20 03:18
@simon "The only exception is foreign-sourced income that isn?t remitted to Thailand, during the year it was generated in." Is there a workaround for remitting the money regularly in a delay of one year? Is it every calendar year? E.G In 2021 I can remit the money I've generated in 2019 and not be taxed?

simon
2020-10-20 09:12
Sure, but that only works if the income wasn?t generated in Thailand. For example: income from work performed outside the country, rental income from properties located abroad etc.

yaron.been
2020-10-20 13:15
Oh, I see. So no loophole for ecom store owners over there haha

cutepetthings
2020-11-17 13:17
@simon if a non-resident US citizen owns 49% of a HK company is it good enough to avoid CFC qualification? I understand CFC rules apply automatically if the US Shareholder of a foreign corporation owns 50% of the said corporation. Then the idea would be to use FEIE to pay a 100K yearly salary tax free, and carry forward earnings to defer taxation. In the latter example would GILTI provisions apply as well? This is all a bit confusing. Thanks!

simon
2020-11-17 15:52
@cutepetthings Assuming the other 51% is owned / controlled by non-US citizens / residents, no CFC taxation will be triggered in the US. GILTI also doesn?t apply in cases such as this (where there isn?t any US operations). Do note that to qualify for the FEIE, you need to either spend most of your time abroad or be able to pass the bona fide residency test.

cutepetthings
2020-11-17 21:17
@simon thanks for the clarification, and yes full time abroad for FEIE. For the choice of structure I initially went for a UK LLP but I read that earnings can?t be retained, and that a pass through would mean a full reintegration of non- distributed earnings into US personal income! So it looks like a corporation is the best choice. What are your thoughts?

simon
2020-11-18 04:15
Is there a reason for the HK company, as opposed to another jurisdiction?

cutepetthings
2020-11-18 11:53
yes, for the territorial taxation system, easy bank/payment processor availability and integration as well as relaxed remittance rules fro tax purposes. I'm open to other ideas if you have any!

simon
2020-11-18 21:09
There are no remittance rules in HK, you can bring in all overseas profits tax-free. Banking / payment processing is a real pain, however, with few options and high fees compared to what you are used to in the US. There?s also the issue that most payment processing services will convert your settlements to HKD, costing you an extra 2-3% (Stripe HK, for example, only supports HKD settlements). A workaround would be to setup a US LLC, owned by the HK company, and use it for payment processing / banking (this will not usually create a US tax liability, assuming there is no US ECI).

cutepetthings
2020-11-19 02:50
thanks for the feedback on HK payment processing/banking. Above the 100K FEIE, what do you recomment to structure a tax efficient payment of remaining earnings. I was thinking of carrying them forward and using the HK structure to acquire assets or invest without triggering US tax. Any thoughts?

simon
2020-11-19 03:52
That?s not a bad idea, although if you will do that I recommend using a separate entity for the active part of your business (such as the US LLC I mentioned) so as to shield your HK company from business liabilities.


brab
2021-01-10 13:47
This ultra nationalist stuff is really going nuts

cutepetthings
2021-01-17 12:01
thank you!

frederic.scheffer
2021-01-22 13:34
Hi ! Anyone managed to get a loan for a HK LTD company to finance inventory? Note that I am not a HK resident.

brent
2021-02-05 02:07
@frederic.scheffer I'd say your chances are slim to none, and slim has left town!

twinorita
2021-02-05 08:35
I think this depends on the age of your business and track record. I think its a waste of time to apply if your company is less then 3 years old, but if you can show a 3 years track record with good profits and a business plan, I think your chances are good.

frederic.scheffer
2021-02-05 09:18
@twinorita any idea which bank might agree? Business is 6 years old and good track record

twinorita
2021-02-05 09:21
Sorry cannot really help with that

frederic.scheffer
2021-02-05 09:22
Thanks anyways!

brent
2021-02-07 10:26
Anyone in HK currently? @simon did you make it back to HK, or you left for good now?

simon
2021-02-07 11:00
@brent I?m currently in Dubai. I don?t plan to travel back to HK anytime soon, not until they drop the quarantine requirement.

brent
2021-02-07 11:02
Yeah, don't blame you...

simon
2021-02-07 11:02
Are you in HK at the moment?

brent
2021-02-07 11:15
Nope - still in Singapore. Heading to Taipei next weekend. Once settled in Taipei, I need to plan a trip to HK, but not really wanting to go through 3 weeks of quarantine either :laughing:

simon
2021-02-07 11:25
Yeah especially as the quarantine now has to be completed in a hotel (and probably in a miniature room). Can?t Airbnb a house in the NT with a lawn / pool anymore

brent
2021-02-07 11:28
Yeah, it's a bit crap.

michael
2021-02-08 14:17
Wow, @brent lots of traveling for you haha.

michael
2021-02-08 14:17
Yeah HK, and the 3 week quarantine is off putting.

brent
2021-02-14 06:18
@michael Yeah, I was going crazy not travelling and honestly the two week quarantine in some places doesn't bother me. Allows me to get settled, spend time in a reasonable hotel, slam through a ton of work etc.

brent
2021-02-14 11:54
I'm also hoping that they restart the HK <-> SG travel bubble in the next month or so.... can then just bounce between them...

simon
2021-02-14 12:01
I guess it?ll depend on what happens in the 2-3 weeks after CNY. If case numbers stay low, the bubble might happen (it?ll believe it when I see it though)

julianmb
2021-02-14 12:06
I need to come to HK before I become tax resident in Australia, but the three weeks quarantine in a cage hotel doesn't look fun

benjamin
2021-02-14 12:22
@julianmb If you have a real chance of a tax liability in Australia then 3 weeks quarantine in HK is a much better deal imo. But if you're just stuck in AU with no ties and no plan to stay then I'd say risk is pretty low

julianmb
2021-02-14 12:22
No bank, job, phone bill or rent

brent
2021-02-14 12:28
Yeah, don't you need to do less than 183 days a year in AU @julianmb?

brent
2021-02-14 12:28
Also, as you're married and your wife is a tax resident, make sure that that doesn't count as "ties to Australia" -- the bastards will get you on that

julianmb
2021-02-14 12:28
Yes, that's the problem, I'll be more than 183 days

julianmb
2021-02-14 12:29
I'm sure they will try to get me with that. But what are they going to do ? There is no tax information agreement with HK

brent
2021-02-14 12:31
Yeah...low risk. Why don't you head to SG first, instead? You can get into SG under the Air Travel Pass scheme. Then, when the SG <-> HK travel bubble opens (and it looks like it will open in the coming month or so as case numbers plummet in HK) you can get into HK without the need to quarantine...

julianmb
2021-02-14 12:31
That's really good !!!

julianmb
2021-02-14 12:32
But that means I can be in SG under tourist visa or just for transit ?

brent
2021-02-14 12:34
Yeah man, just a visitor.

brent
2021-02-14 12:34
I've done it twice already.

brent
2021-02-14 12:34
Was there from September - December (flew in from NZ), and again just recently, before heading to Taiwan (where I am now).


brent
2021-02-14 12:36
You take a covid test on arrival, and then have to self-isolate at a hotel of your choice and wait for your results. Normally you have results within 6 hours.

brent
2021-02-14 12:38
This is a nice back-door into HK, once the bubble is up.... but SG isn't a bad place to hang out in, for a month or so before hand..

brent
2021-02-14 12:41
@julianmb When did you leave HK? Wasn't it around October?

julianmb
2021-02-14 13:11
Yes, mid october

brent
2021-02-14 13:11
Ok, so basically 4 months.

michael
2021-02-14 14:21
Damn, @brent is the man, jet setting.

brent
2021-02-14 21:29
@michael lol - someone has to. Honestly, travelling during Covid has been great (and I realise I'm quite fortunate to be travelling). Quiet airports, no queues. Flights always on time (or leave early).

michael
2021-02-15 06:28
Flights always on time, or leaving early?! Who would have guessed! hope that stays the same when things open back up.

brent
2021-02-16 13:31
Haha - one can dream :laughing:

brent
2021-05-09 12:00
So....looks like we're going to get the bubble from May 26th @simon..... lets see if it actually manages to start this time. I'm booked to fly to HK on June 18th.

burrup.lambert
2021-05-13 14:04
@simon, how does the credit score work in HK again? I just went to obtain my credit score from Transunion and you can't do it if you only have Amex Cards (which I do). I can't download the HK Amex app either as it is region locked to the HK Google Play store.

simon
2021-05-13 16:34
@burrup.lambert Any card you have in HK, tied to a HKID, will report to your HK credit profile. This includes AmEx cards. A credit score will be generated every month based on this history and that is what HK lenders use to determine creditworthiness, in addition to the usual stuff (employment history, history with the bank etc).

burrup.lambert
2021-05-13 18:35
Thanks. What are the ways to view the credit score?

simon
2021-05-14 03:02
You can use Transunion?s online portal, you can also request a copy in the mail. The other ways have all been blocked since the hacking scandal back in 2019


brent
2021-05-17 11:37
Yeah.

brent
2021-05-17 11:37
Decided just to bite the bullet and head to Hong Kong in a few days time.

brent
2021-05-17 11:38
Going to quarantine at Kerry Hotel. Could be worse.

brent
2021-05-17 11:38
Be like my 4th time in actual quarantine :laughing:

felix
2021-05-17 11:39
Oh man, again?

felix
2021-05-17 11:40
It was expected from SG side?

brent
2021-05-17 11:40
I've a few things to do in HK, been putting it off for ages. But it's ok, I pretty much live out of hotels anyway

brent
2021-05-17 11:40
I know @felix - really does suck.

felix
2021-05-17 11:41
?Singapore residents returning to the city state would be subject to seven days of home observation upon arrival.? Ok, but that?s not too bad.

felix
2021-05-17 11:42
I think everyone else is now on 21 days SHN in SG

brent
2021-05-17 11:44
Yeah.

felix
2021-05-18 06:57
btw. @simon, where are you at the moment? Back in HK?

simon
2021-05-18 07:06
I?m in Bangkok for the week, will fly to London next weekend

brent
2021-05-18 07:37
How are things in BKK @simon?

simon
2021-05-18 07:50
Pretty bad, the city is in lockdown with most things closed or nearly so. Restaurants operate at 25% capacity, for example

brent
2021-05-18 09:37
Damn.

taylorwalkerllc
2021-05-18 09:45
I am in Thailand, Phuket and its a freaking ghost town. But at least restaurants are open.

felix
2021-05-19 04:30
That?s really bad to hear. I thought Phuket is pushing a vaccination program to open up the island from July on, @taylorwalkerllc

simon
2021-05-19 04:43
They are (I was there for the past few weeks and all workers at my resort were vaccinated) but at this point it?s anyone?s guess if they will actually open quarantine-free in July.

brent
2021-05-20 05:34
Just went through all the bio-security theatre at HKIA. Singapore was way, way more efficient. Went through at least 6 different stations (after being tested) handing over different forms/scanning QR codes/downloading apps/getting some stupid tracking wrist band lol...... Still, not too bad as there weren't that many of us on the flight and happy that it wasn't too burdensome, just interesting comparing the different approaches. In New Zealand you literally hop off the plane, go through immigration and then get herded onto a bus to your hotel..

simon
2021-05-20 05:38
@brent Same in Thailand, the airport arrival process was surprisingly efficient and well organised. How?s the quarantine at your hotel? Can you go out of your room?

brent
2021-05-20 05:40
Nope, not allowed out lol. It's not too bad. Am staying at Kerry Hotel.

brent
2021-05-20 10:17
However, one interesting thing was after going through all that bio-security theatre, Immigration acted like right a**holes. They probed all of us coming from SG who didn't have an HKID (myself, some Aussies, Brits, Singaporeans -- all travelling on passports that'd normally get us 90-180 days) asking what we did for work, who we know in Hong Kong (and please provide their HK IDs - for *everyone* you know), why are we travelling during a pandemic, outbound tickets (and they were even calling their airlines) etc... First time I've experienced that. Even going into Singapore during this pandemic, SG Immigration were super chill.....

simon
2021-05-20 10:43
Did you notice if HK residents were allowed to use the e-Gates?

brent
2021-05-20 21:10
No, looked like they had to go via the resident immigration desks. I believe (but don't quote me on this) immigration are carefully looking at passports to determine travel history over the past 14-21 days.

felix
2021-05-21 02:25
Very interesting. Thank you for sharing

simon
2021-05-21 18:26
That makes sense. Hopefully HK reopens without quarantine at some point this year, I have some business to take care of there and I?m not keen to go through another quarantine.

brent
2021-05-22 01:05
Yeah, fair enough..

simon
2021-06-19 14:02
If anyone needs a HK mobile number, I?ve found a way to get one remotely (and a real one, not virtual). You need an esim enabled phone though. Go to the link below and order a global plan (or one that covers the country you?ll activate the esim in), follow the instructions in the email they send you and you?ll have your number within a few minutes. As a sidenote, the plans aren?t bad and could also be useful to those who need an alternative to Fi. https://www.three.com.hk/prepaid/DIY/en/offer/travel

simon
2021-06-19 14:05
(the prices are in HKD, 7.75 HKD = ~1 USD)

burrup.lambert
2021-06-19 14:39
Nice one. My next phone is definitely going to be eSIM. I'm still manually swapping SIMs, luckily they have all worked so far in the countries I needed them.

brent
2021-07-14 05:50
Hong Kong just recently (in the past week or so) opened up vaccination to foreign non-residents who might be in the city temporarily on business or as a tourist. Just had my first jab of Pfizer a couple of days ago. Free of charge. Very professional, orderly and well organised. Was in and out in about 30 minutes tops (they make you wait 15minutes after receiving the jab to ensure that any immediate reactions are picked up).

brent
2021-07-14 05:51
I was hesitant (and kinda still am), but given we don't know much about the long term effects of Covid (and the long term effects of the vaccine too), I thought the price was worth paying to continue travelling and for reduced quarantine... time will tell I guess.

felix
2021-07-17 01:24
Had my second Pfizer jab about 1.5 months ago. It?s all good. No crazy things happening, nothing is different to a HepaA vaccination. Glad you got it!

simon
2021-07-17 02:08
@brent Did you get a vaccination card?

brent
2021-07-17 04:02
@simon - yep, sure did.

mail777
2021-08-03 12:23
Hong Kong is opening up for fully vaccinated non-residents starting mid-August, just seven days' quarantine when you get a serology antibody test beforehand, oh and six PCR tests after you arrive: > For medium-risk places, only Hong Kong residents and fully vaccinated non-Hong Kong residents are allowed to board flights for Hong Kong. All inbound travellers are required to comply with stringent quarantine measures and repeated testing. > [?] > Travellers who have been fully vaccinated and hold a positive result proof of a serology antibody test issued by a laboratory recognised by the Hong Kong Government within the past 3 months must present both a vaccination record and a recognised serology antibody test result proof at boarding. They are subject to a further shortened quarantine period. Relevant quarantine arrangements are as follows: > (a) Undergo compulsory quarantine for 7 days in a DQH; > (b) Undergo 2 tests during compulsory quarantine; > (c) Self-monitoring in the subsequent 7 days; and > (d) Undergo compulsory testing on the 9th, 12th, 16th and 19th days of arrival in Hong Kong. > [?] > In view of the latest situation, the Government expects that the second phase of serology antibody testing arrangements will be implemented in mid-August, where self-paid serology antibody testing service for inbound travellers will be provided at the airport. Implementation details of the relevant arrangements will be announced later. https://www.info.gov.hk/gia/general/202108/03/P2021080200985.htm Exception: if you have been to any of > Brazil, India, Indonesia, Ireland, Nepal, Pakistan, the Philippines, Russia, South Africa and the United Kingdom > [?] > on the day of boarding for/arrival in Hong Kong or during the 21 days before that day (https://gia.info.gov.hk/general/202108/03/P2021080200985_373718_1_1627924428682.pdf)

felix
2021-08-04 00:49
Thank you fos sharing!

brent
2021-08-16 09:33
So, just some other interesting news in Hong Kong. I applied for a 2 month extension, citing Covid, that I couldn't get into my country of Citizenship (New Zealand), want to setup a company...etc etc (oh, and I got a lecture from Immigration about "you cannot do any work whatsoever", implying that he knew that I was probably working online remotely...._*yeah, whatever mate*_). Immigration still took a tough stance and only gave me a month and said that it won't be extended again, but I could just leave and come back. Honestly, the process in Singapore was waay easier (online and approved within a few hours and they were much more reasonable).

felix
2021-08-16 11:03
Hong Kong has become worse every year for the last 3 years. When we applied back then for the employment visa of a Chinese national it took 6 months and only was approved because our agent knew someone at the immigration.

felix
2021-08-16 11:03
What?s your plan after the month? Visa run to Dubai?

brent
2021-08-16 12:22
I think I'll head to Taiwan (still got an ARC for Taiwan), do my quarantine stay at the Marriott and then fly back to Singapore :slightly_smiling_face:

felix
2021-08-19 14:30
@brent maybe no need anymore for the dtour to Taiwan

brent
2021-08-19 14:53
@felix yep! No need for a detour. This is great.