Planning to start a business but feeling puzzled with the bank part? Wonder if there are other options besides opening a bank account in those traditional banks? Any way to shorten your time in waiting for a bank account to be opened? Any means to get a bank account more conveniently? The answers to these questions now are YES! YES! YES! because Hong Kong Monetary Authority (HKMA) has announced a grand total of eight virtual banking licenses in 2020 which provides more handy alternatives for entrepreneurs, not to mention an array of fintech solutions that are gradually maturing in the market these days. 

You most likely might have heard of Currenxie and Statrys – two fintech platforms offering alternatives to the traditional bank account. The platforms have become more popular among those who target to operate their business right away with instant money transactions by having a dedicated Hong Kong account number. And the account setup process of these platforms is usually simple and quick as a piece of cake.
 

The emerging banking alternatives provide more convenience to start-ups like quick signup and real-time transactions dashboard.

1. Currenxie - How It Works?

Currenxie account is a licensed Money Service Operator and holds a Money Lenders License. The platform's virtual account network now spans 9 jurisdictions and more than 30 countries.

  • Fast : Currenxie has a team to review and approve the account application. So pretty much the account process runs 24/7 and you can get your account opened in just 24 hours the fastest.
     
  • Simple : All you need to do is to fill-up the online application form, submit the required documents, and sit back in front of your desk to wait for assessment and approval.
     
  • Operation-Effective : There are different types of accounts for fitting your needs, from local business to worldwide business. Currenxie offers transactions in up to 18 currencies, which is quite beneficial to businesses that require a multi-currency account.
     
  • Local SMEs Targeted : Currenxie values the local market a lot, especially here in HK. If you own a HK corporation or planning to enter Asia’s market, Currenxie will have an experienced support team available to answer your questions and support your needs, like sending your money to bank accounts in China or worldwide.

 

2. Statrys - Who Are They and What Do They Offer? 

Secured US$5M in funding round in 2020, Statrys is a rising star in alternative payment solutions for SMEs in Hong Kong and abroad. It offers Business Accounts as well as local currency accounts where applicable. Along with a Forex trading solution, allowing users to trade in 11 currencies.

  • Fast : Statrys requires no physical visit, so new applicants can get approved online in 48 hours. As soon as they are approved, they can begin sending and receiving payments.
     
  • Simple : Like most digital payment platforms, Statrys only requires company documents in the application process, including the beneficiaries and shareholder details for compliance purposes. Simply submit your documents, and kick back while your account is processed.
     
  • Flexible Payment : With Statrys, it doesn't stop at a simple Business Account. With a Local Currency Account, users can access markets abroad with a localised business account, including a full IBAN code as well. That means there's no need to leave your country of business account registration to accept payments in local currency in Europe for instance.
     
  • 24/7 Forex Trading Coming Soon : Statrys's Forex trading package will soon launch with round-the-clock trading for users so they may trade effectively at any time they wish.

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After knowing more of the specific features of both Currenxie and Statrys, have you figured out which type is the best fit for you and your business? If you have decided to apply for these multi-currency account services after a thorough assessment, here please find the free signup links dedicated to Bridges community members that do not require to queue up in their waiting list:-

Currenxie account signup : please click here.

Statrys account signup : please click here.

Still struggling on what to prepare for incorporation or which bank alternative to pick? Shoot us an email at info@bridges.hk or just leave us a private message to get our practical advice and kickstart your HK business journey soon!

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As time passes by, Hong Kong remains as the Hottest Pick among global entrepreneurs (including our clients) for starting up their businesses or using this place as a stepping stone to unlock the opportunities in Asia.  Although it is nothing new that worldwide banks have set higher standards for account opening if compared to years ago, still, more and more companies manage to successfully open their corporate bank accounts by getting solid n’ comprehensive start-up assistance, as long as they have found someone they can trust to solve all their queries out, provide appropriate advice, and take care of  the whole application process with great attention.

In this article, we will take you inside the circle to see how your start-up venture and follow-up arrangement like bank account opening can be aided by the experienced and skillful business consultants in the market, that a full-support service hub shall provide to its clients.

 

FASTER >> to Form All-New Limited Company

Whether you would like to set up an all-new company, or purchase a ready-made one as your HK business vehicle, the incorporation timeline is as FAST as 2 working days in here. In previous days, it takes longer (almost 10 days) to finish setting up an all-new company but now with our 2 DAYS EXPRESS services, your company can be up and running in a much shorter time.

What’s more, since most HK banks require clients to make the account opening bookings around 1 month in advance due to their full schedule, our consultants will help you make the bank appointments straightway once your company is being set up (in 2 days as mentioned above) and we have got your business registration no. from the Govt for providing to the bank, so as to speed up the whole process and let you operate with a corporate bank account as soon as possible.

 

EASIER >> to Set up Your Biz with Only 1 Person

When considering to gain a foothold in Asia, there are always two popular options popping up - HK and Singapore. Yet, HK’s flexibility is probably one of the biggest advantages for foreigners to take and start their business here as the first stop in Asia. As you might know, forming a Singapore company requires foreign entrepreneurs to partner up with a local Singapore citizen, while there is no limit on the nationality of the Director(s) and Shareholder(s) in setting up a HK company.  It means no matter what your nationality, you are free to form your own company in HK without the need to include a HK citizen as your company’s stakeholder, giving you high flexibility in the company structure.

Not to mention it takes only ONE person to form the HK company (meaning the Director and Shareholder can even be the same person), and the mandatory Company Secretary can be provided by us which is already included in our all-in-one HK Company Formation Package. Once you completed all the official registration process, the company can be ready before your visit to HK and meeting up with bankers.

 

MORE CONVENIENT >> to Open HK Bank Account

Here comes how we make the entire start-up procedures even more convenient. It’s generally recognized that HK topped the global ranking on banking and financial infrastructure for its secured monetary system, well-established legal regime and free currency exchange circulation (especially when compared with mainland cities), and that’s why many savvy entrepreneurs have picked HK as their base in Asia.

We understand the assessment criteria of opening a bank account in here is getting higher under the global trend (while the assessment criteria of worldwide banks is getting more rigorous too to prevent illegal operations like money laundering) and most of the applicants might not always be familiar with what to prepare and how to prepare to match up with ever-changing bank compliance. Hence, an experienced consultant can turn this whole situation around with the intensive know-how and extensive banking network, ultimately uplifting the account opening success rate for clients. For more details, please refer to another blog of us ‘How Your Bank Acc. Opening Success Rate Is Raised by a Skillful Consultant’ here: bit.ly/2vD15Wj.

Currently we work closely with HSBC, OCBC Wing Hang Bank, China Citic Bank, Standard Chartered Bank, Hang Seng Bank, DBS, Dah Sing Bank and different overseas banks, and we believe you will find your best option among them for operating your business in this place.

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Now you see how a competent consultant could ease your application pain and smoothen your ride in HK. Especially you wouldn’t want to waste time to get rejected over and over again so this is where a consultant can make a total difference.

Following our provided guidance, standing out from a bunch of account opening applicants, getting everything done in only one trip to HK... all these can be your personal experience with the support of BRIDGES on-site consultant team who will save your various hassles and time cost so you shall find having your own business in HK is not that difficult.

Still struggling on what to prepare for incorporation or which bank to pick? Shoot us an email at info@bridges.hk or just leave us a private message to get our practical advice and kickstart your HK business journey soon!

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When starting up your venture in HK, choosing the right bank could be an aspect that need more of your attention, so as to smoothly enjoy the superb and secured banking system of HK as one of the largest international financial centres.

This part is especially vital for foreign entrepreneurs - sometimes they just have no clues how their application could be made better and there is just no one more experienced, more learned, or more advisable to offer the help that they really need. If you are one of them who plan to establish your business in here,  this article is the right reading material for you to start getting well prepared and shorten the processing time.

 

Which Banks We’re Joining Hands with?

One of the valuable assets of us is our team’s over 10 years of experience working with the leading banks in the industry for serving our start-up clients. Honorable recognitions and partnership awards were received throughout the years (please find award photos here to share our joy) and it’s always our commitment to strengthen the fruitful relationship with different partners for the sake of bringing the utmost benefits and convenience to our clients at the end.  Some of our partners could even meet the clients at BRIDGES Centre to save our clients’ time and thus they don’t need to queue up at the branch for unlimited wait. Let’s take a look at the list we usually make appointments for our clients:-

 Here’re more bank options BRIDGES works with...

Meanwhile, popular offshore bank options include: BlueOrange powered by Baltikums Bank, CIM Bank, Euro Pacific Bank, Rietumu Banka, etc.

 

What to Prepare for the Appointment?

To help you get well prepared for the appointments after our bookings with banks are confirmed, we will provide a tailored document list for you to read and you can present your business with solid proofs to the bankers in the meeting. Before the meetup, a review on your documents and practical suggestions will be provided by our consultant to strengthen your success rate since we know how huge the difference could be for having a well preparation that matches up with latest bank compliance.

Here’s a general document list that might give you an idea on the preparation work:-

> Certificate of Incorporation
> Memorandum and Articles of Association / Articles of Association
> Business Registration Certificate
> HKID Card / Passport of Principles or Directors
> Residential Proof of Principles or Directors (e.g. personal bank statement, driving license or public utility bill issued within the past 3 months)
> Business Proof (e.g. trading invoice, bill of lading, payment record, contract / agreement)   
> Business Plan (e.g. what kind of business nature, what is the source of fund, etc.)
> Company Chop

The above is the required documents applied to major circumstances, for some cases the bank might need some additional documents. For this, many of our clients might not know  before they came to us, and it is the time our consultant will help to review the client’s case and provide suitable advice to speed up the process. For example, based on your business nature / passport country / residence country / buyer & supplier background, etc., we will suggest the most suitable bank(s) for your business as we will know which bank could be the best fit, like some business natures could be more favourable to certain banks. Or how you can enhance your prepared documents to fit the banks’ particular requirements that they will update our consultants from time to time. Not to mention our team will help you pre-arrange the bank meetings so you can fly to HK once only to meet the bankers and pick up your company kit on the same day.

During our years of services, BRIDGES has served many different types of clients coming from all over the world - we know their needs and we act as a ‘bridge’ to connect the suitable clients with the suitable banks via our expertise, and to ensure the process runs as smooth as possible. Within this, the friendly and close working relationship with different parties proves effective, no matter it is local, international or global-scale bank. 

If you are still thinking whether you should go ahead for the incorporation and bank account opening in HK, why not talk to one of our consultants today? Simply drop us a message to start chatting with us or send us an email at info@bridges.hk to get our prompt help. We will ensure your start-up needs are being well taken care of whenever and wherever.

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