Supplier Comparison
| Supplier | Cost | Banking Partners | Spanish Support? | Notes |
|---|---|---|---|---|
| Osome | Incorporation package Company Registration + Corporate Secretary (1 year) + Registered Address (1 year) + Assist with account opening at a Neobank = 7,000 HKD Post-Incorporation Services (starting from 2nd year) Accounting Only = min. 3,456 ~ 7,200 HKD / year Company Secretary Only = min. 1,100 HKD / year Company Secretaty + Business Registration Certificate + Registered Office = 7,000 HKD / year (complete package) | Traditional banks: HSBC, DBS Neobanks: Airwallex, WorldFirst | No ”Usually, we don’t have a contract to sign. Instead, we will send you an email along with your Invoice.” | They have a Mobile App for managing everything “Osome: Accounting & Secretary” Read more about Neobank corporate account |
| Baililai | Incorporation package Company Registration + Corporate Secretary (1 year)+ Registered Address (1 year) + = 7,800 CNY Assist with opening corporate account at a traditional bank =15,000 CNY Post-Incorporation Services (starting from 2nd year) Corporate Secretary (1 year) + Registered Address (1 year) = 2,500 CNY / year Business Registration Certificate renewal + Annual Returns Filing Fees + Tax Audit Fees =unspecified | HSBC, Standard Chartered, DBS, Citibank, Bank of East Asia, OCBC They provide account opening service for about 15,000 CNY with higher chance of approval. | No | I’m already in talks with one of their account managers. |
| Statrys | Incorporation package Company Registration + Corporate Secretary (1 year) + Registered Address (1 year) + Assist with opening a Statrys corporate account = 7,740 HKD Post-Incorporation Services (starting from 2nd year) Maintaining the company (with every secretarial service provided in the first year) = 7,740 HKD / year | Statrys offers their own virtual business account in partner with DBS bank. They also assist you with opening business account at other banks. | Yes They have a hispanic account manager. | It is a Fintech company that also helps with company creation. It is easier to set up a corporate account (virtual) here. But they don’t offer accounting service. Need to hire an accountant somewhere else. |
| Sleek | Incorporation package Company Registration + Corporate Secretary (1 year) + Registered Address (1 year)+ Help with opening Airwallex corporate account + Accounting and bookkeeping (1 year) = 998 USD Post-Incorporation Services (starting from 2nd year) Accounting and Bookkeeping = min. 32 USD / month Audit and Tax Service = min. 51 USD / month Registered Address & Virtual Mailroom Service = 192 USD / year Corporate Secretary = 166 USD / year | They “provide a solution to open Airwallex account”, which is also a virtual account | – | – |
Key Takeaways and Recommendations
- 1st year incorporation package should cost about 8,000 HKD. Starting from 2nd year, the annual cost will be about 7,000 HKD for maintaining the company’s legal status and 3,000 HKD for hiring a local accountant (optional).
- A company is required by law to hire a Hong Kong local as the Corporate Secretary. The cost will be less than 2,000 HKD per year and is included in the packages.
- Many companies now opt for “neobanks” that do everything online. It is the easier option for most people, and most suppliers provide free assistance with opening an account at the neobanks. You can make transfers to mainland China via neobanks without any issue (according to Osome).
- Airwallax, Payoneer, and WorldFirst are the main ones.
- Many traditional banks in Hong Kong consider Peru as middle-to-high-risk. However, opening an account at a traditional bank is possible, “if the raw materials are exported from legitimate factories in China and declared through customs”. Note that traditional banks take more time to open your account (about 1~2 months) and usually require that the company’s biggest shareholders be present for face-to-face meeting.
- DBS, HSBC and ABC Banking Corporation (a Mauritian bank) offer remote account opening.
- For Bank of China HK, Hang Seng Bank, you have to be present in HK for interview.
- A workaround: start with using Neobanks as it is easier to open an account there. Then consider opening account at traditional banks after 1 year of operation.
- When opening an account, it is necessary to provide: purchase and sales contracts, Bill of Lading, customs declarations and bank transfer receipts, among other supporting documents.
File Download
- Osome: Pre-Incorporation Checklist (PDF)
https://drive.google.com/file/d/1-DepkO2a9-AA3EuL5iTGdsZ4qs2wXzia/view
- Baililai: Guide and Fees (PDF)
https://drive.google.com/file/d/1XkKsg7E9PS3dtB09AV3vRSGAZMSI8EIW/view
- Baililai: Annual accounting and auditing charges (PDF)
https://drive.google.com/file/d/1o6TPOiVfJrmH9zBx3Odog72xPZ9sgCrU/view
- DBS Bank Hong Kong: Open your Business Account – Guide and Files
- HSBC Hong Kong: Opening Business Account – Files
https://www.business.hsbc.com.hk/en-gb/regulations/document-checklist
- Jan 30 2024: first draft
- Feb 22 2024: added more info about opening bank acc.
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