Setting up HK business or China business
Oct 7th 2013, 10:29 am
#1
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Location: 13th November Palm Cove
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Setting up HK business or China business
Hi
I'm Australian and need to be able to accept money from overseas to pay my supplies in China, I've now been informed I can set up a HK business if I'm the director but the secretary needs to be a HK resident, can anyone advice on this?
I would love to open a Chinese business but they have major restriction in trading from USD to RMB and withdrawing cash which I've been informed is 10% off the money you pay in.
Can any one please help me
ron
I'm Australian and need to be able to accept money from overseas to pay my supplies in China, I've now been informed I can set up a HK business if I'm the director but the secretary needs to be a HK resident, can anyone advice on this?
I would love to open a Chinese business but they have major restriction in trading from USD to RMB and withdrawing cash which I've been informed is 10% off the money you pay in.
Can any one please help me
ron
Oct 7th 2013, 2:47 pm
#2
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Joined: Sep 2013
Location: London
Posts: 21
Re: Setting up HK business or China business
Hi again Ron,
I have a couple of contacts in Australia that may be able to help. Just so I can understand better, are you looking to import from China and sell in Australia?
Cheers, Dan
I have a couple of contacts in Australia that may be able to help. Just so I can understand better, are you looking to import from China and sell in Australia?
Cheers, Dan
Oct 8th 2013, 5:26 am
#3
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Posts: 3
Re: Setting up HK business or China business
talk to HSBC Business in 1 Queens Road Central.
Oct 8th 2013, 5:26 am
#4
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Posts: 3
Re: Setting up HK business or China business
Oh - and good luck!
Oct 8th 2013, 5:28 am
#5
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Posts: 3
Re: Setting up HK business or China business
Testing
Oct 8th 2013, 11:46 am
#6
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Re: Setting up HK business or China business
No I need to be able to accept payment in either China or Hk to pay my suppliers in China, but as I'm not an Australian passport holder I don't need to declare my overseas income. I already import to Australia and been running a business like this for a few years, but because I now will be opening a UK office etc I need to make moving cash around a lot easier.
Oct 8th 2013, 3:59 pm
#7
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Joined: Sep 2013
Location: London
Posts: 21
Re: Setting up HK business or China business
Ron,
It sounds like you will need to open a multi currency business account in China/HK for your clients to pay into and then for you to pay your suppliers. Are you currently paying them in US$? What currency do you invoice your clients in?
Do HSBC not offer this service?
If you are going to be topping up accounts at all such as AU$-US$-£ etc I can help or if you are paying your suppliers now in US$ from AU$ I can certainly
My contacts in Australia are guys that source factories in China and know the whole importing process, but it seems you know all that already so they won't be any good for you I don't think...
By the way Palm Cove is a lovely place, I spent many nights in my Camper Van there a couple of years ago while I was living in Cairns!
Dan
It sounds like you will need to open a multi currency business account in China/HK for your clients to pay into and then for you to pay your suppliers. Are you currently paying them in US$? What currency do you invoice your clients in?
Do HSBC not offer this service?
If you are going to be topping up accounts at all such as AU$-US$-£ etc I can help or if you are paying your suppliers now in US$ from AU$ I can certainly
My contacts in Australia are guys that source factories in China and know the whole importing process, but it seems you know all that already so they won't be any good for you I don't think...
By the way Palm Cove is a lovely place, I spent many nights in my Camper Van there a couple of years ago while I was living in Cairns!
Dan
Oct 9th 2013, 11:45 am
#8
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Re: Setting up HK business or China business
Hi Dan,
I need to receive payments into either a Chinese business bank account or HK if possible. I have been informed if I pay USD into a chinese business bank account then I'm restricted in taken a maximum of 10% cash out to pay my suppliers, which all like being paid in cash, which is a major problem in China.
I now know that I can be a director of a HK business and pay some company in HK to be the secretary so I can open a busness there.
As well as this I would like to pay my office expenses in the UK using a CC and my expenses from the profit of my business I'm running in China.
Currently my staff in China have various family accounts which I use but I can only make 4 payments a month per account and this wont be viable soon.
I do use the commodity markets to send USD to China.
I hope that make sense
Ron
and yes we love living up here
I need to receive payments into either a Chinese business bank account or HK if possible. I have been informed if I pay USD into a chinese business bank account then I'm restricted in taken a maximum of 10% cash out to pay my suppliers, which all like being paid in cash, which is a major problem in China.
I now know that I can be a director of a HK business and pay some company in HK to be the secretary so I can open a busness there.
As well as this I would like to pay my office expenses in the UK using a CC and my expenses from the profit of my business I'm running in China.
Currently my staff in China have various family accounts which I use but I can only make 4 payments a month per account and this wont be viable soon.
I do use the commodity markets to send USD to China.
I hope that make sense
Ron
and yes we love living up here
