Where can I open a company and an account 100% remotely? Mundo introduces Hong Kong

Every freedom strategy, no matter what financial area it is focused on, includes banking. The problem is that, in order to open a bank account easily, you'll need reliable providers and excellent advice. So, this is why we decided to pen this article about simplified remote bank account opening in one of the star jurisdictions in Asia. Setting up a business in Hong Kong can bring you more advantages than you expected, especially if it comes with the possibility to open a bank account remotely. Keep reading to find out what Mundo brings as a market entry strategy for Asia.

Benefit from quick and easy online bank account opening where you least expected it: Asia

The opportunity to open a bank account 100% remotely is not to be overlooked. While the 21st century has brought many tools to make our lives easier, it also enhanced the challenges that a person encounters in every area. This means that, if you want to run a business in Hong Kong or in any other part of the world, there are many things to consider. 

We present the possibility to open a bank account remotely, so you'll save yourself both money and time. Thus, you won't have to travel across the world to get that powerful tool that can help you open doors to new markets.

Open a bank account easily in Hong Kong: your market entry strategy for Asia

So, why this jurisdiction specifically? What is so special about it? Not that long ago, in 2019, the WEF graded the Asian city establishing it as one of the best financial destinations in the globe. It was even ahead of its stronger competitor: The US.

A few months later the pandemic stroke and Hong Kong demonstrated that it was still at the top of its game. This means that they managed the challenges that arose from the pandemic in quite a clever way with very low COVID infection rates. Moreover, they didn't shut down completely and were able to keep most businesses open for at least the last ten months. Very few cities in the world can be proud of such an accomplishment.

The icing on the cake is the fact that Hong Kong companies where quickly recovered after the economic crash in 2020 opening 110,000 new companies in 2021. In conclusion, we can say that business opportunities in Hong Kong are abundant and appealing and so is the chance to access simplified remote bank account opening. If this is not enough yet to turn the scale, here are some other benefits:

Business in Hong Kong is easy: set up a company straightforwardly

Generally, establishing a legal entity in this jurisdiction takes no more than seven days. Forget about waiting for long months or weeks. This saves you both money and time and the required documents are quite simple to get. You'll be pleased to know that Hong Kong has interesting conditions for companies, but we will touch upon this later in this article.

Every businessperson’s mecca: the allure of low taxes

Income tax is only 16.5%. This is a famous place for having low taxes both at a personal and corporate level. Moreover, the absence of direct taxes like VAT makes it an interesting environment for those who want to take the most advantage of their income or salaries.

Lots of opportunities for you

If you want a market entry strategy for Asia, you shouldn't overlook Hong Kong. It's a free trade destination, which means there are no importation or exportation fees. We’re talking about a unique location when it comes to connections since it has plenty of commercial agreements with continental China and the rest of the world. There are lots of free trade options with developed economies such as New Zealand, Australia, and the European Free Trade Association.

Add to this that you won't encounter currency restrictions and you'll have yourself a great place for business. If you were looking for excuses not to open a bank account 100% remotely here, it’s time to change your mind.

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Outstanding reputation 

Widely recognized as a financial hub, Hong Kong doesn't disappoint when it comes to payment services and wealth management solutions. Setting up structures and accessing trading accounts is easy and you can do it in different currencies. When you have to make international transfers, you'll be grateful for the ability to save on conversion fees. A company can pay in Hong Kong dollars or RMB. Also, since many of them operate in other important cities, transactions are significantly simplified.

As we stated above, one of Hong Kong's main advantages is the possibility to transfer money to continental China while keeping one foot still in the Western world.

Maybe this is why so many businesspeople look at Hong Kong with respect and expectation since it has the same level as the world's main urban centers like London, New York, or Paris. At the same time, it keeps an obstacle-free entrance to Asia.

You'll find Hong Kong's reputation to be backed up by several years in which the local companies have been offering services both to partners and clients, locally and internationally. Finally, if compared with other centers in the region, Hong Kong is unbeatable. Simply put it next to headquarters in the Philippines, Thailand, or Indonesia and you'll see a wide gap in favor of Hong Kong.

Why abroad?

For many, taking a business abroad may not be worth the effort. While it is true that expanding one's horizons can be challenging, the reward is beyond what you can imagine. Going to the next level is important if you want to stay competitive in your market. You should remember this motto: for every growth opportunity that you miss, five of your competitors have taken it and are already ahead of you.

No decision to go offshore is 100% free of challenges but, then again, this is life. However, what you can do is try to find the easiest path toward the desired goal. In that regard, you should look for those places that offer the best conditions and reduce red tape. In line with this, you want to reduce costs as much as possible and optimize time. Among other things, this includes trying to avoid unnecessary trips or flights. 

In a place like Hong Kong, you can have the best of two worlds: simplicity while chasing after a challenge. 

Open a bank account remotely

Now we’ve reached the best part of the article in which we explain how to access this great benefit. Clients can open a company in Hong Kong remotely in one day using an e-registry platform. The information required is minimal. All you have to do is establish at least one director and shareholder who can be the same person.

Your company will benefit from a bank account 100% remotely so you can make all the necessary arrangements without tiresome traveling. A corporate account can be opened in one to seven days and brings lots of benefits. It's compatible with SEPA and SWIFT, it has outstanding beneficiary banks, state-of-the-art online platforms, a unique bank account number, and multicurrency options.

Contact our experts and ask about the possibility to access fintech alternatives including Airwallex, RD technology, and WorldFirst.

Disclaimer: this article offers general information about Hong Kong and the possibility to open a company and an account. The purpose of this article is editorial and does not constitute legal advice. 

Conclusion

In an ever-changing world, we need to find solutions that simplify things and allow us to focus on creative tasks. The best way to reach ambitious goals is by getting the help that we need. For this, Mundo offers interesting alternatives to achieve the sought-after financial freedom that all nomad capitalists crave. 

Among Mundo experts, you can find reliable advice and valuable contacts to reach your goals and fulfill your dreams. 

Contact your Mundo representative