Hong Kong company with merchant account
Healy Consultants is pleased to provide our Clients with merchant account solutions. Our most popular package includes the formation of a legally tax-exempt company in Hong Kong, with a local corporate bank account and merchant account. Our Clients will then be able to receive global payments by payment cards channeled through their Hong Kong company and then remitted to their country of residency.
Please click on the headers below for additional information on the different components of the package on our fees to engineer it.
The legally tax-exempt Hong Kong company
- It is possible to form a Hong Kong company with only i) a paid-up capital of only US$1 ii) one shareholder and iii) one director, who both can be foreigners and live outside of Honk Kong. Our Clients will not have to travel to complete company formation, which our Firm can complete within one week;
- There is no legal requirement to provide a lease agreement in order to incorporate and maintain a company in Hong Kong. If needed, our Firm will be pleased to offer virtual office services and assist our Client to hire local employees;
- For more information on the legally tax-exempt Hong Kong company, refer to this offshore page.
Hong Kong accounting and tax
- Hong Kong entities are attractive vehicles to legally reduce taxation over our Client’s business as i) all sales with customers residing outside of Hong Kong are legally tax-exempt and ii) no withholding tax is payable on dividends, interest and directorship fees remitted abroad;
- There is no requirement to register for VAT or GST, as such taxes do not exist in Hong Kong;
- Hong Kong companies are legally required to file their first annual financial statements within fifteen months after the date of their incorporation. If the company is active, such statements must be audited. Kindly refer to this tax page for more information on Hong Kong accounting and tax requirements.
The characteristics of a Hong Kong corporate bank account
- In order to open a merchant account in Hong Kong, the company must previously have opened a local corporate bank account. Healy Consultants recommends our Clients to open a multicurrency account with HSBC Hong Kong. Kindly refer to this banking page for further information on the same and this banking option page for an overview of our recommended banks in Hong Kong;
- All directors and bank signatories are required to travel to Hong Kong for a one hour bank meeting, before any bank can issue new corporate bank account numbers. No exceptions are given as it is a part of the bank’s standard due diligence;
- However, Healy Consultants has found a legal solution to avoid travel requirements for our Clients who do not have the time to travel to Hong Kong. Kindly contact us for further details.
Our feesOur total fees for the engagement amount to US$11,500 including i) Hong Kong company formation services ii) company secretary and legal registered office iii) Hong Kong corporate bank account opening services and iv) merchant account opening services fees. Kindly refer to the invoice below for a detailed breakdown of our fees.
Service Hong Kong company with merchant account Engagement planning 1 week Company incorporation period 1 week Bank account approval 3 weeks Internet banking approval 1 week Merchant account approval 2 weeks Engagement completion 1 week Total engagement period 9 weeks
Merchant account options
Option 1 Option 2 Option 3 Option 4 Option 5 Transaction fee 3.4% 3.5% 4% 3.99% US$0.35 Cross border fee 3.9% 2.9% None 3.4% None Foreign spread currency None None None None None Chargeback fee US$10 US$15 None US$25 US$25 Refund fee 0.5% 0.8% None 1.2% US$0.35 How long to setup account? 1 day 4 weeks 4 weeks 4 weeks 2 weeks Timeframe to receive customer card transactions? 1 day 1 day 7 days 14 days 7 days Multiple currencies allowed? Yes Yes Yes Yes Yes Multi-user access allowed Yes Yes Yes Yes Yes Customer chargeback allowed Yes Yes Yes Yes Yes Visa card Yes Yes Yes Yes Yes Master card Yes Yes Yes Yes Yes American Express Yes Yes Yes Yes Yes Diners Club Yes No Yes No Yes Discover Novus Yes No Yes No Yes PPS No Yes No No Yes