A Hong Kong trading company with accounts for settlements with China and the EU
An entrepreneur was dealing with factories in China and buyers in Europe through a company in his home country. Some partners stopped accepting his payments, and two deals almost fell through. He needed a neutral international structure.
We set up a Hong Kong company, opened an account with a Hong Kong bank for incoming EU payments and a second account with a Chinese bank to pay factories in yuan. The client moved his contracts with partners over within a month.
Outcome
- to incorporate the company
- 2days
- to open both accounts
- 32days
The bank was my biggest worry. I thought they’d turn me down because of my counterparties. The first bank did, but the second one approved us. EU payments now come through without delays or extra questions.