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Thanks for bringing this up. I've had the same experience. Doing a virtual business based nowhere, where even my own country of residence is constantly changi
by sivers 11y ago
Thanks for bringing this up. I've had the same experience.
Doing a virtual business based nowhere, where even my own country of residence is constantly changing, it made sense to explore the lean efficient jurisdictions for incorporating.
For what it's worth, I've tried a bunch of incorporators, but found the best success with Trident Trust. Great bang per buck:
http://www.tridenttrust.com/corporate_overview.html http://www.tridenttrust.com/corporate_overview.html
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http://www.tridenttrust.com/PDFs/Companies-IND.pdf http://www.tridenttrust.com/PDFs/Companies-IND.pdf
But like "hackerboos" said here, the hard part can be finding a bank willing to open a business bank account for your foreign company.
So contact your bank first and ask. Especially if you have an existing relationship there.
At Wells Fargo, for example, I was able to just walk in, talk to my usual dude who knows me by name, and open an account for my foreign corporation in 15 minutes. He didn't care (or even seem to notice) that it wasn't a U.S. corporation. All they cared about is that I had my U.S. Tax ID#. (IRS form SS-4.)
But even with international-friendly banks in Hong Kong and Singapore, even ones where I had a deep relationship, I've found they're averse to opening accounts for foreign corporations. They require a lot of extra paperwork, and a $50k minimum balance, but will do it.
- ukoki 11y agoI recently set up an HK corporation and bank account with HSBC and had no requirement for a minimum balance. I think there is a monthly fee if your balance is below some low amount, but that's it.