Statrys

For local Hong Kong transfers, you generally need the bank’s three-digit code along with the account number, and some banks also include a branch code as part of the account details. International transfers work differently and rely on SWIFT instead.

In banking, “offshore” simply describes an account held in a different country from the one you live in. For a founder running a Hong Kong company from abroad, the more practical question is which bank will actually onboard a non-resident, and what documents it will want to see.

Most founders pay themselves one of two ways: a director's salary (taxed as employment income) or dividends from company profits. It all comes down to cash flow and taxes and where you reside.

Hong Kong runs a two-tiered profits tax system: the first HK$2 million of assessable profits is generally taxed at 8.25%, with the standard 16.5% rate applying above that. Whether your company qualifies, and how it applies to your specific structure, depends on your circumstances

Managing business banking entirely online means security habits matter more than usual. Never approve a transfer from a link in an email or text (go to the app directly), and set up transaction alerts so anything unusual reaches you the moment it happens, not weeks later.

Withholding tax is deducted at the source before a payment crosses the border — most commonly relevant for royalties or certain payments to non-resident entities.

"Financial statement" gets used loosely, but it's really shorthand for three separate documents that each answer a different question. Together, they're what an accountant, bank, or investor is usually looking at when they ask for "your financials.

"Business bank account" usually means one of a few different things. A multi-currency account lets you hold and pay in several currencies without converting every time, which matters a lot if you're invoicing clients or paying suppliers abroad.

If you're getting paid in USD or EUR but running an HK company, a foreign currency account means you're not converting every single payment the moment it lands. You can hold the currency and choose when to convert it.

Last week, a few of us had the opportunity to attend the Canton Fair. We met suppliers and buyers from around the world, spotted some interesting trends, and had some great conversations along the way. Thanks to everyone who took the time to connect with us!