Why has the bank closed my account? Or how to evaluate risks in international payments.


Many clients ask us a question: why the banker has closed my account? Or can tell the story of how their business or nationality is not accepted by the banker anymore …

To tell the truth, the answer for this question is not that obvious.

First of all, we would like to say that there are different banks (payment systems), different jurisdictions. Financial institution itself can go through different periods of its development and their attitude to different types of businesses and jurisdictions may change as well. It may be caused by external reasons (like sanctions pressure, changes in banking industry regulations), as well as internal reasons of financial institution itself. Thus while answering the question, why the banker has closed my account, we should count all that reasons as well.

Based on these factors, financial institutions dealing international clients fall into different categories itself:

  • Bankers which can accept middle range risk;
  • Bankers which can accept low range risk.

We understand the risk as the sum of factors, which banker is evaluating while making a decision of possibility of work of one client. That may be nationality of the director and shareholder, the possibility to arrange online interview, the business nature, countries which are used for incoming and outgoing payments and so on…

Banks, which can accept higher risk is the topic for another conversation. We shall revert to it later. In most cases, this kind of bankers are in the low-quality jurisdictions and have limits on their usage and features.

Banks, which can accept only low risk we won’t regard here as well, because possible ways of cooperation with them are very limited.

First of all, we should consider middle risk banks. Most of international businesses and nationalities of their beneficiaries pose certain risk to the banker by its nature. And there are this kind of financial institutions in Hong Kong and Europe, although they are not many. And as it’s being spoken above, the policy of the banker may change by itself anytime.

И такие финансовые учреждения есть и в Гонконге, и в Европе, хотя их и не так много. Как говорилось выше, политика самого банка в отношении риска очень точечно может изменится в любой момент.

Our professional team will help to understand which kind of banker is the most suitable for your needs and requirements, we also be pleased to help your account work as long as possible. But of cause, there are many things which depend solely on the client.

Let’s say, what the banker needs: normal clear real business with minimum risks.

What banker doesn’t need: non-clear non-transparent not-real business with high risks.

There are hundreds of people working in the bank who’s task to evaluate risks of their clients, and these people and the system itself have certain algorithms how search for the risks and evaluate them. Base on this knowledge, let’s discuss obvious merits and demerits, which increase and decrease risks for the bank.

Pluses (what lowers the risk for the banker)

  • Real physical office;
  • Staff and payments on their social taxes;
  • Payment on taxes;
  • Accounting and audit;
  • All the documents submitted to the banker are real;
  • Quality of your accounting policy is high, it’s easy notice on the documents you submit to the banker;
  • The number of transactions match the number of staff;
  • There’s web-site, and marketing efforts of the company are obvious;
  • The activity of the company is specialized and they are dealing with partners of the same industry;
  • Partners of the company are trust-worthy suppliers and clients which also have web-sites, and marketing efforts in the industry;
  • The activity of the company is transparent and acceptable for the banker;
  • Background of the key management/owner is relevant with business of the company;

Minuses (what increases the risk for the banker)

  • The absence of real office;
  • The absence of staff and payments on their social insurance;
  • The absence of any payments on taxes;
  • Fake accounting and shipment docs submitted to the banker;
  • No accounting and audit;
  • The absence of accounting policy in the company;
  • The number of transactions doesn’t match the number of staff;
  • No web-site, no any marketing efforts;
  • The company’s business is not specialized and doesn’t match their partner’s major activity;
  • The work with sanctions or high-risk regions or banks;
  • Your partners are not clear companies, they don’t have web-sites, any marketing efforts;
  • Change of business model including trading cycle, product;
  • Frequent change of company structure (directorship and ownership);

The list may be continued, but we don’t mention really obvious things here, like cashing and one-day transactions and so on…

While during analyses, you find more minuses, the possibility of your account to be closed or simply not opened is high.

Obviously, not all the clients are ready to hire a real office and additional staff and so on…That’s true, but there are many aspects which can be followed with minimum efforts and resources, once you air to build the patter of your work smart and lower the risks for the banker to work with you.

We have enough SMEs, which successfully conduct their businesses, minimizing those risks.

We have big clients, who minimize the risks totally, obtaining great advantages of international accounts usage in their business.  

We are pleased when our professional services help people build their business. Contact professionals and you will succeed.

International payment platforms (international payment solutions) for traditional business!


International payment platforms emerged on the market not long ago. In the beginning we heard many questions like what it is? how it can be used? what is their difference with traditional bankers?

Please note! That in this article we are not going to review payment platforms related to cryptocurrency and stock exchange products, we shall not consider traditional payment gateways for online retailers as well. Here we mostly focus on traditional banking tasks, like international trading, international logistics and bank solutions with pure bank account for online retailers worldwide.

Since 2014 in the era of new global crises and new sanctions’ restrictions on businesses worldwide, banking industry has faced significant changes. Changes which modern people would hardly believe a decade ago. International and local regulators made decision to finish money movement freedom era, banking secrecy has become not an inviolable matter, new terms like banking risks, banking insurance and fines had appeared in business; as the result bankers started to close bank accounts of the clients where the risk of client’s operation they found not suitable for them, thousands of restrictions appeared for capital movement between countries, currencies and bankers. One of the results was the fact that banking account was almost impossible to open for some businesses and some passport holders. Secondly, one more important thing, which happened in 2020 was a global pandemic, which made visit to another country for bank account opening meeting almost impossible. Thirdly, electronic commerce was developing so fast, that traditional bankers couldn’t catch all the trends with new products launching. Grounds and features of these processes we may look more closely in other articles. It’s fantastically interesting.

But it’s really an interesting fact, that at the moment when it had become almost impossible to open bank account for some passports and businesses, solution appeared. And solution was payment platform. International payment platform – it’s financial organization, which has strong arrangement with the traditional banker or bankers and provide banking services to their clients by means of their partners, i.e. traditional bankers.

So what are the differences between international payment platforms and traditional bankers?

– Payment platform can use in its business process not only one banker, sometimes these bankers are in different parts of the world, thus payment platform may provide great possibilities in cross-border payments with different currencies.

– The base of payment platform is high-quality online platform, which should be easy-to-use, high-tech, and on-going developing.

– Usually payment platforms have more possibilities to accept more types of businesses and passport holders from higher risk countries. Sometimes it’s impossible to open bank account in a certain bank for certain type of business under certain passport holder as the beneficiary. But that may become possible in the payment platform which is using the same banker for their payments. It sounds untrue. But it’s really the fact. Furthermore, the major shareholders of payment platforms usually are traditional bankers, who really understand that they need more instruments and more space for development, which heavily regulated traditional banking sphere are not able to provide to them.

– More instruments for business operation. Some payment platforms have integrated systems for work with online retailers and online platforms, like Amazon, Ebay; some payment platforms have special conditions for currency exchange; some are specializing on financing some types of businesses, online retailers for example.

– Limit services of payment platforms. Of cause, payment platforms lack some services, which traditional bankers can provide. For example, they can’t accept and issue checks, work with letter of credit and so on. And the most important limit for some payment platforms, that they have to provide their company name to act as beneficiary and remitter for their client’s payment instructions.

It’s not the full list of all the differences between traditional bankers and payment platforms, but we suppose that those which are discussed above are the most important to consider. 

So what should the clients pay attention first of all if they consider to choose payment platform for their business?

– Jurisdiction. Of cause, you need to consider which jurisdiction the banker of payment platform is stationing. Some offshore jurisdictions may offer greater functions, but it doesn’t make sense if your partners neither can arrange payment there nor receive money from the jurisdiction.

– No doubt, that payment platforms which can provide their clients trustworthy payment instructions with beneficiary and remitter under client’s name, have great advantages to compare with the payment platform which can only show payment platform’s name as beneficiary and remitter. 

– You also should consider the payment route. Payment platforms which can provide clear payment route of correspondent well-known trustworthy banks in good jurisdictions for your payment routine have strong advantages for your business.

I would say that above criteria are fundamental while choosing payment platform for your business. After these criteria, you can continue to value other important things like: the possibility of opening account in the payment platform, banking commissions in operation, functions and usability of internet banking, currency exchange rates, possibilities of payment platform for financing your business, integrating it to your online business and so on.

This theme is very wide and actual. In future, we shall continue to introduce different payment platforms and their features as well as more actual subjects related to payment platforms.

And of cause, if you have questions on choosing and working with payment platform, we recommend you to seek for professional advice of CorpProm specialists.

Why company in Hong Kong is ideal platform for Amazon vendors?

picture for amazon, hong kong company, corpprom, platform for amazon business

It’s clear information to most of us that recent years Amazon attracted thousands of suppliers from all over the world to its trading platform in USA and Canada, but also to some other countries, like Germany, and Mexico.

There’s nothing surprising about it, since Amazon offered the most valuable thing, it’s the biggest and the richest retail market in the world together with easy to understand and maximum transparent platform for work in the matter of logistics, finance and marketing. 

Many suppliers studying the work with Amazon trading platform question themselves with important issues. How to do business in this retail in legally and correct way, how to arrange profit return to their personal bank account, how to arrange payment to suppliers. It’s obvious that their home jurisdiction is often not the correct way to choose. Some country’s legislation doesn’t imply offshore business and has foreign currency restrictions.

We would like to recommend the work with Amazon using Hong Kong limited company. And there are many grounds for this. Let’s talk them in more details.


1. Registration of Hong Kong takes only one week. And there’s no necessity to come to Hong Kong.

2. Registration fee in general takes only 600 USD.

3.Total annual expenditures on limited company start only from 900 USD.

4. There are very little restrictions on nationality for limited company in HK. All restrictions are mostly related to companies in the UN sanctions list.

5. Jurisdiction in one legal field with China, and it’s easy to notice that most of real manufactures are in China.

6. Company in Hong Kong and retail business in Amazon provide rather reliable ways to open account in reliable financial system.

7. The English language is official language in Hong Kong, that’s why most of the law and requirements on accounting are easy to grasp.

8. It’s really easy to do accounting. Furthermore, it’s really hard to imagine more simple and more transparent requirement for accounting than in Hong Kong. The first accounting check starts only after 1,5 years from commencement day.   

9. Easy to understand taxation system and the lowest profit tax in the world. The only tax, which trading company with foreign employees need to pay is profit tax, which is only 8,5 % of net profit for companies with net profit lower than 4 million Hong Kong dollars. Furthermore, there are legal ways to lower the tax burden and the government usually annually supports the business with tax allowance.

10. The last and one of the most important things is existence of reliable partner in the name of CorpProm. And we are always here to support you in the questions of registration, company service and bank communication.


So dear colleagues, if you are already in Amazon or just thinking over Amazon system – limited company in Hong Kong with the reliable partner CorpProm – is the right option!

Notarize documents by High court in Hong Kong


Many companies face the problem of notarization of documents at some point of work. In Hong Kong documents can be notarized in High Court, by public notary and by certified public accountant (CPA)/Auditor. This article will introduce the list of documents that can be apostilled by High court.

A document can be apostilled (type of legalization) by High court and thereby will have a legal force. Meanwhile Notary and CPA confirms the authenticity of signatures, documents, etc.

An apostilled document can be as follow further. Please note that no any documents are accepted by the High Court o

Hong Kong. For verification the original document must be provided.

  • Marriage certificate
  • Certificate of Absence of Marriage Record
  • Certificate of Registered Particulars
  • Birth and Death Certificate
  • Business Registration Certificate
  • Certificate of Incorporation
  • M&A

Our colleagues will clarify what documents can be certified and the best price offered.

Virtual Banking in Hong Kong

Information technology has spread through all areas of our life and influenced virtualization of bank sphere.

Traditional banks aren’t as mobile as virtual banking which can offer a new kind of services in banking and satisfy the needs of different groups of clients. The main feature of this banking is working only through Internet without traditional branch office and some operate only mobile app.

From the moment of opening the 1st virtual bank in the world “Security First Network Bank” passed 22 year. Only in 2017 year in Hong Kong was announced about intention to begin “A New Era of Smart Banking”. In 2020 year already 8 virtual banks has begun its work: ZA Bank Limited, Airstar Bank Limited, Ant Bank, Livi Bank Limited, Fusion Bank, Mox Bank Limited, Ping An OneConnect Bank, WeLab Bank. Za Bank Limited is the first virtual banks in Hong Kong launched an opportunity to issue a debit cards for new clients, and also started new foreign incoming payments.

Hong Kong Monetary Authority (HKMA) expects that virtual banking development will help to promote high technology and innovation not only in this sphere. The focus is on local business, mostly personal banking, but corporate services for SME are becoming more and more popular.

Our company will help to understand the specifics of opening bank account in Hong Kong and China.   

Profit tax in Hong Kong

This article is about features of the profit tax in Hong Kong

1. The Hong Kong tax system is based on the territorial principle. If the company’s profit is originated from outside Hong Kong, there are legal ways not to pay corporate tax in Hong Kong. Income from foreign sources is not taxed, even if it was moved to Hong Kong. Anyway there are corporate bodies who prefer to become tax resident of Hong Kong, even if they are working outside, mostly because of low profit tax and easy to follow tax policy.

2. Legal entities that make business and profits on the territory of Hong Kong must pay income tax in Hong Kong on a regular base. It also applies to other jurisdictions that are registered as tax residents in Hong Kong. There are some minor details that can be stipulated as activity in Hong Kong or activity outside Hong Kong.

3. The company’s loss is accumulated for over a period of 5 years, and income tax will be accrued only after company’s full repayment of its loss.

4. In Hong Kong the corporate tax is progressive. Currently, the standard rate of corporate tax in Hong Kong is 16.5%. The tax rate for small corporations with income is less than 4 million GK dollars, the tax rate is only 8%. This is almost the lowest income tax rate in the world.

Our company helps to understand all the features of taxation in Hong Kong and can be tax agent between corporate body and Inland Revenue Department.




親愛的各位夥伴們: 根據國家法定假期的規定,我司關於元旦的放假的安排如下: 1、放假時間:2018年12月25日(週二)至26日(週三),共兩天;2019年1月1日(週二)至2019年1月4日(週五),共四天;其中週末正常休息。 2、上班時間:2018年12月24日(週一)、27日(週四)、28日(週五)以及31日(週一)正常上班。 3、公司于2019年1月7日(週一)開始恢復正常上班。 麻煩各位親愛的夥伴們參考上述時間進行您的工作安排。給您造成不便,實屬抱歉。 祝各位親愛的夥伴們身體健康,闔家歡樂,心想事成。期待在2019新的一年里與您再次的親密合作。




(d) A公司、B公司及C公司(統稱“香港公司”)是在香港註冊成立的公司。它們各自的母公司及共同的最終控股公司以外地區成立。

(e) 香港公司的主要業務為物業投資。它們共同持有一棟商業大廈,以作長線投資及出租用途。

(f) 香港公司所隶属的集團採用一項物業由單一物業投資公司持有的架構。為統一集團持有物業的架構、及增加管理權益,該集團計劃把B公司及C公司以橫向形式合併至A公司﹝“有关合并”﹞.


(j) (a)B 公司及C公司擬在2017年6月30日或以前合併至A公司。

(k) (b)合併需要遵守公司法例(第622章)第13節第3部門的合併條例。合併生效以及其後的法力效應包括:

(l) (i)B公司及C公司不再是獨立于A公司之外的實體;

(m) (ii)A公司繼承B公司及C公司的所有財產、權利及特權,以及所有法律責任及義務;及

(n) (iii)B公司及C公司訂立的協議均由A公司執行或針對A公司執行。

(o) 在有關合併以後,作為唯一物業擁有人的A公司將主力及單獨營運整棟商業大廈的物業出租業務。


(p) 在有關合併以後,A公司會繼承B公司 及C 公司的所有財產、物業及負債。相關繼承并不構成《稅務條例》涵蓋的出售、轉讓或任何處置或該些財產、物業及負債性質上的變動。B公司及C公司已撥備或入賬的應付未付支出,可在不作出任何稅務調整的情況下,被轉移至A公司。

(q) 為實行《稅務條例》第14條,香港公司不會因有關合併,而招致或被當作招致任何利潤或虧損。

(r) A公司可依據《稅務條例》第33A條,享有B公司及C公司的商業建築物及構築物的權益。在進行有關合併時,《税务条例》第35條則不適用。A公司可申索商業建築物及構築物的每年免稅額。但在其後出售該權益時,則須計算結餘課稅,而該結餘課稅款額不會超出給與香港公司的免稅額的總和。

(s) A公司可依據《稅務條例》第39B條,申索機械或工業裝置的每年免稅額,而該免稅額將以B公司及C公司在合併前就有關機械或工業裝置未曾申索的遞減價值為根據計算。但在其後出售該權益時,則須計算結餘課稅,而該結餘課稅款額不會超出給與香港公司的免稅額的總和。在進行有關合併時,《稅務條例》第39D條則不適用。

(t) 在有關合併生效的課稅年度,B公司及C公司將不獲給與涉及上述裁定第(C)項的商業建築物及構築物和上述裁定第(d)項的機械或工業裝置的每年免稅額。

(u) 為實行《稅務條例》第51(1)條,作為合併后僅存的公司,A公司須提交:

(a) B公司及C公司的利得稅報稅表,以申報該兩家公司就2016年7月1日至有關合併生效日前一日期間的應評稅利潤或經調整虧損;及

(i) 其自身的2017/18課稅年度利得稅報稅表。該報稅表須申報包括其經營繼承自B公司及C公司的行業或業務,就有關合併生效日至2017年6月30日期間所招致的應評稅利潤或經調整虧損。

(v) B公司及C公司不用依據《税务条例》第51(6)條,就停止經營行業、專業或業務通知稅局局長。但A公司須在有關合併的生效日期起計一個月內將有關合併以書面通知稅務局局長。

(w) 《稅務條例》第61及61A條不適用于有關合併安排。