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Hong Kong as a processing agent for an online trading company

With ever growing KYC and AML obligations and new VISA and VAT regulations for distance selling, our customers are looking for ways to start an online business in a jurisdiction that is both a) acceptable to banks and has compliance requirements for processing as well also b) tax efficient and easy to manage. The wish list could also include confidentiality protection, fast corporate bank account services, and many other benefits that are actually quite difficult to combine into one simple structure - but let's try it!

KYC / AML transparency for acquirers Ultimately, buyers have to meet their KYC / AML obligations, which essentially means their entire corporate structure towards their UBOs and the individual controlling individual directors etc. Opaque corporate structure is only a letter from the supervisory authority away from complete transparency.

It's always best to keep things as simple as possible, both to make banking setup easier and to pass the much more difficult due diligence on the buyer.

Please note here: There are new Visa rules for the location of merchants, which will take effect on October 15th. In short, Visa is trying to crack down on merchants who are not based in Europe and access their European card acquirer network by creating a European company. The new rules state that it is not enough for the trader to have a European company; the “merchant outlet location” must also be in Europe. What does that mean?

In general, it's where the business is run from: where the offices are, where decisions are made, etc. It also relates to where the customers are. If the trader is not in Europe, a significant part of its processing traffic is expected to come from Europe.

There are a number of other requirements and conditions, but the basic idea is that merchants who want to use acquiring services in Europe should have a good European operation and / or European customers.

http://www.confiduss.com/en/services/solutions/trading/online/