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Hong Kong (HK) is popular for investments and offshore company incorporation, having achieved first place in the "Index of Economic Freedom" fifteen years in a row (until 2009). The index takes into account factors such as business freedom, investment freedom, property rights and freedom from corruption. With one of the lowest corporate tax rates in the world (16.5%) and zero tax on foreign sourced income, HK is also an ideal jurisdiction for tax-efficient business, without being perceived as an international tax haven. Setting up a company in HK can take as little as 4 working days and with the aid of a professional services firm is relatively simple. The procedure is as follows:
- The corporate services firm collects the required due diligence and confirms the required services
- Legal, accounting and tax implications of company incorporation are settled with the professional services firm
- Company name availability is reviewed
- Professional services firm, and the client, discuss and agree optimum required corporate structure for new entity
* This includes the number of shareholders and directors
- Incorporation documents are delivered for signing and returned to corporate service firm for processing
- Service professional handles the business incorporation with the relevant government bodies
- Business incorporation in HK is complete
After forming a company in HK, new entities often face other important requirements in new business set up. These can include opening a corporate bank account, obtaining corporate and trade finance as well as merchant accounts, and identifying a local office space or virtual office.
World-class multi-currency accounts and internet banking facilities are readily available in HK. Entrepreneurs can choose amongst leading international banks that operate in HK, to open their corporate bank account for their new Hong Kong business, and will enjoy having no foreign exchange controls or restrictions on inward and outward investments -a selling point for operating international business from a HK office.
Marketing components such as the company website, search engine advertising and the company logo are other factors that play a major role in the success of a newly set up company.
Setting up a company in HK can ultimately be seen as a profitable, long-term investment for any business given the noted tax benefits, ease of incorporation and HK's position as a reputable, secure and effective jurisdiction. Furthermore, HK provides a gateway to China, the 3rd largest economy in the world.
Minimum requirements to set up business in Hong Kong:
- One shareholder
- One director, any nationality/residence
- Company secretary, either HK resident or HK company
- A registered HK office address
- Auditors, from firm of HK accountants
- Business Registration Certificate
- One person can act as director, shareholder and secretary, except if sole director, he/she cannot act as secretary
- No minimum share capital requirements
For further information refer to the Hong Kong Companies Registry.
Healy Consultants is a leading corporate services firm providing international entrepreneurs with all Hong Kong company formation requirements. The firm provides a range of services for Asia business set up, tax planning and offshore investing. More information on company incorporation can be found by visiting http://www.healyconsultants.com.
Article Source: http://EzineArticles.com/?expert=Melissa_Glotzer
2009/12/17
opening bank account
In the old days, opening a bank account used to be a piece of cake. Back then, you could walk into the bank, fill out an application, and maybe make a small deposit to get things started. That was it: story over, case closed.
Nowadays, when you apply for a new checking account, about 80% of banks refer to something called Chex Systems to verify that you meet a certain minimum standard of eligibility for being perceived as a worthy customer.
Chex Systems works a bit like a FICO or credit score system, except there is no actual score displayed to your bank. Rather, you simply appear on Chex Systems or you do not. Furthermore, if you appear on Chex Systems, there is little explanation given to the bank as to the reason you appear there (which can include anything from minor infractions to outright bank fraud). In other words, the system gives the bank very little leeway in terms of making an informed decision about your eligibility; you are either "good" or "bad" in terms of your customer-worthiness.
In response to this sometimes useful but rather inefficient Chex Systems process, many banks have begun sprouting up that do not use Chex Systems at all to evaluate new customers. Some of these banks use this fact as a selling point to attract prospective customers who may have had trouble getting approved by traditional banks. These banks taut their offerings simply as second chance checking accounts.
If your checking account application has been recently rejected by a bank, you may want to open a second chance checking account online. Here are the 3 steps you need to take to do so:
1. Find a second chance checking bank:
You can find a second chance checking bank by making a search on the Internet. Also, try checking with friends and colleagues who may have gone through a similar situation and have found a second chance checking bank they like. Here is a reputable online bank that offers second chance checking: http://www.escape-overdraft-fees.com/.
2. Go through the application process:
The application process can be conducted online and usually takes about 10 to 30 minutes. You need to start by providing basic information like name and address. Then, you set about confirming your identity by answering some miscellaneous questions posed to you about past payment history, residential addresses, and the like. (This step is taken by the bank purely for security purposes - to make sure nobody tries to falsely sign up for an account under your name!).
3. Fund your account:
Finally, you fund your new account with a small deposit. Funding your account can happen at the time of application or at a later date.
Online second chances online banking offers people who could not otherwise be approved for a checking account a viable alternative for getting the checking account they need in order to conduct their personal financial lives.
For more information about online second chance checking and how it works, check out: http://www.squidoo.com/open-second-chance-checking-account-online/.
Article Source: http://EzineArticles.com/?expert=Robbie_T._James
Nowadays, when you apply for a new checking account, about 80% of banks refer to something called Chex Systems to verify that you meet a certain minimum standard of eligibility for being perceived as a worthy customer.
Chex Systems works a bit like a FICO or credit score system, except there is no actual score displayed to your bank. Rather, you simply appear on Chex Systems or you do not. Furthermore, if you appear on Chex Systems, there is little explanation given to the bank as to the reason you appear there (which can include anything from minor infractions to outright bank fraud). In other words, the system gives the bank very little leeway in terms of making an informed decision about your eligibility; you are either "good" or "bad" in terms of your customer-worthiness.
In response to this sometimes useful but rather inefficient Chex Systems process, many banks have begun sprouting up that do not use Chex Systems at all to evaluate new customers. Some of these banks use this fact as a selling point to attract prospective customers who may have had trouble getting approved by traditional banks. These banks taut their offerings simply as second chance checking accounts.
If your checking account application has been recently rejected by a bank, you may want to open a second chance checking account online. Here are the 3 steps you need to take to do so:
1. Find a second chance checking bank:
You can find a second chance checking bank by making a search on the Internet. Also, try checking with friends and colleagues who may have gone through a similar situation and have found a second chance checking bank they like. Here is a reputable online bank that offers second chance checking: http://www.escape-overdraft-fees.com/.
2. Go through the application process:
The application process can be conducted online and usually takes about 10 to 30 minutes. You need to start by providing basic information like name and address. Then, you set about confirming your identity by answering some miscellaneous questions posed to you about past payment history, residential addresses, and the like. (This step is taken by the bank purely for security purposes - to make sure nobody tries to falsely sign up for an account under your name!).
3. Fund your account:
Finally, you fund your new account with a small deposit. Funding your account can happen at the time of application or at a later date.
Online second chances online banking offers people who could not otherwise be approved for a checking account a viable alternative for getting the checking account they need in order to conduct their personal financial lives.
For more information about online second chance checking and how it works, check out: http://www.squidoo.com/open-second-chance-checking-account-online/.
Article Source: http://EzineArticles.com/?expert=Robbie_T._James
open euro bank account
There are certain things you should know before opening an offshore bank account - things that can save you a lot of time and frustration. The following 7 facts about offshore banking offer a useful insight and a good starting point to the process.
1. The Most Important Benefits of an Offshore Account
WG Hill, the author of the underground classic PT (The Perpetual Tourist), was quoted as saying: "Get your money out of country, before your country gets the money out of you!" And this strikes at the core of what offshore banking is about. Give you one example. Let's say you owe a tax bill which you are contesting. Now, in most of the modern Western democracies, it's a simple matter for the government to seize the funds from your domestic account. One day you have $10,000 in there - and the next day you don't. And such nations also get the banks to do their tax collecting for them. This is done by the practice of automatically deducting a withholding of tax on any interest earned. In this way your domestic banks are tax agents and put the government's interests above your own - the client.
Opening an offshore bank account puts your funds out of harm's way. If you had $10,000 in an offshore account, your own government could not siphon it off automatically. And if you are banking in a place where there is no tax charged on interest, then your funds are growing quicker - without any withholding taxes being applied at source. An offshore bank account also gives you more financial privacy - something in great demand in this increasingly regulated world. Then there's the flexibility that comes with having more than one bank account - in more than one country. This strategy allows you to hedge your bets and keep your cash in dispersed locations.
2. Choose Your Jurisdiction Wisely
Not all jurisdictions (countries) are equal. Every bank is governed by the laws of the country it is licensed to operate in. It is also governed by a plethora of internationally-applicable financial oversight regulations. While some typical offshore tax havens appear ideal as banking jurisdictions, the truth is that often they aren't - precisely because they have been, or are being, targeted in some way by anti-money laundering laws or other financial restrictions on how they conduct business. You don't want to end up in the middle of such a financial conflict.
Another factor to take into consideration is the geographical area in which the bank operates and the existence of any information sharing treaties or tax-collecting agreements between the countries in that area. Where you currently live in the world impacts on where you can bank offshore. For remember, offshore simply means somewhere other than where you currently reside.
3. The Truth About Privacy and Anonymity
Swiss banking has always been held up as the pinnacle of banking privacy, and that largely holds true - even though they are under increasing pressure to comply with international norms. The Swiss, however, have a vested interest in maintaining their USP (unique selling proposition), that they provide the most secure and private banking in the world. But privacy in an offshore bank is conditional. Most offshore banks will be covered by privacy protection measures, which could include such things as it being a criminal offence for a bank employee to disclose the details of any client's financial affairs. However, these laws can usually be breached by the presentation of a court order issued on the basis of suspected criminal activity.
This is all well and good for those of us who are not criminals, and usually means our privacy is pretty well assured. The trouble is in the definition of the word "crime". It's well known that certain banking jurisdictions have now succumbed to pressure to include tax avoidance as a criminal offense - meaning your account information could be disclosed under such an assertion if part of a court order from another country. So you may as well accept the fact that truly bullet-proof private banking is hard to come by - and anonymous banking is a thing of the past.
4. The Impact of KYC and FATF
Offshore banking has become a lot more restrictive since 9/11 - as the US enforces stringent regulations aimed at combating what it terms money laundering. This catchall approach means that straight-up, honest people find themselves having to jump through hoops just to get started. Unfortunately, there seems to be no end in sight to this process - so all you can do is bite the bullet and proceed.
When you first apply to open an offshore bank account you will immediately feel the impact of KYC (know your customer) regulations. Banks have a way of making this requirement sound as if its in your best interest, but that's just them trying to sweeten a bitter pill. In effect, the bank will want to know a lot more about you than they would have a few years back. They will want not only to sight your valid ID, proof of address and business, banking or personal references, but they will also want to know what you do and what type of account activity to expect.
5. What You Need to Open an Offshore Account
Opening an offshore bank account needn't be traumatic - if you know what to expect and what you're in for. You need to carefully consider your banking requirements. Do you want a personal or corporate account? In most cases a personal account is sufficient - and is usually easier to open. Some offshore banks will only open corporate accounts in person - not on the internet or by mail.
Of course you'll need to have valid passport, and will have to get it notarized by a Notary Public (which you'll usually find in large legal firms). This process involves making an appointment with the Notary and having him sight your passport, then make a copy and add his Notary seal and signature, stating he personally viewed your passport. You will also need one or two utility bills as proof of residence.
The good news is, once you have gone through the mill and opened your account, you'll find the bank (like any company wanting to make a profit) will want to retain your business and keep you happy! A good banking relationship is like gold - so hang on to it.
6. The Facts About Offshore Credit Cards
Most offshore banks will readily offer you a debit card - you know, a plain ATM card like you have from your domestic bank. These are usually Cirrus and Maestro branded, although in EURO countries Visa Electron is quite popular. Now while these cards are very useful, the main function (when issued by an offshore bank) is to withdraw cash from ATM machines.
This is where the desire and need for a full-blown credit card comes in. However, due to rules laid down by Visa and MasterCard International - such cards are usually only available to residents in the country the bank operates from. So, for example, if you have a bank account in an offshore jurisdiction, their Visa card may only be available to local residents - not you.
A good alternative is a Visa or MasterCard debit card - which is directly linked to your offshore bank account. When you spend money using it, the funds are immediately withdrawn from your current account. You can't get credit with this card, but you do get full Visa and MasterCard functionality when traveling internationally - like hotel check-ins, airline bookings etc. These types of cards are not readily available offshore, but a few major offshore banks issue them to their international clients.
7. The Advantages of Accounts in Various Currencies
One of the benefits of banking offshore is the ready availability of multi-currency accounts - where you can open more than one account at the same bank, each denominated in a different currency. Now, why would you want to do that? The answer is simple - for hedging. In this volatile world currencies are always changing value. And as I write this, the USD is deemed to be heading downwards in value over time.
Most offshore banks that provide multiple currency accounts will allow you to move funds quite easily between them, as and when you see fit. So if you have a substantial amount of cash on deposit, then spreading your cash risk by holding different currencies is a sound financial decision - one made a lot easier by having an offshore bank account.
Conclusion
Opening an offshore bank account could be the best thing you ever do. However, many people find the process daunting - not least because they need to overcome the irrational fear that somehow their money won't be as safe as banking at home. Of course the truth turns out to be the opposite. If you bank with a reputable offshore bank, then your money is much safer than before!
David MacGregor has been active in the offshore world since 1998 and lives the Internationalist lifestyle he writes and advises about. He operates a private information service for those seeking more personal and financial freedom, and offers a free introductory e-book entitled 'The FreedomShift', which is available from: http://www.sovereignlife.com
Article Source: http://EzineArticles.com/?expert=David_I_MacGregor
1. The Most Important Benefits of an Offshore Account
WG Hill, the author of the underground classic PT (The Perpetual Tourist), was quoted as saying: "Get your money out of country, before your country gets the money out of you!" And this strikes at the core of what offshore banking is about. Give you one example. Let's say you owe a tax bill which you are contesting. Now, in most of the modern Western democracies, it's a simple matter for the government to seize the funds from your domestic account. One day you have $10,000 in there - and the next day you don't. And such nations also get the banks to do their tax collecting for them. This is done by the practice of automatically deducting a withholding of tax on any interest earned. In this way your domestic banks are tax agents and put the government's interests above your own - the client.
Opening an offshore bank account puts your funds out of harm's way. If you had $10,000 in an offshore account, your own government could not siphon it off automatically. And if you are banking in a place where there is no tax charged on interest, then your funds are growing quicker - without any withholding taxes being applied at source. An offshore bank account also gives you more financial privacy - something in great demand in this increasingly regulated world. Then there's the flexibility that comes with having more than one bank account - in more than one country. This strategy allows you to hedge your bets and keep your cash in dispersed locations.
2. Choose Your Jurisdiction Wisely
Not all jurisdictions (countries) are equal. Every bank is governed by the laws of the country it is licensed to operate in. It is also governed by a plethora of internationally-applicable financial oversight regulations. While some typical offshore tax havens appear ideal as banking jurisdictions, the truth is that often they aren't - precisely because they have been, or are being, targeted in some way by anti-money laundering laws or other financial restrictions on how they conduct business. You don't want to end up in the middle of such a financial conflict.
Another factor to take into consideration is the geographical area in which the bank operates and the existence of any information sharing treaties or tax-collecting agreements between the countries in that area. Where you currently live in the world impacts on where you can bank offshore. For remember, offshore simply means somewhere other than where you currently reside.
3. The Truth About Privacy and Anonymity
Swiss banking has always been held up as the pinnacle of banking privacy, and that largely holds true - even though they are under increasing pressure to comply with international norms. The Swiss, however, have a vested interest in maintaining their USP (unique selling proposition), that they provide the most secure and private banking in the world. But privacy in an offshore bank is conditional. Most offshore banks will be covered by privacy protection measures, which could include such things as it being a criminal offence for a bank employee to disclose the details of any client's financial affairs. However, these laws can usually be breached by the presentation of a court order issued on the basis of suspected criminal activity.
This is all well and good for those of us who are not criminals, and usually means our privacy is pretty well assured. The trouble is in the definition of the word "crime". It's well known that certain banking jurisdictions have now succumbed to pressure to include tax avoidance as a criminal offense - meaning your account information could be disclosed under such an assertion if part of a court order from another country. So you may as well accept the fact that truly bullet-proof private banking is hard to come by - and anonymous banking is a thing of the past.
4. The Impact of KYC and FATF
Offshore banking has become a lot more restrictive since 9/11 - as the US enforces stringent regulations aimed at combating what it terms money laundering. This catchall approach means that straight-up, honest people find themselves having to jump through hoops just to get started. Unfortunately, there seems to be no end in sight to this process - so all you can do is bite the bullet and proceed.
When you first apply to open an offshore bank account you will immediately feel the impact of KYC (know your customer) regulations. Banks have a way of making this requirement sound as if its in your best interest, but that's just them trying to sweeten a bitter pill. In effect, the bank will want to know a lot more about you than they would have a few years back. They will want not only to sight your valid ID, proof of address and business, banking or personal references, but they will also want to know what you do and what type of account activity to expect.
5. What You Need to Open an Offshore Account
Opening an offshore bank account needn't be traumatic - if you know what to expect and what you're in for. You need to carefully consider your banking requirements. Do you want a personal or corporate account? In most cases a personal account is sufficient - and is usually easier to open. Some offshore banks will only open corporate accounts in person - not on the internet or by mail.
Of course you'll need to have valid passport, and will have to get it notarized by a Notary Public (which you'll usually find in large legal firms). This process involves making an appointment with the Notary and having him sight your passport, then make a copy and add his Notary seal and signature, stating he personally viewed your passport. You will also need one or two utility bills as proof of residence.
The good news is, once you have gone through the mill and opened your account, you'll find the bank (like any company wanting to make a profit) will want to retain your business and keep you happy! A good banking relationship is like gold - so hang on to it.
6. The Facts About Offshore Credit Cards
Most offshore banks will readily offer you a debit card - you know, a plain ATM card like you have from your domestic bank. These are usually Cirrus and Maestro branded, although in EURO countries Visa Electron is quite popular. Now while these cards are very useful, the main function (when issued by an offshore bank) is to withdraw cash from ATM machines.
This is where the desire and need for a full-blown credit card comes in. However, due to rules laid down by Visa and MasterCard International - such cards are usually only available to residents in the country the bank operates from. So, for example, if you have a bank account in an offshore jurisdiction, their Visa card may only be available to local residents - not you.
A good alternative is a Visa or MasterCard debit card - which is directly linked to your offshore bank account. When you spend money using it, the funds are immediately withdrawn from your current account. You can't get credit with this card, but you do get full Visa and MasterCard functionality when traveling internationally - like hotel check-ins, airline bookings etc. These types of cards are not readily available offshore, but a few major offshore banks issue them to their international clients.
7. The Advantages of Accounts in Various Currencies
One of the benefits of banking offshore is the ready availability of multi-currency accounts - where you can open more than one account at the same bank, each denominated in a different currency. Now, why would you want to do that? The answer is simple - for hedging. In this volatile world currencies are always changing value. And as I write this, the USD is deemed to be heading downwards in value over time.
Most offshore banks that provide multiple currency accounts will allow you to move funds quite easily between them, as and when you see fit. So if you have a substantial amount of cash on deposit, then spreading your cash risk by holding different currencies is a sound financial decision - one made a lot easier by having an offshore bank account.
Conclusion
Opening an offshore bank account could be the best thing you ever do. However, many people find the process daunting - not least because they need to overcome the irrational fear that somehow their money won't be as safe as banking at home. Of course the truth turns out to be the opposite. If you bank with a reputable offshore bank, then your money is much safer than before!
David MacGregor has been active in the offshore world since 1998 and lives the Internationalist lifestyle he writes and advises about. He operates a private information service for those seeking more personal and financial freedom, and offers a free introductory e-book entitled 'The FreedomShift', which is available from: http://www.sovereignlife.com
Article Source: http://EzineArticles.com/?expert=David_I_MacGregor
open internet bank account
Banking around the clock is no longer a remote possibility. But the banks don't have to keep their branches open 24 hours a day to provide this service. This is one of the biggest advantages of Internet banking.
One doesn't have to go to the bank's branch to request a financial statement. You can download it from your online bank account, which shows you up-to-the-minute updated figures.
Another advantage of Internet banking is that it is cost-effective. Thousands of customers can be dealt with at once. There is no need to have too many clerks and cashiers. The administrative work gets reduced drastically with Internet banking. Expenditures on paper slips, forms and even bank stationery have gone down, which helps raise the profit margin of the bank by a surprisingly large number.
As far as customers are concerned, their account information is available round the clock, regardless of their location. They can reschedule their future payments from their bank account while sitting thousands of miles away. They can electronically transfer money from their bank accounts or receive money in their bank accounts within seconds.
You can apply for a loan without visiting the local bank branch and get one easily. You can buy or sell stocks and other securities by using your bank accounts. Even new accounts can be opened; old accounts can be closed without doing tedious paperwork. Especially with the increasing acceptability of digital signatures around the world, Internet banking has made life much easier and banking much faster and more pleasant, for customers as well as bankers.
Internet Banking provides detailed information on Internet Banking, Advantages Of Internet Banking, Internet Business Banking, US Internet Banking and more. Internet Banking is affiliated with Best Internet Banks.
Article Source: http://EzineArticles.com/?expert=Marcus_Peterson
One doesn't have to go to the bank's branch to request a financial statement. You can download it from your online bank account, which shows you up-to-the-minute updated figures.
Another advantage of Internet banking is that it is cost-effective. Thousands of customers can be dealt with at once. There is no need to have too many clerks and cashiers. The administrative work gets reduced drastically with Internet banking. Expenditures on paper slips, forms and even bank stationery have gone down, which helps raise the profit margin of the bank by a surprisingly large number.
As far as customers are concerned, their account information is available round the clock, regardless of their location. They can reschedule their future payments from their bank account while sitting thousands of miles away. They can electronically transfer money from their bank accounts or receive money in their bank accounts within seconds.
You can apply for a loan without visiting the local bank branch and get one easily. You can buy or sell stocks and other securities by using your bank accounts. Even new accounts can be opened; old accounts can be closed without doing tedious paperwork. Especially with the increasing acceptability of digital signatures around the world, Internet banking has made life much easier and banking much faster and more pleasant, for customers as well as bankers.
Internet Banking provides detailed information on Internet Banking, Advantages Of Internet Banking, Internet Business Banking, US Internet Banking and more. Internet Banking is affiliated with Best Internet Banks.
Article Source: http://EzineArticles.com/?expert=Marcus_Peterson
open a bank account
One of the popular topics these days in the financial world are "second chance accounts." You see, like the name implies, these are special accounts that give people as second chance at re-establishing a relationship with the banking world. A second chance account allows people who are unable to open an account with any other bank.
It may seem like a small thing to have a checking account, but it's not. It's easy to take for granted having one until you actually lose one. Many people who experience financial problems may find that their bank freezes their accounts. Any attempts at opening a new account with another bank company will be met with rejections.
Having no banking account is a big deal -- a very big deal. No bank account is worse than having no credit card. You don't have access to the everyday financial transactions that most people enjoy. You might face problems trying to get paid because you don't have an account for your employer to deposit money electronically. Any sort of loan service will be denied you - no credit company will give out a loan to someone with no banking account. You won't be able to cash checks. In short, life can be difficult indeed to live without a bank account.
The reason for this grief lies with the ChexSystems network.
Chex System gives banks a deposit account verification services to help banks identify people who have a history with mishandling their accounts (for example, a person who has overdrawn his or her bank account and had it shut down). Chex Systems, on paper, sounds pretty useful, and for some purposes, it is. Banks can tell if a person has history of financial abuse. However, not all financial misdeeds are related to fraud or account abuse. Most people end up writing a check that bounces at some point.
The aim of Chex Systems is to:
1. Prevent bank account fraud
2. Keep tabs on bad bank customers
3. Ensure banks are protected
Unfortunately, Chex Systems can cause a lot of problems for ordinary people who have cashed a couple bad checks.
If you find yourself on the wrong side of Chex Systems, then this is where second chance checking comes in. A second chance bank account gives a person who is not able to open any other bank account the opportunity to open a new bank account. This is a pretty big deal because it means you can effectively re-establish a relationship with the banking world again. So if you can't open an account with a bank because of your past financial history, consider looking into second chance banking.
Learn how to apply for bad credit banking account without having to worry about getting rejected.
Article Source: http://EzineArticles.com/?expert=David_Woo
It may seem like a small thing to have a checking account, but it's not. It's easy to take for granted having one until you actually lose one. Many people who experience financial problems may find that their bank freezes their accounts. Any attempts at opening a new account with another bank company will be met with rejections.
Having no banking account is a big deal -- a very big deal. No bank account is worse than having no credit card. You don't have access to the everyday financial transactions that most people enjoy. You might face problems trying to get paid because you don't have an account for your employer to deposit money electronically. Any sort of loan service will be denied you - no credit company will give out a loan to someone with no banking account. You won't be able to cash checks. In short, life can be difficult indeed to live without a bank account.
The reason for this grief lies with the ChexSystems network.
Chex System gives banks a deposit account verification services to help banks identify people who have a history with mishandling their accounts (for example, a person who has overdrawn his or her bank account and had it shut down). Chex Systems, on paper, sounds pretty useful, and for some purposes, it is. Banks can tell if a person has history of financial abuse. However, not all financial misdeeds are related to fraud or account abuse. Most people end up writing a check that bounces at some point.
The aim of Chex Systems is to:
1. Prevent bank account fraud
2. Keep tabs on bad bank customers
3. Ensure banks are protected
Unfortunately, Chex Systems can cause a lot of problems for ordinary people who have cashed a couple bad checks.
If you find yourself on the wrong side of Chex Systems, then this is where second chance checking comes in. A second chance bank account gives a person who is not able to open any other bank account the opportunity to open a new bank account. This is a pretty big deal because it means you can effectively re-establish a relationship with the banking world again. So if you can't open an account with a bank because of your past financial history, consider looking into second chance banking.
Learn how to apply for bad credit banking account without having to worry about getting rejected.
Article Source: http://EzineArticles.com/?expert=David_Woo
open business bank account
When you start your business it may seem unnecessary to you to worry about managing your business transactions, especially if you start off small, but believe me, in the long run a well organised system of accounts will make life simpler in the long run. You may find it simpler by writing down what you need from your account and doing some research into specific bank accounts. Many have attractive features and offer free services within an account to entice you.
Businesses have different needs and it can depend on the size of the company and how much cash goes in and out so it is imperative you choose the right bank accounts to suit your needs and that benefit your business. Start at the beginning by separating your business and personal accounts. If you don't you will then have an extra job later on to try to identify and analyse each item into separate accounts - and this is time consuming. You may in the future employ a bookkeeper and this person will find it much harder to decipher transactions into relevant accounts. This will mean time and time money! You may find also the tax man doesn't take too kindly to businesses that mix business with personal items. You may risk unwanted higher tax assessments if it can not be assessed what is legitimate business expenses and what is personal. Separate bank accounts and records will make it easier in the end.
If you do decide to open separate bank accounts for personal and business always make sure you use the business account for all business items as it is a business expenditure and will likely become tax deductible.
Some banks will issue business bank account charges. Look around as some banks will let their customers' bank for free, especially if you operate online accounts. As usual there are normally conditions that apply so one has to shop around for the best deal. Don't feel that you have to use one bank it is worth investigating other banks. Competition within banks is rife so be persistent and you will get a favourable deal. You will receive different benefits from different banks and if you are confident with online banking this may be the way to go as some banks offer better interest rates and the transaction fees can be less expensive.
Maybe choose a bank that has a specialised small business unit. Establishing a good working relationship with your bank is beneficial.
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http://www.elertgadget.com/elertlibrary/Finance/Personal_Finance/organising_your_bank_accounts_7651.htm
Article Source: http://EzineArticles.com/?expert=David_Lockley
Businesses have different needs and it can depend on the size of the company and how much cash goes in and out so it is imperative you choose the right bank accounts to suit your needs and that benefit your business. Start at the beginning by separating your business and personal accounts. If you don't you will then have an extra job later on to try to identify and analyse each item into separate accounts - and this is time consuming. You may in the future employ a bookkeeper and this person will find it much harder to decipher transactions into relevant accounts. This will mean time and time money! You may find also the tax man doesn't take too kindly to businesses that mix business with personal items. You may risk unwanted higher tax assessments if it can not be assessed what is legitimate business expenses and what is personal. Separate bank accounts and records will make it easier in the end.
If you do decide to open separate bank accounts for personal and business always make sure you use the business account for all business items as it is a business expenditure and will likely become tax deductible.
Some banks will issue business bank account charges. Look around as some banks will let their customers' bank for free, especially if you operate online accounts. As usual there are normally conditions that apply so one has to shop around for the best deal. Don't feel that you have to use one bank it is worth investigating other banks. Competition within banks is rife so be persistent and you will get a favourable deal. You will receive different benefits from different banks and if you are confident with online banking this may be the way to go as some banks offer better interest rates and the transaction fees can be less expensive.
Maybe choose a bank that has a specialised small business unit. Establishing a good working relationship with your bank is beneficial.
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http://www.elertgadget.com/elertlibrary/Finance/Personal_Finance/organising_your_bank_accounts_7651.htm
Article Source: http://EzineArticles.com/?expert=David_Lockley
open new bank account
Imagine walking into every bank you see and getting rejected for every single bank account you apply for. This sounds fictional, but it is real, I assure you. In my experience working for a banker, I estimate a significant percentage of the people who tried to open a bank account were rejected.
Why?
Because these people cashed one single bad check. You see, banks have s system set up to try and protect themselves against people who habitually mismanage money or commit fraud. Cashing bad checks, defaulting on loans, etc. This works good in theory, but what happens is that innocent people end up getting caught in the "system." A lot of people who have not committed bank fraud end up being banned from opening a bank account.
Checking accounts for people with a history of banking bad credit are sometimes given out by banks, but usually, it's not the case. You can be utterly assured that if you have a history of financial misdeeds, banks keep a careful record of your past transactions. You may think that you can leave all your financial problems behind with one bank and start fresh with another banking institution, but this isn't the case. Your bad banking history will follow you around.
Some banks might still give you a checking account if you have bad credit history, but it comes down to how bad your "credit" is -- i.e. how bad your Chex System score is. Banks don't look at your credit history score, but rather your banking credit - your previous history of banking. If you have had a few financial mishaps, you can probably still open up a new bank account. But if you have had some major problems like home foreclosure, loan defaults, or have had your account closed by your bank, no bank that checks your previous banking history is going to give you a new bank account.
If you find yourself in this situation then you are going to have to either find a bank that does not look at your credit history, or looking around for a second chance account online. A second chance account is a specific bank account created just for people who are unable to open any other account because they have a history of bad banking credit.
My recommendation for people who can't get a bank account is to try and appeal your Chex Systems entry (you can contact your local bank to find out how) or to get a second chance account. Whatever you do, you want to make sure you get a bank account again as soon as possible.
There are plenty of internet bad credit banking offers you can check out online. Make sure you always do some research on the bank's reputation to prevent any problems. If you need a bad credit bank, there are plenty of options offered.
Article Source: http://EzineArticles.com/?expert=David_Woo
Why?
Because these people cashed one single bad check. You see, banks have s system set up to try and protect themselves against people who habitually mismanage money or commit fraud. Cashing bad checks, defaulting on loans, etc. This works good in theory, but what happens is that innocent people end up getting caught in the "system." A lot of people who have not committed bank fraud end up being banned from opening a bank account.
Checking accounts for people with a history of banking bad credit are sometimes given out by banks, but usually, it's not the case. You can be utterly assured that if you have a history of financial misdeeds, banks keep a careful record of your past transactions. You may think that you can leave all your financial problems behind with one bank and start fresh with another banking institution, but this isn't the case. Your bad banking history will follow you around.
Some banks might still give you a checking account if you have bad credit history, but it comes down to how bad your "credit" is -- i.e. how bad your Chex System score is. Banks don't look at your credit history score, but rather your banking credit - your previous history of banking. If you have had a few financial mishaps, you can probably still open up a new bank account. But if you have had some major problems like home foreclosure, loan defaults, or have had your account closed by your bank, no bank that checks your previous banking history is going to give you a new bank account.
If you find yourself in this situation then you are going to have to either find a bank that does not look at your credit history, or looking around for a second chance account online. A second chance account is a specific bank account created just for people who are unable to open any other account because they have a history of bad banking credit.
My recommendation for people who can't get a bank account is to try and appeal your Chex Systems entry (you can contact your local bank to find out how) or to get a second chance account. Whatever you do, you want to make sure you get a bank account again as soon as possible.
There are plenty of internet bad credit banking offers you can check out online. Make sure you always do some research on the bank's reputation to prevent any problems. If you need a bad credit bank, there are plenty of options offered.
Article Source: http://EzineArticles.com/?expert=David_Woo
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