When it comes to opening a business account in Hong Kong, business owners usually face two situations:
The first happens when they are about to open their business bank account with a traditional bank, then they find out that the procedure is quite long with a mountain of paperwork. Filled with uncertainties, a question arises: to open a bank account or not to open a bank account?
The second situation happens when they finally succeed in opening a business account with a bank, and months after they receive a notice from the bank indicating that their business bank account is closed without much information.
Why? That’s the question.
Founded in 2018, Statrys is a Hong Kong-based Fintech platform on a mission to serve smaller businesses who cannot afford to operate a corporate account in traditional banks.
Statrys offers its customers the ease of operating in 11 different major currencies and making both local and cross border transactions.
How to Open a Business Account Without a Traditional Bank
Statrys makes it a breeze when it comes to opening a business bank account. The process is easy and quick as it involves no physical interaction or visit, and remarkably less paperwork. The platform is user friendly and provides multilingual support.
To sign in, users simply need to head to the main page of the Statrys website and click on the “Create Account button” at the top right of the page; then fill in account details such as first and last name, their Company’s name, and email address.
After entering this information and clicking the sign-up button, users will be taken to a questionnaire to help Statrys better understand the business’s needs and requirements.
Statrys is a banking services platform that complies with all the applicable rules, laws, and regulatory requirements in Hong Kong and the UK. This includes AML, KYC, and Counter-Terrorism Financing. Therefore, Statrys requires documents for the opening of the business account such as:
Users can upload scans of these documents during the form completion. If all documents are in order, and there is no clarification needed from Statrys, the business account will be opened and active within 48 hours.
With the business account open, the client can begin receiving and sending money in 11 different currencies all over the world.
Entrepreneur Friendly Banking Services For SMEs And Start-ups.
SMEs and startups are small organizations that rely on two things to compete with larger corporations. One is their expertise or unique idea that sets their product or service apart from the rest, and the other is low overhead and cost.
However, when it comes to banking, their overhead can rise significantly. This is because banks are oriented towards making service packages that cater to larger clients as these are the ones where banks can make money more confidently. This means that smaller organizations, especially startups, are not generating enough profit for the banks, and can oftentimes be let go without warning or reason.
When it comes to global payment, Statrys is cost and time effective. It has been seen that 7.8% of beneficiaries’ bank account details are incorrect, which leads to many problems with users when sending money. Unlike other alternative solutions on the market, Statrys verifies that the beneficiaries’ details are correct, which minimizes the risk of losing money and gives users peace of mind to focus more on their businesses.
Statrys’s fees are transparent and affordable. This means that there are no hidden fees for users, and low volume clients can still find the services feasible for their requirements. Click this link to read more details about Statrys’s pricing (https://www.statrys.com/pricing/).
Foreign Exchange: How to get Forex services Tailored for SMEs.
When it comes to banking and making cross border payments, SMEs tend to only focus on transaction fees. While in fact, they should look at the transaction fee and the FX rate. This is where Statrys becomes a good alternative for SMEs and any other business owner seeking price-effectiveness and transparency in their transaction providers.
Statrys’s major service involves spot order, forward order, hedging, and mid-market rates with low spread fees in 11 different currencies.
Other features Statrys provides include:
Statrys is always looking to evolve their services, and are now expanding their footprint in Thailand and London, allowing Statrys to provide local currency accounts in GBP and EUR for Asian SMEs who wish to grow their business in Europe. https://www.statrys.com/statrys-railsbank-local-currency-accounts-smes/
As well, they are working on releasing their debit card to facilitate users’ payments, available internationally. Check out this link to sign up for the debit card waitlist: https://www.statrys.com/debit-card/
For more information about Statrys, please visit (https://www.statrys.com/)
Life and living have seen a drastic change in recent times. These changes became even…
SecuX Technology Inc. is fast becoming a force in the global blockchain industry, as the…
As per World Health Organization (WHO), in 1980, the total number of diabetic patients was…
A release liner is a material made up of paper or plastic that acts as…
The staggering rise in the number of mobile devices used world over has upped the…