| Location | Hong Kong |
| Industry | Financial Services |
| Website | wecall-solutions |
| Customer Challenge | Reducing costs and simplifying cross-border business operations through company creation and multi-currency banking |
| Product | Company Creation & Business Account |
WeCall, a fast-growing lead generation company, faced growing challenges operating out of Singapore. With high nominee director fees, inefficient multi-currency payments, and complex compliance requirements, scaling their business became increasingly challenging. To scale effectively in this competitive global market, WeCall needed a solution to simplify their operations and reduce costs.
The Challenge: Reducing Annual Costs by 40% While Overcoming Operational Barriers to Growth
Operating in Singapore presented a series of obstacles that restricted WeCall’s ability to expand internationally.
- Nominee Director Requirement: Singapore mandates that all companies appoint at least one local resident director, which incurred additional costs of around SGD 2500 annually for WeCall.
- Compliance Management: Initially, WeCall engaged legal professionals to handle compliance matters. However, this approach proved complex and costly compared to appointing a dedicated company secretary.
- High Costs of Multi-Currency Payroll: WeCall faced costly and inefficient multi-currency payroll management for six employees—four in Thailand, one in the US, and one in France. Paying salaries via SWIFT transfers cost approximately 30 USD per transaction, totalling 180 SGD monthly. The process was not only expensive but also added unnecessary FX fees, as employees were not paid in their local currencies.
WeCall found it increasingly difficult to allocate resources toward scaling the business.
Singapore’s tax regime, while business-friendly, was not as advantageous as Hong Kong’s for an SME with growing cross-border operations. WeCall needed an approach that combined cost savings with a framework for entering new markets efficiently.
Solution: Moving to Hong Kong
WeCall turned to Statrys for strategic guidance and practical solutions to realign their operations. Statrys facilitated WeCall's transition to Hong Kong by offering:
- Company Creation Services: Statrys assisted in establishing a Hong Kong-based company, leveraging their expertise in local regulations and compliance.
- Multi-Currency Business Account: Statrys provided an account capable of handling 11 different currencies—including HKD, USD, EUR, and GBP—streamlining international transactions and reducing reliance on multiple banking relationships.
With expertise in corporate services and compliance, Statrys provided a comprehensive plan to relocate the business to Hong Kong, a jurisdiction aligned with WeCall’s growth objectives and cost-saving strategies.
Implementation: Fast Company Setup and Business Account Opening
The transition process was efficient and straightforward:
- Fast Company Registration: WeCall's Hong Kong company was incorporated within two weeks, with all procedures handled digitally.
- Business Account Setup: Statrys enabled WeCall to receive and send payments in multiple currencies, simplifying payment processes and improving cash flow management.
Results: Operational Efficiency and Growth Potential
With Statrys’ support, WeCall successfully transitioned to Hong Kong in under 10 days without any disruption to operations.
The results were transformative:
| Impact Area | Results Achieved |
| Cost Savings | Reduced admin costs by over 25% annually by eliminating nominee director fees and streamlining operations. |
| Payroll Savings | Replaced costly SWIFT transfers with local payments in HKD, cutting payroll costs from SGD 180 to SGD 30/month, saving HKD 10,800/year. |
| Tax Optimisation | Paid 0% corporate tax on income earned outside Hong Kong, saving approximately USD 15,000/year on business revenue. |
| Optimised Payments | Streamlined payroll and supplier payments across regions with Statrys’ platform, reducing delays by 30%. |
| Compliance Efficiency | Cut compliance workloads by 40% by outsourcing regulatory processes to Statrys, freeing leadership to focus on growth. |
These savings enabled WeCall to reinvest in marketing and hire new team members, accelerating their expansion into European markets.
Disclaimer: The costs referenced in this case study reflect the services previously used by Lance’s company in Singapore. Statrys provides competitively priced solutions for businesses operating in Singapore.
Why Statrys?
WeCall selected Statrys for their proven track record in supporting SMEs with cross-border operations.
Key advantages included:
- Speed and Efficiency: Relocation completed in under 10 days.
- Transparent Pricing: No hidden fees ensured predictability for financial planning.
- Digital-First Approach: All procedures, from initial contact to document submission, were handled online.
- Comprehensive Support: Multi-currency payments and compliance management tailored to SME needs.
This combination of expertise, efficiency, and personal care set Statrys apart as the ideal partner for WeCall’s global ambitions.
Disclaimer: The choice of jurisdiction depends on a variety of factors, including business needs, target markets, and regulatory requirements. While no jurisdiction is universally better, Hong Kong can offer advantages for businesses prioritising lower incorporation and operational costs or tax savings.
