The fiduciary is another individual or a company that offers asset management services by acting on behalf of a client. Individuals who are interested in general asset management, financial advisory or guidance can use fiduciary services in Hong Kong. In general, the duties of the assigned party, the fiduciary, refer to the management of finances or estate.
These types of services refer to all aspects related to the supervision of assets, including taxation and the wealth preservation of the assigned property or finances. In Hong Kong, companies and individuals can benefit from the low taxation regime and the generally welcoming business and investment climate.
Our professional and reliable team offers not only fiduciary services as well as complete assistance for company formation in Hong Kong. A trusted representative from our team can help investors open a company by handling all of the needed steps and mandatory procedures.
What are the benefits of using fiduciary services in Hong Kong?
The fiduciary will manage the assets for the benefit of the client and will use a standard of care to ensure that the client’s needs are met. The duties and responsibilities of the fiduciary are legal and ethical, thus, using this type of service will allow the client to rest assured that the business or personal assets are managed accordingly.
Our team of agents can help investors open a company in Hong Kong and following this procedure offer services that relate to the long-term asset management and planning for the company as well as targeted tax minimization options that can legally reduce the tax burden. Interested investors can reach out to our team for detailed information about fiduciary services for corporate management, as well as the other types of services we provide to our clients.
What are the main fiduciary services available in Hong Kong?
Fiduciary services can be divided into advisory and management ones. In the advisory role, the fiduciary in Hong Kong will engage in meetings with clients for the purpose of establishing the most suitable manner in which they can reach their financial goals. In the management role, the fiduciary will be empowered to handle the finances or the estate of the client. The latter takes place as per the fiduciary agreement and in some situations, it can only take place after the death of the client when the fiduciary will fulfill his role as the manager of the estate.
Another manner in which we can divide fiduciary services is according to their target clients: corporate or individuals. Below, our team of company formation agents in Hong Kong details these two types of services.
A range of services can be included in the corporate category under a fiduciary management regime. Some examples include the following:
- • Trusts: in this case, the fiduciary is the one who will act as the trustee and will administer the function of the trust as per its intended purpose, in the best interest of the beneficiary.
- • Companies: the fiduciary can perform activities during the initial process related to company formation in Hong Kong; later, he can perform bookkeeping services fiduciary services.
- • Escrow: the fiduciary acting as an escrow agent will own property for third parties until a given time (often until a transaction is finished or until a disagreement between parties is resolved).
- • International holding: Hong Kong is a favorable location for opening a holding company and corporate fiduciary services can also refer to the management of this company, corporate domiciliation, payment processing, and other actions.
Fiduciary services in Hong Kong are often valuable for international companies as well as for planning the international strategy for asset management purposes. The fiduciary can be involved in not only asset management but also transfers, business acquisitions, and others. Our Hong Kong company formation specialists can provide more details on how entrusting the management of your company to a third party can be a suitable business decision.
Personal services refer to estate planning and asset protection as well as the creation of family trusts. It is common for investors in Hong Kong, especially for high net worth individuals, to request fiduciary services for the purpose of personal asset management.
Information about doing business in Hong Kong
The financial services industry is well-developed in Hong Kong and it also includes asset and wealth management as an important sub-sector. According to the Financial Services Development Council, asset management companies were the most numerous in the general category of fund management businesses. The data available for the end of 2016 was the following:
- – there were 1,348 licensed fund management companies.
- – 70% of the combined fund management businesses were involved in asset management;
- – 7% of the fund management businesses were involved in fund advisory activities.
Investors who wish to know more about corporate and private asset management through fiduciary services can contact our agents who specialize in company formation in Hong Kong.