Create Trusts for Asset and Wealth Protection in Hong Kong – The Overview
Protect your assets and wealth in Hong Kong by creating trust. A professional trust management provider such as 3E Accounting Hong Kong can help to manage trust-related matters. Every successful entrepreneur should plan for asset and wealth protection in case of unforeseen circumstances.
The Creation of a Trust
A trust is a legal arrangement that is created when a settlor (or trustor) transfers the property and/or other assets to a trustee who manages it for the benefit of the beneficiary. The details of the arrangement are specified in a trust document that also provides for specific rules of how the trust functions.
Establishing a trust helps to protect and a person’s wealth and assets while ensuring that they are distributed according to a settlor’s preferences and to suitable inheritors and desired loved ones. Another important thing to note is that establishing trust ensures that a person’s assets are distributed according to their preferences instead of the court’s legal standards. Trust assets and wealth can also be protected from certain taxes.
Choosing a Suitable Trust Services Provider
As trustees can be in the form of trusted individuals or professional trust services provider such as 3E Accounting Hong Kong. A suitable trust services provider should be able to meet strict criteria especially due to the amount of control and responsibility they hold.
Certain criteria that should be met include that they should be able to:
- Prove that they have the Trust or Company Service Provider Licence (TCSP) which legally qualifies them to be a trust management service provider in Hong Kong
- Interpret legal trust documents accurately and professionally in order to properly administer the distribution of any trust assets to the beneficiary (or beneficiaries)
- Skillfully manage the finances of accounts within a trust and prepare any and all records on behalf of the trust (including statements and tax returns)
- Regularly communicate with beneficiaries in a clear and professional manner in order to keep them informed on the associated accounts and taxes
3E Accounting Hong Kong is a holder of the Trust or Company Service Provider Licence (TCSP) which is granted by the Hong Kong Companies Registry. Our team of dedicated experts are fit and proper to handle matters of trusts and can carry out trustee services that can be tailored to a client’s specific requests and circumstances.
We are leaders in cost-effective professional solutions with expertise in professional company incorporation, accounting, corporate administration, company secretarial functions, compliance services, and more. We care about delivering quality service and are certified in various qualifications with high global standards of training and development.
Let our team of dedicated experts give you the service you deserve today.