TRUST LICENCE
Trust business is "trust relationship + asset management services", the trust relationship is only the basic legal relationship of trust business, and the trust company attaches various asset management services on the basis of the trust relationship to constitute the trust business. This coincides with the most important wealth planning, family inheritance, asset management, tax optimisation, corporate governance, etc., and 3WAIFO - Global Digital Intelligence AI Family Office System was born under this business concept.
Trust
(Legal properties)Trustor
trustee
beneficiaries
Trust property
Trust
Business
Assets Management
(Financial/Service properties)Property management
Use of property
Disposal of property
As the only cross-market financial licence, trust can integrate a variety of financial instruments and management tools, and through the reconstruction of different legal relationships, it can gather all parties on the trust platform, pool all kinds of resources, integrate the wisdom of all parties, and provide customers with comprehensive financial solutions.
Trust law provides significant protection to beneficiaries. It imposes a fiduciary duty on trustees, requiring them to manage the property for the benefit of the beneficiaries. Trustees must not only adhere to the explicit terms of the trust agreement or other documents but also comply with statutory duties such as the duty of loyalty and the duty of care.
The separation of ownership and benefits in trust law is akin to the separation of ownership and management rights in corporate law. The trust system enables settlors to leverage the professional capabilities of trustees, enhancing the efficiency of managing trust assets.
Settlors can establish trusts for various purposes and can specify a wide range of details in the trust terms, including the manner of property management, the scope of application, rules for distributing benefits, and the authorities granted to trustees.
Based on the continuity management feature of the trust system, trusts can continuously manage and utilize trust property to achieve the settlor's intended trust purposes from beginning to end. Even after the settlor's death, the trust can still operate according to their wishes.
Hong Kong's Advantage inGlobal Trust
A century of history
Hong Kong trusts have a history of more than a century. If we look at the 100-odd trust companies in Hong Kong, we will find that all of them have the background of major international banks, insurance companies and financial services groups, and so on, and there has not been any case of closure or bankruptcy of any trust company so far.
Hong Kong enjoys the benefits of an international centre
•As Asia's international financial centre, Hong Kong is also an international financial centre
•Well-developed information, global perspective and diversified financial products
•A well-developed banking system, no foreign exchange control system, free flow of funds
•Professionals in the financial industry have rich experience and professional knowledge
Improvement of the legal system
•Well-established and long-standing trust law: over 100 years of history to date
•Once a trust is set up in Hong Kong, the assets of the settlor, regardless of nationality, are subject to the protection and regulation of Hong Kong law, and no other countries have the right to intervene.
•Trusts in Hong Kong are not required to be registered, which effectively protects the privacy of the settlor.
•The Hong Kong Privacy Ordinance protects client's personal data without the need to disclose the trust account to any country or organisation.
Well-established regulatory framework
•Companies holding trust licences in Hong Kong are directly regulated by the Financial Secretary of the Hong Kong Special Administrative Region.
•Trust organisations in Hong Kong are a cross-cutting financial sector and are regulated by a number of agencies at the same time.
Access to Hong Kong Permanent Trust Accounts
According to the Hong Kong Trust Law (Amendment) Ordinance 2013, a trust account can be used in perpetuity after it has been successfully opened by the founder. As such, a Hong Kong trust can continue to protect assets indefinitely and can effectively plan for multi-generational asset succession. In most common law jurisdictions, it is generally not possible to extend a trust indefinitely, e.g. Singapore - 100 years; United Kingdom - 125 years; and Hong Kong - 126 years.
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