Trust and Foundation

Q:    Who can apply for registration as a Trust Company ?

A:    Any company, which is incorporated in Hong Kong and not a private company within the meaning of section 11 of the Companies Ordinance (Cap.622) (Note 1), may apply in writing to the Registrar of Companies to be registered as a trust company under Part 8 of the Trustee Ordinance (Cap. 29). The company should fulfill the following requirements:

1.  the objects of the company as set out in its articles of association are restricted to some or all of the objects set out in section 81 of the Trustee Ordinance;
2.  the issued share capital of the company is not less than HK$3,000,000 (Section 100 of the Trustee Ordinance provides that no member of a trust company shall at any time hold shares in the capital of the company to an amount exceeding one-fifth of the issued capital of the company for the time being (except where the trust company is a subsidiary of a bank within the meaning of section 2 of the Banking Ordinance);
3.  at least HK$3,000,000 of the issued share capital is bona fide fully paid up for a cash consideration (a director’s written confirmation is required);
4.  the board of directors has been duly appointed in accordance with the articles of association of the company (the company shall have at least two directors);
5.  the company has either: –

1. deposited in the name of the Director of Accounting Services (“DAS”) (i.e. “Director of Accounting Services for account of (name of the intended trust company)”) with an authorized institution within the meaning of section 2 of the Banking Ordinance (Cap. 155) a sum not less than HK$1,500,000 and lodged a receipt issued by the authorized institution for that amount with the DAS;
2. deposited in the name of the DAS with a finance company that is a subsidiary of a bank within the meaning of section 2 of the Banking Ordinance a sum not less than HK$1,500,000 and lodged a receipt issued by the finance company for that amount with the DAS; or
3. deposited with the DAS a guarantee (Note 3), in terms acceptable to the DAS, from a bank within the meaning of section 2 of the Banking Ordinance; and

 f.   the company is able to meet its obligations, apart from its liability to its shareholders, without taking into account the sum deposited under paragraph 1 e above (a director's written confirmation is required).

Q:   How to apply ?

A:    You can download the application form under the “Forms” – “Other Forms” section

The completed application form together with the following fees can be delivered by post or in person to the Companies Registry :

a.   an application fee; and

b.   a fee for the issue of the certificate of registration.

Q:   What can I get ?

A:    A Certificate of Registration as a Trust Company (“the Certificate”) will be issued by the Companies Registry.

Q:   How long does it take?

A:   The Certificate will normally be issued within 10 working days after receipt of the application or after receipt of the confirmation from the DAS on the deposit made by the company under paragraph 1 e above, whichever is the later.

Whatsapp : (852) 6499 4686

Phone : (852) 2186 6936

Email : info@intershores.hk

Disclaimer:

Whilst reasonable care has been taken in provision of information above, it does not constitute legal or other professional advice. INTERSHORES does not accept any responsibility, legal or otherwise, for any error omission and accepts no responsibility for any financial or other loss or damage that may result from its use.  In particular, readers are advised to take appropriate professional advice before committing themselves to any involvement in jurisdictions, vehicles or practice.