"Family office" is a very popular term these days. What exactly is the definition of a family office? Checking the website of the Hong Kong Securities Regulatory Commission, the answer turned out to be... "None"!
Last week, CPA Edward So attended the "Asset Allocation Manager, Family Office Planning" (1) course at Lingnan University and served as one of the lecturers on the topic of "Family Office and Trust Preliminary Preparation".
Accountant So clarified the scope of work of the family office in class and made a summary: "A secretarial and logistical organization serving high-net-worth families/family, providing asset management and inheritance work." In fact, family offices include many types of work. In addition to investments that most people think of, it also includes: trusts, risk management, family cultural inheritance, education, immigration and tax planning, etc., so the business opportunities are many and very wide.
Then he talked about the preliminary preparation work for establishing a family trust: It turns out that the preliminary work for establishing a family trust is very important, and it often takes a long time to prepare. However, if you can plan well and be prepared, the time and expenses required to establish a trust in the future can be greatly reduced, which will also be beneficial to the long-term operation of the trust and cost savings in the future.
Is family office a slogan? Or a business opportunity? It depends on whether we can grasp it well.
Our company can provide tax planning, trust, risk management and immigration services within family offices. If you have related business or inquiries, please feel free to contact our company.
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