ICC has cultivated a complementary network of global professionals. These include lawyers, accountants, tax and trust advisers, company secretaries, property agents and commercial banking resources. We bring the right team together for a company’s specific needs, so that our corporate clients can enjoy unique solutions. Most commonly requested business advice evolves around the following:
Tax efficient employee benefits
Employees can sacrifice some of their income, where it is possible, and pay less personal tax. If salary sacrifice is not possible, then usually any costs associated with providing employee benefits can be a cost in your accounts, which will have the effect of reducing the amount of tax on your profits.
Employee benefits usually include:
- Group insurance such as life cover, travel insurance, income protection, medical or critical illness. Joining a group scheme is usually a cost effective way for your staff to obtain protection, and a peace of mind.
- Mandatory Provident Fund scheme is a legal requirement for all employers to provide their Hong Kong staff with. These schemes are mandatory retirement savings and form a vital element of Hong Kong’s long-term retirement solutions.
- Staff working arrangement, which can include advice on flexi-hours, holidays, bonus calculations and team building events.
Business continuation strategies involve risk management strategies to transfer or remove risks that can jeopardise your business. These usually involve the following:
- Shareholders’ protection. A facility to provide companies with the resource to acquire shares from the estate of a co-shareholder who, unfortunately, may have died away or become permanently disabled.
- By retaining the shares within the company, the company retains control and value. The alternative is to witness the person who inherits the shares from your co-shareholder become a member of your board of directors, and may not add much value, yet drain company profits and take income or dividends.
- Key Persons Insurance. While most business owners understand the need to protect against unforeseeable risks related to their capital assets – fire and theft coverage being examples – risks relating to another key asset, human capital, are often overlooked.
- What happens to your profits if your top sales person, or your top research analyst, or your partner with specific knowledge passes away or becomes permanently disabled?
- Key person insurance will provide funds to a business in this event. This should be enough to cover loss of profit and costs associated with recruiting another person, or enough to distribute amongst shareholders and creditors if the business has to be dissolved.
If you speak with one of ICC’s Wealth Managers, you are guaranteed impartial and confidential advice. They specialise in delivering face-to-face wealth management to businesses, individuals and trustees.
Putting you and your business firmly at the centre of what we do is core to our client-driven culture.
Contact us to arrange an obligation free meeting and understand:
- How can I set up a Hong Kong business?
- What is involved with MPF schemes?
- How can I save on taxes?
- How I can design an Employee Benefit scheme to attract and retain quality staff?
- How can I retain shareholding value for my family, if something adverse was to happen to me?