Due to an increase in mergers and acquisitions and initial public offerings, Hong Kong is seeing a surge in family offices. Many entrepreneurs and business owners are cashing out, and they need to set up family offices to protect and grow their money. The most important decision that family business owners will have to make is the structure of their family office. The one best example of family office business is FOAHK(Family office association Hong Kong).
Types of Family Office Businesses
- Shareholder’s office Supports the activities of business-owning families who are focused on the growth and operation of their company. Financial and tax services are provided for family members by the office, which is commonly embedded in the operational company.
- Multi-Generational Office Diverse owners from multiple branches of the family or many families are supported. This office is difficult to run because it provides the widest range of services to the widest range of clientele. To strengthen the purchasing power of the owning family group, multi-family offices frequently open their doors to non-family clients.
- Compliance office Diverse owners from multiple branches of the family or many families are supported. This office is difficult to run because it provides the widest range of services to the widest range of clientele. To strengthen the purchasing power of the owning family group, multi-family offices frequently open their doors to non-family clients.
- family Office businesses In a fiduciary capacity assists trustees and beneficiaries of family trusts. Trustees for these trusts are frequently office managers.
The agency focuses on trustee training, trust administration, record keeping, and tax compliance for family structures.