Job Discussion Forums

[clover]

I'm a new Net who is a babe in the woods when it comes to financial matters(although, sadly, not a babe). I'm wondering if anyone who has been here for a while could recommend to me any reliable financial advisors here in HK who can help me make my money grow. Thanks a lot.

[ChrisRose]

This looks like SPAM.

I might suggest that you wrote the above message and later will reply under a different username.

As for finacle advisors don't be so silly this is Hong Kong.

Every other jobless person is or has been some kind of finacle advisor only too willing to gamble at your expense.

I suggest any and all replies of offers of assistance should be considered SPAM. Any offers will also be forwarded to the FSC for investigation.

Have a nice day.
Chris

[michelle yu]

That reply is seriously over the top and unjustified.

Here is some advice for you Clover:

In Hong Kong there are no capital gains taxes, no withholding taxes, no sales taxes, no VAT, and no annual net worth taxes.

Dividend income received by a Hong Kong parent company from either a resident or foreign subsidiary is not deemed income in the holding company's hands and is thus not subject to an assessment to profits tax.

Profits remitted to a Hong Kong parent which represent the profitable disposal of its shareholding in a resident or non resident subsidiary are not assessed to tax in the territory.

The profitable disposal by a Hong Kong entity of foreign real estate or of a company holding real estate is not assessed to tax in the territory.
Rental income from foreign real estate is not assessable income in Hong Kong for profit tax purposes.

Interest income received by a resident or non resident business entity on deposits lodged with a financial institution are exempt from profits tax.
The following sources of trading income are exempted from profits tax

Interest received or capital gains made on the purchase, retention or sale of a Government bond issued under the Loans (Government Bonds) Ordinance;

Exchange fund debt instruments;

Hong Kong dollar denominated multi�agency debt instruments;

Specified investment schemes which comply with the requirements of a government supervisory authority are exempt from tax. Specified investment schemes include investments in unit trusts and mutual funds.
Individuals in Hong Kong are taxed at up to 17% on employment income, but investment income or capital gains are not taxed.

There are numerous agencies that can help you figure out the best returns for your objectives. But based on my experience, do not invest in Hong Kong without allocating at least $25,000USD.

Financial advisors are like car salesman. What might be good for me, maybe a nightmare for you. Interview your potential advisor and make sure they are a good fit.

[once again]

And just by chance michelle happened accross the post, and has never posted here before, and made all of the advice....I am not an expert but the advice of..and I quote..Profits remitted to a Hong Kong parent which represent the profitable disposal of its shareholding in a resident or non resident subsidiary are not assessed to tax in the territory.
has just been challenged by the courts as a tax avoidance scheme and therefore liable to heavy penalties.

[once again]

Just done a search and found this comment from michelle on another forum.."Last April, we took a look at the economy of Taiwan. Taiwan's economy cis no doubt recovering from its recession of 2001, but still has not returned to the strong economic growth "
It seems to me that the "we" part means that michelle is part of a bigger group that deals with investment and reading through her other posts alos visa applications..I think chris rose is right that this may be fishy.

[once again]

Now I have just checked out the "WWW" button on the bottom of michelles post and found that it links to an agency/company. Not so independent as she/he claims and far from the comment that chris' s post is over the top and unjustified. Seems chris got it right on the nail.

[michelle yu]

Oh yes, I have sinister spam motives. Look out and be aware. ROFL

Independent? My company has nothing to do with dispensing financial information. It does make corporate aquisitions and investing, as does any company, to maintain equity diversification. I also do a lot of personal investing, and try to help others that may be interested in the Asian markets. This is done on a personal level, and has nothing to do with my company.

It always saddens me the attacks that are made in forums. Vets typically scare away those that are looking for adivice/help. Is there really a reason for the bullying?

Take it easy, not everyone here is a struggling teacher. Nor do they have intentions sinister or spam based. There are people here (believe or not) that actually have peoples best interests at heart.

[Maggot Boy]

Hi Clover,

My advise as someone who has been employed as a Financial Planner in Australia - just finished, is to read a few basic books on sound investing. If you don't plan on staying long term in Kong Kong, you may be better seeing an adviser from your own base country.

If you see an adviser, ask up front what all the fees are, including whether the adviser gets any financial/other remuneration from selling any particular products. In Australia this is mandatory, and a violation of the Securities Legislation if not followed.

Ideally a Planner who charges a fee for service is seen as the best set up, as they get paid only for their time and advise, not for pushing any particular products. For a Planner to say they are "Independant", in Australia they have to be fee for service and have no benefit for suggesting one type of product compared to another - thus rebating to the client any commission that the planner gets from putting funds into a particular product.

Seeing an adviser who gets paid by commission on products can be fine, but the adviser will have a vested interest in recommending certain products and not others, so human nature being what it is - be careful.

In terms of the advise given by the other poster on tax - no comment, any particular advise given without a full understanding of a persons situation is not a good idea. A good adviser will find out your current situation, what your goals are, and what your comfort level is with various investments.

Most advisers give a free meeting to find out what your situation is and whether they can help you etc. It is not a bad idea to see a few advisers until you find someone who you are comfortable with, and who IMPORTANTLY!!! has the necessary industry qualifications and experience -ask!

My own advise when seeing advisers is to not rush into anything, and make sure you fully understand all the fees with any investment, and all the risks - eg entry fees, ongoing fees and any exit fees, and possible losses.

But safest bet is word of mouth from someone you trust, who has recommended an adviser they have worked with, most likely in your own county.

Good Luck

[Maggot Boy]

Sorry too late at night - should read, my advice, not advise.