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Importance of taking Your Kid for Kid Fishing Activity and Tournament

Fishing is one of the activities that human beings do for sports and also as an economic activity. Fishing activities have always been organized as a tournament for different fishing communities where different fishermen and women show their fishing skills. This activity is even organized for kids as the skills are usually passed from generation to generation among the communities that come from the fishing region. There are several benefits of enrolling your kid for kids fishing tournament. This article discusses some of the benefits as follows.

The main benefit is that the kids will learn the skills from adults and therefore conserve the community’s tradition. There are some communities who are known for fishing since the beginning and still continue fishing to date. How is this possible with this digitalized world? This is because the adults will teach their kids the value of fishing and the kids will learn more about fishing and continue with fishing if-then parents retire and therefore conserve the community’s culture and tradition.

The second benefit of taking your kid for this fishing activity for kids is that your kid will learn the value of patience. Remember as a fisherman or woman who must be very patient until the time the bait will catch the fish; you cannot cast your fishing net in the water and say to yourself that after two hours there should be some fish caught. You should practice patience for you to catch even one fish. So when you take your kids out for this kids fishing activity, and they will see how people fishing remain focused and patient before catching even one fish, then the kid will learn how to be patient, and this will help him or her everywhere, not only in fishing.

The third merit of taking your kid for fishing is that your kid will have good body coordination. Fishing needs a lot of body coordination; if you cast the net on water, you will have to coordinate your hands and mind so that the net covers the area you want. When pulling the net after the caught, you will also have to be stable and coordinate your body properly so that you do not fall off the boat. You will have to stand on the boat and pull the net without falling, this calls for good body coordination which you will learn with time as you continue fishing. Therefore if you take your kid for more and more fishing activities, he or she will have improved body coordination.

When it comes to fishing activities, kids should also take part so that they learn the skills which they will apply when the adults have retired in fishing. That is why it is important to allow your kid to take part in fishing tournaments organized for kids. If the kid takes part in such activities, they will learn not only fishing but also some life skills and values like patience, body coordination, and so on.

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How and Why to Open a Bank Account in Hong Kong

Hong Kong today remains one of the best offshore banking jurisdictions. It offers a great combination of bank secrecy, corporate secrecy, a financially and politically stable environment, and strong banks. But perhaps most importantly, it’s a secure offshore investment haven for those who want to diversify out of sinking western currencies into booming Asian markets, and China in particular.

So how can you go about opening an offshore bank account in Hong Kong? Do you have to travel there? This article will answer these questions and give you some practical hints and tips. But first some background.

A Successful Free Market Experiment For East and West Alike

Hong Kong, in my opinion, is the only practical example in the world of a major city that has been developed from scratch and run as something of an offshore, free market experiment – first by the British, then by the Chinese.

The main Island (and later Kowloon and the New Territories, parts of the mainland) was a British colony for most of the nineteenth and twentieth centuries. During this time it grew from a fishing village and opium trading hub, into a city-state of seven million people. It became known as a free-wheeling, free market paradise for capitalists, with an economy characterized by low taxation, free trade and no government interference in business.

In 1997 the British returned sovereignty over Hong Kong to China. The former colony became one of China’s two Special Administrative Regions (SARs), the other being Macau. Many people were initially doubtful about one of the world’s capitalist bastions being run by a communist power, and at the time a lot of investors pulled out, many taking their dynamic business acumen heading to places like Singapore and Vancouver.

However, the “one country, two systems” model adopted by Beijing to coincide with free market reforms and the growth of China into an economic superpower has proven very successful. The Basic Law of Hong Kong, the equivalent of the constitution, stipulates that the SAR maintains a “high degree of autonomy” in all matters except foreign relations and defence. The SAR today operates as a major offshore finance center, discreetly oiling the wheels of commerce between East and West.

These days, rather than being put off by the Chinese influence, most international investors who are attracted to Hong Kong are coming precisely because of this Chinese connection. Hong Kong is the point of access to Chinese trade, without the legal and cultural difficulties of doing business in mainland China.

Those who do not trust their own governments are reassured by the fact that under the Basic Law, Hong Kong’s foreign relations are run from Beijing. While most offshore jurisdictions humbly submit to demands from the USA and other western countries, in the case of China, the relationship is definitely reversed. Hong Kong does have a number of Tax Information Exchange Agreements (see below) but these are sensibly policed and do not allow for fishing expeditions.

Offshore Banking in Hong Kong

The region’s population is 95 percent ethnic Chinese and 5 percent from other groups, but English is very widely spoken and is the main language in businesses like banking.

One thing I like about using Hong Kong for offshore bank accounts is the same argument I have used for Panama and Singapore: it’s a ‘real’ country with real trade going on. The Hong Kong dollar is the ninth most traded currency in the world. Compare this to doing business on a small island or other remote banking jurisdiction, where everybody knows your only reason for doing business there is offshore banking. It also means that there is no problem doing your banking in cash, if you so wish.

For now the HKD, the local dollar, still tracks very closely the US dollar, but this appears to be changing as the Chinese Yuan circulates freely in Hong Kong, both in cash and in bank deposits. We think this represents an excellent opportunity to diversify funds out of the US dollar now, gaining exposure to Chinese growth in the meantime. (Of course, you can also hold HKD in banks in other parts of the world too)

Bank accounts in Hong Kong are almost all multi-currency by default, allowing all major local and international currencies to be held under one account number and exchanged freely and instantly within the account at the click of a mouse.

There is no capital gains tax, no tax on bank interest or stock market investments, and no tax on offshore sourced income. This, combined with a welcoming attitude to non-resident clients in the banks (including US citizens by the way, who are generally unwelcome in traditional offshore banking havens like Switzerland), and strong cultural and legal respect for financial privacy, makes Hong Kong one of Asia’s best offshore banking jurisdictions.

For those who want to establish a small offshore account under reporting limits, or simply to have the bank account established in view of future business, Hong Kong is also attractive given the low minimum deposits demanded by the major banks there. The minimum bank account balance can be as low as HK$ 3,000. Of course, you can’t expect red carpet, VIP private banking at this level – but you get a perfectly good functioning bank account with all the technological trimmings.

Offshore Corporate Bank Accounts in Hong Kong – Do’s and Don’ts

Typically, offshore clients choose to open accounts using corporations, as opposed to personal accounts. This not only offers greater privacy, but also flexibility and can – depending of course on how things are structured – offer significant tax and asset protection advantages.

Accounts can easily be opened both for pure offshore companies like Panama, BVI, Nevis or Marshall Islands, or for local Hong Kong companies that are set up using nominee directors and shareholders.

When contacting local corporate service providers in Hong Kong, you’ll find that most of these corporate service providers will recommend you use a Hong Kong company to open the account. The reason they do this is that it’s simpler and more profitable for them. They can incorporate a local company at low cost, opening the bank account is smoother and faster with a local company, and they can carry on billing nominee director fees every year. But it may not be the right thing for you.

Whilst it is true that Hong Kong companies do not have to pay any tax provided they do not make any local source income, administering such a company is not so simple. For example, Hong Kong companies are required to file audited accounts every year. They must file pages and pages of documents to convince the Inland Revenue Department (HKIRD) that they don’t have any local business, and, from practical experience, the HKIRD is getting much stickier about this. Long-established companies are normally left unmolested but newly established companies can expect a lot of compliance work in their first few years. Again, this suits the Hong Kong corporate service providers who charge handsomely for such services.

Another factor to consider is Controlled Foreign Corporation (CFC) legislation in your home country. (For an explanation see Wikipedia ) Many clients choose to set up LLCs as they can be treated as passthrough entities, vastly simplifying reporting requirements in some countries like the USA. Hong Kong corporations are not LLCs and cannot be treated as passthroughs for tax purposes.

My advice – assuming you don’t intend to do any business in Hong Kong besides banking and perhaps the occasional trip to visit your money – would be to open the account in the name of a company from a foreign offshore tax haven. It’s a little more work and expense at the beginning, and the bank might ask you more questions, but it will save you a lot of money and headaches in the long term. If you want a local look and feel for your company, numerous virtual office services are available.

Hong Kong Tax Information Exchange Agreements

Contrary to what you will read on some out-of-date websites, Hong Kong has signed a number of Tax Information Exchange Agreements (TIEAs). However, the HKIRD is at pains to point out that fishing expeditions are not going to be tolerated.

The HKIRD has issued Practice Note 47, available on the internet, which usefully explains how the HKIRD seek to achieve a balance between the requirements of compliance with the OECD requirements, whilst providing checks and balances to protect the rights of businesspeople.

The HKIRD are professionals and should be well positioned to deal with TIEA requests properly and justly in accordance with the treaties and guidelines. I am confident not going to allow their ‘clients’ rights to be trampled on.

Regulation of Banks in Hong Kong

Hong Kong’s Banking Ordinance was revamped in 1986. It has since undergone several amendments to improve prudential supervision. The Hong Kong Monetary Authority (HKMA) was formed in 1993 as a one-stop financial regulator, responsible for everything from banks to stored value anonymous debit cards.

The SAR maintains a three-tier system of deposit-taking institutions, comprising licensed banks, restricted license banks, and deposit-taking companies. Only licensed banks may operate current and savings accounts, and accept deposits of any size and maturity. RLBs are only allowed to accept deposits of HK$500,000 and above, while DTCs are only permitted to accept deposits of a minimum of HK$100,000 with original maturity of not less than three months.

Both these latter categories provide an opportunity for overseas banks to conduct wholesale, investment or private banking activities in Hong Kong without having to jump through the hoops of applying for a full banking license. In addition, some foreign banks have chosen to open representative offices in Hong Kong, which are not allowed to take deposits but can assist in opening accounts at other offices within their groups.

As Hong Kong is an international financial centre, it is an explicit policy of the HKMA that the regulatory framework in Hong Kong should conform as much as possible with international standards, in particular those recommended by the Basel Committee.

Hong Kong’s five largest banks, in terms of total assets, are as follows:

– Hong Kong & Shanghai Banking Corporation (HSBC)

– Bank of China (Hong Kong)

– Hang Seng Bank Ltd

– Standard Chartered Bank

– Bank of East Asia Ltd.

A full list of updated Hong Kong banks can be found on Wikipedia.

Visiting Hong Kong to Open a Bank Account

If you are visiting Hong Kong to open your account, it can normally be opened the same day provided you have made some arrangements with a local service provider, or directly with the bank, in advance. This is assuming you use one of the major banks, that nearly everybody does. You can then simply visit the bank, sign documents and receive the bank account number immediately. This will be a full multi-currency account and you will typically receive a digital token for internet banking, a password and a debit card.

The documents required for opening offshore bank account are:

1) Formation documents (in the case of corporate accounts. Apostilles are required in the case of foreign corporate accounts – your offshore provider will know how to obtain these.)

2) Bank forms and business plan/expected activity (a corporate service provider will normally supply these as part of the service)

3) Passport copies of each director, signatory and shareholder (take special note of this requirement if you are using nominee directors – if the persons are not present, copies will have to be notarized.)

4) Proof of address (such as updated bill statement which shows up your name and address) and signed (of each director and shareholder)

A bank reference is generally required if you are dealing direct with the bank. If you go through a corporate service provider, they normally write a reference so you do not need to supply a bank reference. However, if you can obtain a bank reference it is better.

Opening an account without visiting Hong Kong

It is also perfectly possible to open accounts without visiting Hong Kong (known as ‘remote account opening’) though this process tends to take substantially longer as banks will ask a lot more questions. In this case, your bank or service provider will generally e-mail you the forms, that you will need to print out and sign.

Depending on the bank, there may well be certain special instructions about how and where to sign – for example, HSBC in Hong Kong will typically request that you have your signature witnessed in the HSBC Bank nearest to you. As with all foreign bank accounts, you should be sure to use the same signature that appears in your passport, otherwise the documents will be rejected.

In the case of remote account opening the bank will normally courier the password, debit card, and token direct to your address in your home country. Then you need to activate them via the bank’s website.

Conclusion

Hong Kong competes very favorably with Singapore, the other Asian banking jurisdiction we favor. If you have not yet diversified your offshore holdings into Asia, you should seriously consider doing so. I hope this article will be helpful in this regard.

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Just Some Important Information about Rent to Own and Owner Financing

In today’s real estate investing industry, the two terms that are being used by the people who are comprising this particular industry are owner finance and rent to own. These two terms are actually ways or methods that are recognized as both well-paid or advantageous and unconventional at the same time, and such are typically being used for the acts of investment property financing and home financing. The term owner financing can also be called as seller financing, and it is basically referring to a specific transaction that allows or enables the buyers to purchase or buy the house property in an outright manner without the undergoing a banking system; while the rent to own is actually referring to a specific transaction that is providing the buyers of the property to try or test-drive it first before deciding to completely purchase it.

For clarification purposes, the term rent to own is actually a certain type of documented transaction that is legally practiced and made for payment in a weekly or monthly basis and they have this privilege to purchase the property immediately, and some of the inclusions for this transaction include the consumer electronics, real property, home appliances, motor vehicles, and furniture. Rent to own can also be called as rent to buy and rental purchase; the owner financing, on the other hand, can also be called as seller financing and this term is also defined as an arrangement that is contractual and may vary depending on the circumstances, and some of the common contents of the arrangement include the schedule of payments, the interest rate, and the purchase price. The owner finance option is recognized as the easiest to understand financing option in the real estate industry and it means that the buyer will be the formal owner of the property while he or she is still making payments on it; while the rent to own option is giving the buyer a chance at new real estate markets.

The individual who wants to try their fate and luck in the industry of real estate investing should first familiarize themselves about these two options and erase or delete the option of using the traditional mortgages. Some of the common similarities between the rent to own and owner finance include the fact that it is letting the buyers own the residential property regardless of their credit status, they are also the best option in real estate or home financing, and lastly, the two financing options can also help the buyers to secure their financial standing in the future.

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Smart Tips For Choosing The Best Auto Insurance Cover

Your vehicle is one of your most prized possessions and you need to ensure that it is well protected. One of the best ways of doing this is buying the proper auto insurance coverage. The market is populated with a lot of insurance agencies which makes it hard for you to make your choice easily. On the other hand, different products are all over which means that you should exercise due diligence before you make your final purchasing decision. The aim of this blog is to guide you accordingly in that direction so that you will be satisfied with your choice.

You must make sure that you are buying your auto insurance policy from the agency that has been operating the business for a long duration. This is because you can trust that they have a lot of experience and competence that will enable them to offer you the best service delivery. On the other hand, it is in order to visit the internet for the purpose of accessing the useful resources that will help you pick the best service provider. Look at what the clients that have engaged the auto insurance agency in the past are saying.

One of the aspects that will guide you in making a suitable choice for the auto insurance agency is the cost. You must ensure that you are financially able to pay the premiums that are quoted. It is a good business decision to compare the rates that are offered by different insurance providers for the purpose of getting the most competitive ones. You must, however, ensure that you are getting the coverage that is sufficient and your money’s worth. This means that you should base your eventual choice on cost only as that may cause you to get shortchanged on value.

When you are searching for the right auto insurance agency, it is essential to confirm that they are representing providers that have a strong financial base. The importance of this is that you will have the guarantee that your claims will be processed and settled as fast as possible. For this reason, you must endeavor to seek to know the financial ratings of the insurer from the online sites that are dedicated to providing those statuses.

You must make sure that you are going for the auto insurance agency that holds the necessary licensure and registration that gives them the authority to offer services in your area. If the service provider is a member of the regulatory bodies in the market, you are on the right path. This way, you will be in a position to find out if the agent has been accused of engaging in unprofessional and unethical behaviors. As well go for the company that is well-rated in the better business bureau and one that has a good image in the business.

Look for the auto insurance agency that is based in the area where you are residing. The importance of this is that you are going to rest assured that the services that you will receive will be fast and efficient. On the other hand, this will be cost-effective.

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