Fiduciary Services

Almost all countries and regions are facing rapid developments and changes in economic, political, and social aspects. As a high-net-worth individual and successful entrepreneur, Windward's trust and wealth management services are dedicated to providing you and your business with comprehensive, one-stop consulting services.

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Fund Formation & Structuring

Open-End Fund Company (OFC Fund)
Hong Kong Limited Partnership Fund (HKLPF)
Cayman Fund

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Hong Kong Trust Opening and Services

Personal Trust
Family Trust
Will Trust
Insurance Trust
Charitable Trusts
Real estate trust

Fund Establishment & Structuring

基金開立

Setting up an investment fund can offer significant tax optimization advantages, and our expert team specializes in analyzing each client’s unique situation to recommend the most suitable fund structure.

At Windward, we provide comprehensive support through the following services:

Fund Structuring & Establishment Advisory
Thorough Review of Fund Documents, including Private Placement Memorandums (PPM), Subscription Agreements, Redemption Forms, and Articles of Association
Facilitating Investor Communication & AML Compliance
Conducting In-Depth Due Diligence
Consulting with Registered Offices & Coordinating with Local Legal Advisors
Liaising with Regulatory Authorities for Licensing Applications
Supporting the Appointment of Non-Executive Directors
Managing the Fund Setup Process, including coordination with legal, audit, and banking partners
Assisting with Bank Account Opening

This end-to-end service offering empowers investors to confidently navigate the complexities of fund management while optimizing their tax position.

Open-ended Fund Company
(OFC fund)

Hong Kong Limited Partnership Funds (HKLPF)

Cayman Fund

Windward provides below services

Open-ended Fund Company
(OFC Fund)

Hong Kong’s fund market is highly dynamic, with over 2,000 publicly offered funds covering both local and international investment options. Traditionally, due to restrictions under the Companies Ordinance on share capital and capital distribution, funds in Hong Kong were primarily structured as unit trusts. However, in 2018, the introduction of the Open-Ended Fund Company (OFC) structure under the Securities and Futures Ordinance (SFO) provided an alternative corporate fund vehicle to the unit trust model.

The OFC framework allows funds to operate as legal entities, with assets held by a custodian and managed by a licensed investment manager. Additionally, OFCs can establish multiple sub-funds under a Protected Cell Regime, ensuring asset and liability segregation to reduce cross-liability risks.

Key Advantages of the OFC Structure

Cost Efficiency – More economical compared to traditional offshore jurisdictions.
Global Distribution Appeal – A corporate structure familiar to international investors, enhancing global fund distribution.
Flexible Fund Options – Suitable for various fund types, including public and private funds, hedge funds, private equity funds, and both listed and unlisted funds.
Streamlined Administration – No mandatory annual reporting or shareholder meetings, with only basic regulatory compliance requirements.
Government Subsidy – Newly established or re-domiciled OFCs may receive up to HKD 1 million in government subsidies.
Profits Tax Exemption – OFCs benefit from profits tax exemptions for qualifying transactions.
Protected Cell Regime – Enables independent sub-fund operations, ensuring asset and liability segregation, minimizing cross-risk exposure.

These benefits make OFCs an attractive and flexible choice for fund managers and investors.

HOW WINDWARD CAN ASSIST

At Windward, we specialize in OFC establishment and management, providing comprehensive expertise and regulatory support. Our team is well-versed in compliance requirements and financial industry operations, guiding clients through regulatory complexities to ensure full compliance with legal frameworks.

Our tailored OFC services cover:

Regulatory Compliance
Investor Relations
Operational Strategy Development

By deeply understanding each client’s unique challenges and goals, Windward builds long-term client relationships and has successfully supported numerous OFCs in navigating regulatory landscapes and achieving operational success in Hong Kong’s dynamic fund market.

Hong Kong Limited Partnership Funds (HKLPF)

On August 31, 2020, the Hong Kong Government implemented the Limited Partnership Fund Ordinance (Cap. 637), introducing a modernized private fund framework that replaces the outdated Limited Partnerships Ordinance (Cap. 37). The HKLPF structure enhances investment management efficiency and strengthens investor protection, making it a preferred choice for private fund establishment in Hong Kong.

Key Features of Hong Kong Limited Partnership Funds (HKLPF)

Non-Legal Entity – HKLPFs do not have a separate legal personality, providing unique operational flexibility.
Enhanced Contractual Freedom – Greater flexibility in structuring agreements among partners.
No Minimum Capital Requirement – No mandatory initial capital is required for fund establishment.
No Statutory Investment Restrictions – Funds can invest freely without regulatory limitations.

Advantages of the HKLPF Structure

Ideal for Private Funds – Well-suited for establishing private investment funds in Hong Kong’s dynamic financial market.
Regional Capital Infusion – Particularly beneficial for Greater Bay Area businesses, promoting economic growth.
Cost-Effective – Fixed registration fees make HKLPF significantly more cost-efficient compared to offshore jurisdictions.

General Requirements of an HKLPF

Fund Definition Compliance – The fund must meet the “fund” definition under Section 3 of the ordinance.
Limited Partnership Agreement (LPA) – Every HKLPF must operate under an LPA.
General Partner (GP) – At least one GP is required, who bears unlimited liability for the fund’s debts.
Limited Partner (LP) – At least one LP is required, whose liability is limited to their investment.
Local Office – The HKLPF must maintain an office in Hong Kong for effective communication and compliance.

Key Entities in an HKLPF

Investment Manager
Auditor
Responsible Person
Authorized Representative (if applicable)

HKLPF Registration Process

Application Submission – GP and LP submit an application to the Companies Registry.1️⃣
Form Completion – The Limited Partnership Fund Registration form is completed, along with a HKD 3,034 filing fee.
Document Submission – All required documents and fees must be submitted by a Hong Kong-registered law firm or a practicing solicitor.

HOW WINDWARD CAN ASSIST

Before setting up an LPF, Windward conducts a comprehensive evaluation of the client’s background and investment needs to provide tailored recommendations. Upon finalizing the fund structure, we facilitate the registration process, ensuring smooth business expansion and operational success.

Our HKLPF Setup Support Includes:

End-to-end assistance in fund establishment.
Reviewing fund documents, agreements, and structuring procedures.
Coordinating with relevant authorities for required applications.
Supporting license applications for fund establishment.
Ensuring full compliance with all applicable laws and regulations.

Ongoing Support for Established HKLPFs

Administrative management assistance for the LPF.
Regulatory compliance monitoring.
Fund secretarial services.
Accounting and financial support.
Fund cash flow monitoring & performance reviews.

Cayman Fund

Thanks to its highly favorable tax environment, Cayman Islands funds have become a preferred investment vehicle globally, including in Hong Kong. Investors benefit from a stable economic and political climate, along with the structural flexibility that Cayman funds offer. Today, the Cayman Islands is recognized as one of the leading offshore jurisdictions for international investment funds and capital flows.

Key Features of Cayman Funds:

Tax advantages– No direct taxation on capital gains, income, or profits.
Ease of capital flow– Minimal foreign exchange controls.
Flexible tax system– Simple and transparent tax processes.
Diverse Fund Structures:
- Registered Funds
- Licensed Mutual Funds
- Administered Funds
Simplified Compliance Requirements – Fewer audit restrictions and no mandatory reporting.
Stable Regulatory Framework – Straightforward compliance with Hong Kong Stock Exchange regulations.
High Confidentiality – Robust data protection for fund operations, management, and asset details.

WHY CHOOSE WINDWARD?

Strong Partnerships – Windward has established solid collaborations with CIMA-approved audit firms, ensuring seamless Cayman fund setup and full professional support throughout the process.
Comprehensive One-Stop Service – Our integrated audit solutions enable clients to manage all their Cayman fund investment needs under one roof.
Extensive Expertise – Since 2017, Windward has audited over 80 Cayman Islands investment funds, supporting total client assets exceeding USD 1 billion.
Broad Investment Knowledge – Our expertise covers various investment vehicles, including:
- Listed instruments
- Private equity
- Funds of funds
- Cryptocurrency platforms
- Debt instruments
Experienced Team – Our professionals bring over 10 years of Big Four accounting experience, offering customized solutions beyond traditional international institutions.

HOW WINDWARD CAN ASSIST

Windward, in collaboration with CIMA-approved audit firms, provides in-depth Cayman fund investment advisory services. Our deep understanding of offshore jurisdictions enables clients to confidently navigate market dynamics and maximize investment success.

Fund Setup & Structuring – Assistance at every stage of Cayman fund formation.
Regulatory Compliance & Documentation Review – Ensuring fund documents meet regulatory standards.
Fund Administration – Comprehensive fund management support.
Restructuring & Liquidation – Guidance on fund reorganization or dissolution.

With our expert services, clients receive timely professional support at every stage of their Cayman fund investment journey.

HONG KONG TRUST SETUP

信託

While different types of trusts serve distinct purposes, all trusts share two fundamental functions:

Tax & Cost Efficiency
By transferring asset ownership to a trustee entity, you can legally reduce significant tax liabilities (such as estate tax) and minimize expenses (such as property rates and duties).
Asset Protection
Since asset ownership is transferred to the trustee, any personal liabilities, life events, or financial risks will not affect the safety of the trust assets, ensuring long-term asset security.

These core benefits of a trust structure not only allow for effective wealth management but also provide long-term financial security for your assets.

Personal Trust

A personal trust is established to help individuals manage their assets effectively.

📌 Key Features:

You remain the beneficiary and enjoy all benefits generated from the trust assets.
Asset distribution flexibility – You may allocate all or part of the trust assets and their profits to designated beneficiaries.

Family Trust

A family trust allows a trust company to manage and preserve family wealth according to a trust deed, ensuring asset protection and inheritance planning.

📌 Key Features:

Prevents inheritance disputes, preserving family harmony.
Protects family members from risks such as divorce or bankruptcy.
Optimizes asset allocation for wealth preservation and growth.
Ensures stable ownership of family business shares for generational continuity.

Will Trust

A will trust is created through a legal will, detailing the management, distribution, and transfer of assets after the testator's passing. Once the will takes effect, trust assets are transferred to the trustee, who administers them as per the testator’s instructions.

📌 Key Benefits:

Ensures smooth inheritance while maintaining flexibility.
protects beneficiary's inheritance from mismanagement by guardians.
Prevents beneficiaries from recklessly spending their inherited wealth.

Insurance Trust

An insurance trust is established to manage and distribute insurance proceeds according to a trust agreement.

📌 Key Benefits:

Ensures proper management and distribution of insurance payouts when the policy matures or claims arise.
Provides structured asset management for beneficiaries.
Facilitates seamless inheritance of insurance proceeds.
Protects insurance beneficiaries from financial risks.
Resolves cross-border insurance payment issues.
Maximizes insurance benefits through flexible wealth planning.
Professional policy asset management to ensure wealth preservation and growth.

Charitable Trusts

A charitable trust is created to fund and manage charitable activities in accordance with a trust agreement.

📌 Key Benefits:

Enhances personal, corporate, and family reputation through long-term charitable contributions.
Strengthens family unity by encouraging multiple generations to collaborate on philanthropy.
Preserves family values and social influence, contributing to sustainable family business growth.

Real Estate trust

A real estate trust allows a trustee to manage real estate assets according to a trust agreement, ensuring long-term protection and structured property management.

📌 Key Benefits:

Separates ownership and usage rights, making real estate an independent asset protected from forced enforcement by third parties.
Facilitates seamless international property transactions, allowing trustees to buy, sell, or reinvest overseas real estate.
Ensures professional property management, covering leasing, sales, and development.
Guarantees smooth property inheritance, avoiding inheritance disputes and ensuring wealth preservation.

Fiduciary Services

Fund Establishment & Structuring

Windward provides below services

Open-ended Fund Company (OFC Fund)

Key Advantages of the OFC Structure

HOW WINDWARD CAN ASSIST

Hong Kong Limited Partnership Funds (HKLPF)

General Requirements of an HKLPF

Key Entities in an HKLPF

HKLPF Registration Process

HOW WINDWARD CAN ASSIST

Before setting up an LPF, Windward conducts a comprehensive evaluation of the client’s background and investment needs to provide tailored recommendations. Upon finalizing the fund structure, we facilitate the registration process, ensuring smooth business expansion and operational success.

Our HKLPF Setup Support Includes:

Ongoing Support for Established HKLPFs

Cayman Fund

HONG KONG TRUST SETUP

Tax & Cost Efficiency By transferring asset ownership to a trustee entity, you can legally reduce significant tax liabilities (such as estate tax) and minimize expenses (such as property rates and duties).

Asset Protection Since asset ownership is transferred to the trustee, any personal liabilities, life events, or financial risks will not affect the safety of the trust assets, ensuring long-term asset security.

These core benefits of a trust structure not only allow for effective wealth management but also provide long-term financial security for your assets.

Open-ended Fund Company
(OFC Fund)

Tax & Cost Efficiency
By transferring asset ownership to a trustee entity, you can legally reduce significant tax liabilities (such as estate tax) and minimize expenses (such as property rates and duties).

Asset Protection
Since asset ownership is transferred to the trustee, any personal liabilities, life events, or financial risks will not affect the safety of the trust assets, ensuring long-term asset security.