​Summit Financial Services Ltd

Trading Technology

B

FATCA, QI and U.S. Tax Services

CRS Services include:

* Hong Kong brokers are now required to report to OECD foreign accounts starting 2018
* Registration with OECD and filing process preparation
* Account analysis, reporting requirements, client grouping evaluation, compliance assessment, operational setup and basic personnel training
* Electronic filing into CRS system and follow ups, including correspondence, amendments, account set up modifications, etc.
* On-site, telephone and email support

D

C

Introduction to U.S. Markets

FATCA related services include:

* Account analysis, reporting requirements, client grouping evaluation, compliance assessment, operational setup and basic personnel training
* Client data analysis, reporting preparation, electronic filing of Form 8966 and follow ups, including correspondence, amendments, account set up modifications, etc.
* On-site, telephone and email support


U.S. Tax related services include:

* U.S. asset trading and position holding analysis, internal books and records review, compliance analysis, basic personnel training
* Form 1042-S reporting, electronic filing, amendments, correspondence with tax authorities and related activities
* Form 1042 preparation, reporting, electronic filing and follow-ups
* Analysis of American client accounts, reporting requirement review, U.S. custodians consultations, exemption reporting handling and internal processing recommendations
* Form 1099 preparation, reporting, electronic filing and follow-ups
* On-site, telephone and email support

Qualified Intermediary (QI) services include:

* Analysis of QI requirement, compliance review, business impact analysis including U.S. custodian account assessment, withholding statement preparation and review
* QI application process, internal procedure setup to operate as a QI, basic personnel training
* Data preparation, reporting and electronic filing of pooled Form 1042-S and Form 1042, including follow-ups and correspondence

* On-site, telephone and email support

Business Introduction to U.S. Brokers and Custodians


Summit's consultants are very familiar with operations, processing and business structure of many U.S. based broker-dealers, clearing firms and custodians. Summit can make introductions to U.S. entities who are uniquely qualified to provide trade execution, clearing and custodial services to Hong Kong brokers. 


Not every broker is the same and it is very important to choose U.S. business partners who are familiar with business needs of Hong Kong financial community, their customs and specific operational structure. It is also important for the Hong Kong broker to choose a U.S. partner who understands U.S. tax regulations, as they relate to Hong Kong. U.S. broker must understand FATCA laws and its related reporting and filing systems and processes. Summit will find a well-qualified U.S. broker and custodian who understands Hong Kong and its business needs.

Call now: +852 5597 0610

A

CRS Services - NEW

Introduction to Trading Technology:


Because of the high level of diversity and complexity of trading technology available these days, it is sometimes hard to assess the technological and operational merits of a given trading or trade processing system. For over 20 years Summit consultants have represented and been working with numerous trading technology computer systems. When Hong Kong brokers need to evaluate or find a specific trading platform or books and records system, Summit may be a perfect partner for the task. 


Summit can recommend state-of-the-art books-and-records processing systems or on-line trading platforms that are uniquely suitable for Hong Kong brokers who look for advanced technology operating in multi-currency, multi-market and multi-asset environment. We will make necessary technology introductions to help Hong Kong brokers find the most suitable trading technology partner in the U.S.