U.S. Broker Registration - NEW

D

Introduction to U.S. Markets

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.

C

CRS Services

​Summit Financial Services Ltd

FATCA, QI and U.S. Tax Services

B

A

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

Registration as a Securities Broker/Dealer in the United States:


To establish a direct market presence in the United States, some foreign financial institutions decided to register as licensed broker/dealers directly in the U.S. Many Hong Kong brokers already went through this process and now enjoy the benefits of operating on the U.S. capital markets from their offices in the financial centers, such as New York, San Francisco, Los Angeles, and Chicago.


Summit can assist you in the process of registration as a U.S. broker/dealer. We work with the best securities law firms on Wall Street and guide you through the entire process from the development of the initial business plan, all the way to registration with FINRA, OCC, DTCC and other regulatory bodies. Our experienced team of Wall Street professionals will make the registration process easy and straightforward. We will help you with setting up your business in the U.S., finding personnel and starting operations at a very affordable price.

Call now: +852 5597 0610

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