• full handling of letters of credit transactions;
• developing trade finance documentation;
• handling and generating general trade correspondence;
• invoicing;
• full or partial banking services;
• trade negotiations;
• arranging for the notarization or other legalization of trade documents and related supporting material;
• payment and collection handling;
• order processing and handling;
• liaison with suppliers;
• the provision of freight services;
• coordination with and management of shipping companies;

The economy of Hong Kong is often regarded as one of the best examples of free enterprise because of its low taxes, free flow of foreign exchange, skillful labour force, well-developed financial system and entrepreneurial environment.

Hong Kong's situation in South East Asia provides a geographical and time advantage. Therefore, communications, control and supervision with other countries in South East Asia region are both convenient and efficient. Furthermore, where trade in goods between two countries is regulated or prohibited, such trade may be possible via a third country such as Hong Kong. For example: trade between Mainland China and Taiwan.

Hong Kong's rate of profits tax is one of the lowest in Asia. Therefore, the use of Hong Kong as the Far East administrative/operational centre for L/C transactions and banking would allow a significant percentage of profit from a transaction to be retained in Hong Kong free of any Hong Kong profits tax, or if the profit so derived is subject to tax at the current rate of 17.5% which may result in a tax saving over profits paid in many other countries. The question of taxation will be decided upon whether the source of profits from the transaction is "onshore" or "offshore" in accordance to the general principles of Hong Kong source of profits.

L/C SERVICE

1. NACS, Hong Kong can assist in setting up an appropriate structure to facilitate the proposed trading activities by means of Letter of Credit.
2. NACS, Hong Kong can assist clients to set up meetings with bankers to negotiate and obtain the required Import/Export or banking facilities.
3. NACS, Hong Kong has maintained a good relationship with the import/export bills section of the leading commercial banks in Hong Kong.
4. NACS, Hong Kong can advise the client and their customers of standard L/C format and attend to the following matters upon client's instruction.

Inward L/C

1. Receive advice from L/C issuer that L/C has been issued and follow up with the advising bank; b. Upon receipt, ensure all terms and conditions of L/C are acceptable for a transfer or back-to-back L/C;
2. Advise the L/C issuer to amend L/C if that is required;
3. Follow up the receipt of amendments and arrange the transfer of L/C;
4. Advise the supplier and our client that L/C has been transferred or opened, giving name and address of advising bank, date of transfers, transfer L/C reference number, amount of L/C and expiry date;
5. Wait for shipment by supplier

Negotiation of L/C

1. Await advice from the supplier that shipment has been effected;
2. Liaise with bank to receive incoming documents from supplier/shipper;
3. Prepare negotiation documents for submission to bank;
4. Amend any discrepancies in documents (if any);
5. Advise the buyer/client about shipment;
6. Ensure documents required by buyer/client are sent to them in order to facilitate release of goods; (e.g. invoice, Bills of Lading);
7. Submit all required documents to bank for negotiation and then follow up on payment of L/C
8. Notify client of the receipt of funds from L/C negotiation

L/C SERVICES FEES

NACS, Hong Kong quotes L/C fees only after a full discussion with client and has information such as projected annual L/C volume, number of shipments per month, the mark-up margin ... etc. NACS, Hong Kong's L/C fees are a minimum of USD500.00 per shipment. Our fee is subject to review after receiving further information and discussion with you. These fees are then reviewed every six months and adjustments made when necessary.

In both cases, our fee for handling letters of credit will cover the following:-

1. Receipt of Master L/C from the bank;
2. Review of the terms of Master L/C to ascertain all agreed terms and conditions are specified;
3. Preparing the application for opening of transferable or back-to-back L/C;
4. Attending to amendments to L/C;
5. Preparing all negotiation documents including invoices, packing lists, custom forms (if required);
6. Submission of negotiation documents to bank;
7. Liaison with the bank for payment of L/C; and
8. Communication between client in respect of the above

NACS, Hong Kong charges on a time sheet basis at approximately USD70.00 per hour for setting up meeting with banks for any bank facilities which the client may like us to arrange, dealing with the shipping company and other additional services which are of a time consuming nature and which are outside the normal course of work.

All disbursement including telephone, mail, courier are charged to the client.

OTHER SERVICES

1. Company Management

• NACS, Hong Kong will provide the services of registered office, corporate secretarial services, nominee directors and shareholders. The nominee shareholders will hold the shares in Trust for the beneficial owner or an offshore trust holding the interests of the beneficial owners.

2. Banking Services

• NACS, Hong Kong will attend to maintenance and updating of all banking matters, including the opening bank accounts, acting as bank signatories and will carry out all banking instructions of the principal.

3. Fund Management

NACS, Hong Kong will attend to:-

1. Disposal of funds according to instructions;
2. Preparation of monthly cash statements and if funds are to remain in company's account, maximize interest income by placing funds on short term deposit.