Latham & Watkins has assisted Asia Community Ventures (“ACV”), on a pro bono basis, in its incorporation and registration as a company limited by guarantee with the Companies Registry and its successful application for charity status under Section 88 of the Inland Revenue Ordinance (Cap. 112) (the “Ordinance”). ACV is an independent, Hong Kong-based not-for-profit organization supporting impact investing and social entrepreneurship in Hong Kong and Asia. Among its activities, ACV, working in partnership with The Rockefeller Foundation, has launched the “Impact Economy Innovations Fund” offering unconditional grants of up to a total of $400,000 to fund intermediaries that promote the growth of impact investing and social enterprise work in Asia.
In Hong Kong, only non-profit organizations that qualify as charities under Section 88 of the Ordinance are entitled to tax-exemption status and certain other exemptions, including exemption from stamp duty and business registration fees. Private monetary donations made to Section 88 charities are tax deductible.
In March, ACV hosted its official launch party in Latham’s Hong Kong office. The event attracted close to 200 people from various institutions not only in Hong Kong, but also Asia and elsewhere and included representatives from both the public and private sector, including private family offices, foundations, government-related entities, charities, companies, financial institutions and professional firms.
Partner David Miles, who led the Latham team working with ACV on the submission, commented: “We are proud to be associated with ACV and to have helped them on their journey so far. Their objectives are very important for the growth of impact investing and social entrepreneurship in Hong Kong and the Asian region. In Ming Wong and Philo Alto, ACV has two leaders who are both inspirational and credible. They are true pioneers in applying new thinking to the issues that need to be addressed. Our work with them and with ACV has led to us helping a number of other organizations in this sector.”
The Latham team comprised David Miles, Wally Suphap and Sandra Lai in the firm’s Hong Kong office.
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