1. Summary and scope of services
The purpose of this letter of engagement is to provide you with information about the Monx Team team which will be responsible for your Services, to specify the scope of Services you have requested, to set out our fees for the provision of such Services and the terms governing our relationship.
2. Working with you
2.1 Your dedicated client service team
We have dedicated service lines within our business, ensuring your Services are delivered by a team whose skills match your needs.
The focus of the team will be to provide you with a responsive and well managed service, with a commitment to the highest standards of governance and risk management, ensuring integrity and substance of management and control.
The composition of the team may change and other staff within our office with relevant experience may be allocated to you for the purposes of providing our services in an efficient and timely manner.
2.2 Client due diligence
Hong Kong is a well regulated and respected jurisdiction. This regulation provides our clients with protection and peace of mind. As part of our client due diligence ( CDD ) requirements we will request certain information and documentation from you, before we can provide our services to you and during our relationship with you in order to comply with our on-going CDD procedures.
3. Request services and fee proposal
3.1 Services and fee proposal
When selecting a service provider we understand that fees often form a key part of your decision making process.
To establish and maintain strong client relationships it is essential to be transparent. We would be very happy to discuss our fee proposal in more detail so that we can ensure that it is in line with your expectations and underpins service delivery that will provide you with value for money.
Scope of work
Please refer to the quote document for the scope of work
General Notes to Fees
Payment terms: The payment is due before the provision of the services unless otherwise stated in the document for the scope of work.
To discontinue the annually recurring services, you must complete the minimum service term of 12 months and submit a written notice at least 60 days before the service termination date.
We shall charge an annual lump sum fee in respect of courier charges, local transportation costs, telephone charges and sundry expenses at an amount equal to 3% of the total value of our fees. Kindly note that official fees, duties and expenses payable on behalf of the client and duly supported by evidence will not be included in such lump sum fee and shall be charged separately at cost.
Any time which may be incurred before, at or after the date of our engagement by complying with and/or the introduction or variation of any law, regulation, requirement or official directive (whether or not having the force of law) of any government or other competent authority or any change in the interpretation or application thereof which has, in our opinion, the effect of increasing the cost of the services to be provided, then we reserve the right to require you to pay to it such additional amount as, in our absolute discretion, shall be required to compensate us for such increased cost.
4. Summary of Data Processing
4.1 Subject matter of data processing
We will process Personal Data in the performance of the Services for which we are engaged pursuant to this letter of engagement and any subsequent agreed Services.
4.2 Duration of processing
The processing shall continue until the later of:
the termination of our Services in accordance with our Terms of Business and any notice period or transition period prescribed therein having expired; and Monx Team no longer being subject to an applicable legal or regulatory requirement to continue to store the Personal Data.
4.3 Nature of purpose of processing
The processing is being conducted in order to facilitate the performance of the Services documented in this letter of engagement and any subsequent agreed Services.
4.4 Types of personal data
We may process the following types of personal data:
personal identification information (which may include names (and proof of name change), digitised images (photograph) passport/driving licences, dates of birth, signatures and politically exposed person (PEP) status);
contact information (which may include residential and corporate postal addresses, email addresses, landline, mobile and fax telephone numbers);
family information (which may include marital status and identity of spouse and dependents);
professional and employment information (including details of present and past employment, level of education, professional qualifications, directorships and any other offices held);
financial information (which may include sources of wealth, shareholdings, assets and beneficial interest in assets, bank details, credit history and tax information);
contractual details (which may include regulatory status).
In addition to the above any other Personal Data reasonably required to facilitate the performance of our Services and/or to discharge our legal and regulatory requirements.
4.5 Categories of data subject
We will process personal data on the following categories of data subjects: you as our Client, and any other legal and/or beneficial owners, shareholders, directors, company secretaries, directors and officers of any subsidiary or affiliate company, third party trustees, protectors, enforcers, beneficiaries, executors, your dependents and heirs, legal/tax/accountancy/other professional advisers, representatives engaged by the foregoing, suppliers or such other category of data subject as required to facilitate the performance of the Services and/or to discharge our legal and regulatory requirements.
4.6 Obligations and rights of client (as data controller)
These are set out in our Terms of Business and this letter of engagement.
This letter of engagement (together with our Terms of Business, any further terms and conditions agreed in writing relation to the services to which this document relates and any information we provide to you on fees and charges) set out the basis of our engagement by you (together, the Agreement).
5.2 Our responsibility
Subject to being provided with satisfactory CDD and such other relevant information as we may require, we have agreed to act for you in the provision of the services outlined above under Section 3 (Requested services and fee proposal).
Unless expressly agreed in writing to the contrary, our duties and responsibilities will be limited to those matters. If we are required to provide additional services we will agree with you the scope of such services and the fees relating to such services and this will be set out in writing and form part of our Agreement with you.
5.3 Your responsibility
Cap. 615 of the Anti-Money Laundering and Counter-Terrorist Financing Ordinance imposes obligations on businesses in Hong Kong to establish and maintain policies and procedures to guard against money laundering and to combat the financing of terrorism.
By engaging us to provide you with our services you agree to provide us with CDD, including but not limited to the source of wealth/funds required by us to enable us to comply with our legal and regulatory obligations.
Our fees for the provision of the stated services are detailed under Section 3 above. All our fees are subject to an annual review and consequently we reserve the right to revise our fees at any time in line with changes to Hong Kong’s consumer price index and other commercial factors entirely at our discretion.
Terms & Conditions
Payment terms: At the sight
Disbursements duly incurred in the performance of the services such as, but not limited to, courier charges, transportation costs, official fees, duties and sundry expenses are not included in this quotation and we shall charge such expenses (if any) in addition to the quoted fee at cost.
Monx Team and its subsidiaries are a strategic advisory group of companies specialized in providing assistance in Hong Kong, China, Thailand and Singapore. We are not qualified to provide tax advice in connection with your compliance with the applicable laws and regulations in the jurisdiction(s) where you or your controlling shareholders have fiscal residence or tax liability.
By signing this letter, you represent and warrant that:
1. you have been and are currently in compliance with all laws on taxation, anti-bribery and anti-money laundering applicable to you and your activities;
2. you will remain compliant with all taxation, anti-bribery and anti-money laundering laws applicable to you and your activities during the term of our provision of services to you; and
3. you are not aware of any incidents or events that may give rise to or result in liability for any breach of any relevant taxation, anti-bribery and anti- money laundering laws.
You hereby agree and warrant that you shall give written notice to Monx Team as soon as practicable once you have knowledge or ought reasonably to have knowledge that you may have breached any of the taxation, anti-bribery and anti-money laundering law applicable to you or your activities.
Monx Team may, at its sole and absolute discretion, suspend provision of all services and terminate the engagement under this letter immediately without notice if it has reason to believe that you may have breached any taxation, anti-bribery and anti-money laundering laws applicable to you or your activities.
By accepting this quotation you discharge and release us from any tax liability or claim that might arise in the jurisdiction(s) where you or your controlling shareholders have fiscal residence in connection with your project in Hong Kong, China, Thailand or Singapore and/or the scope of this quotation.
Please note that we are not a law firm, therefore we are not qualified to render legal opinions in respect of the local laws and regulations or advise thereon. In view of this, our engagement will, insofar as the local laws and regulations are concerned, necessarily be based on our own research, experience and the advice of a correspondent law firm.
For other services not listed in the present quotation which might be required from time to time, Monx Tea, will either provide a separate quotation or charge for the services rendered at our standard hourly rates applicable at the time the services are rendered.
We strive to provide consultancy and professional services with the highest degree of punctuality and precision. Shall you have any questions, please do not hesitate to contact us.