Governing Law and Applicable Business Regulation

Introduction and background

T3 Private Jets Asia Limited (T3PJA) is a Hong Kong Special Administrative Region (“HKSAR”) incorporated private limited company.
The legal name is T3 Private Jets Asia Limited. It was incorporated in July 2013. Under the “One Country Two System” policy of Peoples
Republic of China, HKSAR incorporated company is solely subject to the law of HKSAR, i.e. Chapter 32 Hong Kong Company Ordinance.
The company’s business nature is the provision of business aviation related services, which includes but is not limited to business jet
charter brokerage, aircraft management, maintenance, aircraft pre- delivery services as well as  aviation sales, consultancy and advisory
services.  As a Hong Kong based aviation company, T3PJA  abides by the rules of Hong Kong Civil Aviation Ordinance.

Brief Description of Hong Kong Company Ordinance and General Taxation
The Chapter 32 Hong Kong Company Ordinance permits the formation of a company by one or more persons. Any Hong Kong resident
(natural or legal) can at the same time be a shareholder, a director and also a secretary. If the secretary is an individual person, there are
no restrictions on his nationality but he must reside in Hong Kong. There are no restrictions on the nationality and domicile of the
shareholders and directors. The executive body of a company is its board of directors, responsible for the daily running of the company
and implementing the decisions in the annual general meeting (AGM). The AGM is the highest body of a company. It must be held at
least once a year and must not be held more than 18 months since the last AGM.  There is no upper limit of the capital of limited
companies, but it must not less than 1 Hong Kong dollar.  The direct taxes of the government are profits tax, salaries tax and property
tax. Hong Kong operates a territorial basis of taxation under which only profits or incomes arising in Hong Kong are taxable. The current
corporate profits tax rate is 17.5%. There is no tax on capital gains.

Salaries tax is imposed on income arising in Hong Kong from any office or employment. Tax payable is calculated on a sliding scale that
progresses from 2% – 20%.  Property tax rate on 16% on rentals received less an allowance of 20% for repairs and maintenance.
Corporations that pay profits tax on their rental income are exempt from property tax.

For more details, you may lick the following links :

Aviation Related Ordinance Applicable to T3PJA  
The Director-General of Civil Aviation will take into consideration of the applicant’s previous conduct and experience, his equipment,
organization, staffing, maintenance and other arrangements, but no restrictions on the nationality of the shareholder(s) of the applicant.

Applicable Governing Law  
•  CAP448 Air Navigation (Hong Kong) Order

Guidance Material / CAD Publication  
•  CAD360 Air Operator’s Certificate Requirements
•  CAD371 (2nd Edition) The Avoidance of Fatigue in Aircrews
•  HKAR-145 Approved Maintenance Organization

You may find the following links useful:- E3/$FILE/CAP_448D_e_b5.pdf