{"id":3599,"date":"2024-11-30T21:06:56","date_gmt":"2024-11-30T21:06:56","guid":{"rendered":"https:\/\/www.dragonboat.sport\/?p=3599"},"modified":"2024-12-01T13:13:11","modified_gmt":"2024-12-01T13:13:11","slug":"resolution-on-the-incorporation-of-the-idbf-in-hong-kong","status":"publish","type":"post","link":"https:\/\/www.dragonboat.sport\/news\/resolution-on-the-incorporation-of-the-idbf-in-hong-kong\/","title":{"rendered":"Resolution on the Incorporation of the IDBF in Hong Kong"},"content":{"rendered":"<p>NEWS RELEASE (#2024-08)<\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center;\"><strong>Resolution on the Incorporation of the IDBF in Hong Kong<br \/>\nApproved by the IDBF Executive Committee and Council<br \/>\nTo Be Submitted to the IDBF Congress<\/strong><\/p>\n<p><strong>Summary<\/strong><\/p>\n<p>The IDBF Executive Committee and Council are proposing the incorporation of the federation in Hong Kong by 2026. To move this forward, the recommendation will be presented for approval at an Extraordinary Congress, which is most likely to be held in the spring of next year, between the end of March and mid-May.<\/p>\n<p>This initiative reflects IDBF\u2019s roots and aligns with its strategic vision for the future. Hong Kong, as the birthplace of dragon boat racing as an international sport, represents a symbolic and operational hub for fostering the sport\u2019s global development. This move promises to mark a historic moment for the IDBF and its members.<\/p>\n<hr \/>\n<p><strong>Preamble<\/strong><\/p>\n<p>The experience of incorporating the IDBF in the UK has highlighted significant challenges with limited tangible benefits. The complexity and cost of maintaining a UK-based corporation, coupled with unresolved issues such as the IDBF\u2019s multiple legal statuses (Limited, unincorporated, and a &#8220;stichting company&#8221; for the bank account), have made this option impractical. Additionally, ongoing difficulties in establishing a bank account outside of the Netherlands further complicate our operations under UK incorporation.<\/p>\n<p>After thorough consideration of alternative options, the final choice was narrowed to Hong Kong and the Bahamas, based on the strategic advantages offered by each jurisdiction.<\/p>\n<hr \/>\n<p><strong>Key Findings from the Location Comparison:<\/strong><\/p>\n<ol>\n<li>Incorporation and Maintenance Costs<\/li>\n<li>Strategic Relevance<\/li>\n<li>Government and Legal Stability<\/li>\n<\/ol>\n<hr \/>\n<p><strong>Resolution<\/strong><\/p>\n<p>Following detailed analysis and deliberation, the IDBF Executive Committee and Council have resolved to propose Hong Kong to the next IDBF Congress as the preferred jurisdiction for the incorporation of the IDBF.<\/p>\n<p>This recommendation is based on Hong Kong\u2019s strategic alignment with the Federation\u2019s cultural, financial, and operational objectives.<\/p>\n<p>This resolution will be submitted to the IDBF Congress for final approval.<\/p>\n<p>&nbsp;<\/p>\n<p>Claudio Schermi<br \/>\n<strong>IDBF President<\/strong><\/p>\n<p><a href=\"https:\/\/www.dragonboat.sport\/wp-content\/uploads\/2024\/12\/241123-Decision-on-the-Incorporation-of-the-IDBF.pdf\">Download PDF &#8211; 241123- Decision on the Incorporation of the IDBF<\/a><\/p>\n<p>&nbsp;<\/p>\n<hr \/>\n<p><strong>About the IDBF<br \/>\n<\/strong>The International Dragon Boat Federation (IDBF) is the global governing body for dragon boat racing. Founded in 1991, it oversees and promotes the sport of dragon boat paddling across the world. With a mission to foster unity, friendship, and fair competition, the IDBF organises multiple international world championships, sets rules and standards for dragon boat racing and equipment, and has a membership base of over 80 national federations.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>NEWS RELEASE (#2024-08) &nbsp; Resolution on the Incorporation of the IDBF in Hong Kong Approved by the IDBF Executive Committee and Council To Be Submitted to the IDBF Congress Summary The IDBF Executive Committee and Council are proposing the incorporation of the federation in Hong Kong by 2026. To move this forward, the recommendation will [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":2969,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1],"tags":[61,78,77],"class_list":["post-3599","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-congress","tag-council","tag-idbf"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Resolution on the Incorporation of the IDBF in Hong Kong - International Dragon Boat Federation<\/title>\n<meta name=\"description\" content=\"The IDBF Executive Committee and Council are proposing the incorporation of the federation in Hong Kong by 2026. 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