NEWS RELEASE (#2024-08)
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 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.
This initiative reflects IDBF’s 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’s global development. This move promises to mark a historic moment for the IDBF and its members.
Preamble
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’s multiple legal statuses (Limited, unincorporated, and a “stichting company” 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.
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.
Key Findings from the Location Comparison:
- Incorporation and Maintenance Costs
- Strategic Relevance
- Government and Legal Stability
Resolution
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.
This recommendation is based on Hong Kong’s strategic alignment with the Federation’s cultural, financial, and operational objectives.
This resolution will be submitted to the IDBF Congress for final approval.
Claudio Schermi
IDBF President
Download PDF – 241123- Decision on the Incorporation of the IDBF
About the IDBF
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.