rolex a non-profit organisation?

[deadbench]

is rolex really a non-profit organisation?

Upon the death of his wife in 1944, Wilsdorf established the Hans Wildorf Foundation in which he left all of his Rolex shares, making sure that some of the company's income would go to charity. The company is still owned by a private trust, and shares are not traded on any stock exchange

[Darkangel]

I know it's a private owned company...not traded in any stock exchange that's al. Income to charity? that I dunno....

[ohlins]

of cos not.....

[wedgehammer]

Nope, who said/claimed they are?

[ejaan]

It is a private foundation i.e. funding is from a single source, the Wilsdoft family. Profits made are to be channeled towards charitable and research endeavours. I believe they do not have to pay tax due to these activities.

The research part came up with the parachrom bleu and DSSD

[Darkangel]

BUt look at it this way....if it's a non-profit organization...why bother opening and doing business?

Which business man would want to do a business that's not profitable...

[ejaan]

Rolex is not non-profit. They just channeled some of their profits to charities and research works. This entitle them to be considered as a foundation and so do not have to pay tax. Smart move isn't it.

Another way to look at it is that by buying Rolex you are indirectly helping those who requires help.

[Darkangel]

Rolex is not non-profit. They just channeled some of their profits to charities and research works. This entitle them to be considered as a foundation and so do not have to pay tax. Smart move isn't it.

Another way to look at it is that by buying Rolex you are indirectly helping those who requires help.

Win-Win situation

[seiko.citizen]

you believe? I personally dont think so. But just my A$0.02

[ejaan]

My take on this.

The main reason is that Wilsdoft wanted to ensure the longevity of his company and that control stays in the family. If the company is publicly listed you just don't know what will happen in the long term. There may be attempts for hostile take overs which will wrest control away from his heirs. In the process he gets to help charitable and research organisations.

[kee_on_rolex]

It is a private foundation i.e. funding is from a single source, the Wilsdoft family. Profits made are to be channeled towards charitable and research endeavours. I believe they do not have to pay tax due to these activities.

The research part came up with the parachrom bleu and DSSD

I think that the company dont need to pay tax for the amt that they had donated to charity.
Just my guess.

[speed]

Try google for "Hans Wilsdorf Foundation" and you will find the answer. Here's some extract.

Upon Mr. Wilsdorf's death in 1960, he owned all of Rolex and the Company today is still privately held and overseen by the Hans Wilsdorf Foundation which is a Charitable Organization. It is said that the proceeds discretely go to Children's Charities around the world (Mr. Wilsdorf was an orphan) and to cutting edge entrepreneurial endeavors (Mr. Wilsdorf had over 700 patents).
++++
Upon the death of his wife in 1944, he established the Hans Wildorf Foundation in which he left all of his shares in Rolex, making sure that an amount of the company's income would go to charity. The company remains a foundation to the present day. Wilsdorf died in Geneva on July 6, 1960.

[116520]

No need to list the company and also doesn't matter whether it is non-profit or make-profit company.... what matter is those present CEO, CFO, directors are receiving good salary, fat bonus, free company cars, etc. Did you guys learned from NKF?

Try google for "Hans Wilsdorf Foundation" and you will find the answer. Here's some extract.

[jazz_samz]

HAHAH You forgot GOLDEN TAP!!!

[speed]

well, just thought of sharing. at least this is the "official" foundation and their purposes, of course what happened behind the scene is beyond us.

guess we can't compare with NKF, one is a business centre that earns it own money and the other is funded totally by donation. so this does not stop them from paying big money for people, marketing, posh showroom, sponsorship etc etc just because it is a charity org, else you may find RSC operating in a warehouse somewhere in Tuas or Changi.

No need to list the company and also doesn't matter whether it is non-profit or make-profit company.... what matter is those present CEO, CFO, directors are receiving good salary, fat bonus, free company cars, etc. Did you guys learned from NKF?