Company: TOP
Filing Date: 2025-08-13
Form Type: 20-F
Source: 0001213900-25-075728
Chunk: 5

Company: TOP Financial Group Ltd
Filing Date: 2025-08-13
Form: 20-F
Item: Item 3
Chunk 5
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. The laws and regulations of the
PRC on currency conversion control do not currently have any material impact on the transfer of cash from TFGL to ZYSL or ZYCL or from
ZYSL or ZYCL to TFGL. There are no restrictions or limitations under the laws of Hong Kong imposed on the conversion of HK dollar into
foreign currencies and the remittance of currencies out of Hong Kong, nor is there any restriction on any foreign exchange to transfer
cash between TFGL and its subsidiaries, across borders and to U. S. investors, nor there is any restrictions and limitations to distribute
earnings from the subsidiaries, to TFGL and U. S. investors and amounts owed.

For TFGL to make dividends to its shareholders,
subject to the Companies Act (2022 Revision) of the Cayman Islands, which we refer to as the Companies Act below, and our Amended and
Restated Memorandum and Articles of Association, our board of directors may authorize and declare a dividend to shareholders from time
to time out of the profits from the Company, realized or unrealized, or out of the share premium account, provided that the Company will
remain solvent, meaning the Company is able to pay its debts as they come due in the ordinary course of business. There is no further
Cayman Islands statutory restriction on the amount of funds which may be distributed by us in the form of dividends.

We do not have any present plan to declare or
pay any dividends on our Ordinary Shares in the foreseeable future. We currently intend to retain all available funds and future earnings,
if any, for the operation and expansion of our business. Any future determination related to our dividend policy will be made at the discretion
of our board of directors after considering our financial condition, results of operations, capital requirements, contractual requirements,
business prospects and other factors the board of directors deems relevant, and subject to the restrictions contained in any future financing
instruments, in our Amended and Restated Memorandum and Articles of Association and in the Companies Act.

During the fiscal years ended March 31, 2025,
2024 and 2023, cash transfers and/or transfers of other assets between our Company and our subsidiaries were as follows:

  No.      Transfer From      Transfer To        Amount (US$)      Date                    Purpose             
    1      TGFL               WIN100 WEALTH        $1,000,000      February 14, 2023       Intra-company loan  
    2