Hong Kong's easier redomiciling policy ‘attracts 150 inquiries from companies'
Authorities have received about 150 inquiries from companies about transferring their legal domicile status to Hong Kong after the recent passage of a law making it easier for businesses to establish themselves in the city, the treasury minister has said.
Advertisement
Secretary for Financial Services and the Treasury Christopher Hui Ching-yu also said on Saturday that about 180 family offices had been set up or expanded their operations in Hong Kong this year, putting the city on track to surpass its year-end goal of 200.
'Since the enactment of the relevant company re-domiciliation regime legislation on May 23, we have had a very positive response from the market, with inquiries about how [businesses] can do that and the detailed procedures,' he said.
'So far, in terms of inquiries, we have received about 150 of them, and in terms of downloads of the relevant information from our website regarding this new regime, the number is close to 10,000.
'So, I think all these are very positive in terms of how we have been drawing more companies to redomicile in Hong Kong.'
Advertisement
Manulife (International), the city's biggest pension provider, said on Friday that it planned to redomicile to Hong Kong from Bermuda in November, after rival AXA announced a similar decision soon after the legislation's passage.
Hui said that while the redomicile regime was for all eligible companies, insurance firms were particularly interested because of the large volume of business in Asia.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
South China Morning Post
38 minutes ago
- South China Morning Post
Hong Kong minibus operators hail arrival of over 800 drivers from mainland China
Hong Kong has brought in more than 800 minibus drivers from mainland China as part of a temporary solution to the city's labour shortage, with operators hopeful the scheme will be extended to help plug gaps in the ageing workforce. Minibus companies made the appeal after authorities reiterated that importing labour was only a 'short-term' fix and that the workers were not meant to stay in the city in the long run. The government launched the labour import scheme in 2023 for three sectors that had been hard hit by manpower shortages. The transport sector has been allowed to recruit up to 900 minibus drivers. The Transport Department said it had approved the applications that it received from operators before March of last year. About 830 drivers had arrived in the city as of April this year, with 800 having completed their training and received driving licences. The workers were given two-year contracts. But minibus operators said they hoped the scheme would be extended to allow the imported drivers to remain employed for as long as possible.
RTHK
an hour ago
- RTHK
CE says SAR to keep free port status regardless
CE says SAR to keep free port status regardless Chief Executive John Lee said free port status, and the zero tariffs that go with it, create trade. File photo: RTHK Chief Executive John Lee on Sunday said he would uphold Hong Kong's free port status and wouldn't retaliate even if China-US relations worsened. Lee made the comments in an interview with South China Morning Post as Chinese and US officials prepare to meet this week in London for more trade talks. Lee said free port status, and the zero tariffs that go with it, create trade. He said this was an integral part of what made Hong Kong successful and it shouldn't be killed off. Referring to US President Donald Trump's global trade war, Lee said "just because somebody has done something wrong, I won't copy him and do wrong things." He also said the SAR government had contingency plans for a worst case scenario, although he declined to say what they were. "I don't want to talk about the worst case scenario because it may not happen," Lee said. "I don't want people to be alarmed." The Chief Executive also said the government would help businesses find new overseas markets.
South China Morning Post
2 hours ago
- South China Morning Post
Macau firm bets on luxury senior living in Zhuhai to attract affluent Hong Kong retirees
A Macau conglomerate is targeting Hong Kong's affluent retirees with a new luxury senior housing project in the Greater Bay Area, capitalising on a shortage of high-end retirement options for the city's affluent retirees. Advertisement 'There is a lack of high-quality lifestyle retirement [options] in Hong Kong,' said Amber Li, founder of Serensia Woods, a 13,500-square-metre (145,313 sq ft) retirement community in Zhuhai's Hengqin district. The community, on an island largely in the Guangdong city neighbouring Macau, includes a 133-room hotel, four residential towers with a total of 300 units, two wellness centre towers and a spa centre. The 2 billion yuan (US$278.4 million) project is part of HN Group, a century-old Macau conglomerate that began importing Portuguese products in 1920 and has since diversified into retail, engineering and other sectors. 'For Hongkongers who have the financial means to retire, you do not have a choice,' Li said, adding that most people will live at home, which lacks a guaranteed level of professional care. Average prices at Serensia Woods start at HK$10 million. Photo: Handout The development aims to tap into a growing demographic: by 2046, 36 per cent of Hong Kong's population will be over 65, up from 23 per cent last year, according to an Our Hong Kong Foundation research report published in April. Currently, 80 per cent of seniors prefer living in their own homes to moving into a care facility, the report found.
