Hong Kong's easier redomiciling policy ‘attracts 150 inquiries from companies'
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
24 minutes ago
- South China Morning Post
US Treasury chief says China talks could cover Iran, Russia oil buys
The next round of US-China talks could include Chinese purchases of Russian and Iranian oil, US Treasury Secretary Scott Bessent said on Monday, a move that would shift the focus of trade negotiations into national security issues. Advertisement US President Donald Trump has imposed fresh tariffs on allies and competitors alike this year, and Washington and Beijing in April rapidly increased duties on each other's goods in a tit-for-tat escalation. But after high-level talks in Geneva and London, the world's two biggest economies temporarily lowered tariff levels until mid-August while discussions continued. 'I think trade is in a good place,' Bessent told CNBC in an interview. 'And I think now we can start talking about other things. 'The Chinese, unfortunately, are very large purchasers of sanctioned Iranian oil, sanctioned Russian oil. So we could start discussing that.'
South China Morning Post
an hour ago
- South China Morning Post
Marcos seeks to seal US-Philippine trade pact and fortify security ties in Trump meeting
When Philippine President Ferdinand Marcos Jnr sits down with US President Donald Trump for bilateral talks on Tuesday, his top priority will be to secure a trade deal while reinforcing Manila's security alliance with Washington against Beijing. Advertisement Such a grand bargain, however, appears to be a long shot. The Philippines has sought to link security and trade in a broader strategic package, but they have faced resistance from the Trump administration, which is reluctant to merge the two tracks, according to people familiar with the situation. Trade negotiations have intensified since Trump threatened this month to impose additional tariffs of 20 per cent on Philippine imports if a deal is not completed by August 1. A team of negotiators from Manila flew to Washington last week ahead of Marcos' arrival on Sunday. A final agreement could be announced during the state visit, which concludes Tuesday and makes Marcos the first Southeast Asian leader invited to the White House during Trump's second term. Advertisement
South China Morning Post
an hour ago
- South China Morning Post
WTO reverses parts of previous decision in EU-China intellectual property dispute
World Trade Organization (WTO) arbitrators on Monday reversed part of a previous panel decision that had rejected the European Union's claims that China had violated the global watchdog's rules on intellectual property. Advertisement In April, a WTO panel rejected the EU's complaint, lodged in 2022, that China had violated the global watchdog's IP rules over patents for 3G, 4G and 5G mobile technology. However, it did say that China had failed to comply with all WTO transparency obligations. The EU appealed the case at the Multi-Party Appeal Arbitration Arrangement, a surrogate for the WTO's Appellate Body which was closed in 2019 after the United States repeatedly blocked judge appointments. On Monday, the arbitrators reversed part of the previous panel decision and found that the Chinese courts' prohibition of patent holders to enforce their patent rights in countries outside China, through the use of anti-suit injunctions, was not consistent with Trade-Related Aspects of Intellectual Property Rights rules concerning patent rights. The arbitrators upheld the previous findings on four issues but reversed the panel's findings on three issues. It has given China 90 days to remedy its measures to comply with WTO rules. Advertisement
