Latest news with #redomicile
South China Morning Post
05-07-2025
- Business
- South China Morning Post
Hong Kong wants to be the dominant domicile for the world's biggest companies
Christopher Hui Ching-yu has recently been on a world tour, conducting roadshows in Canada, the UK and Norway, in an effort to urge global businesses to redomicile in Hong Kong The main talking point for Hui, the Secretary for Financial Services and the Treasury, has been a new law, enacted in May, that sought to make it easier for overseas companies to reincorporate in the city. Just a few days after the law came into force, Hui flew to Canada to meet senior executives from insurers Manulife and Sun Life in Toronto and urged them to move their incorporations from Bermuda to the city. The new law came at a time when changes to global tax laws had made traditional havens like Bermuda and the Cayman Islands less appealing to international businesses. Hong Kong considered this an opportune moment to have firms redomicile in the city as part of its effort to promote itself as an international financial centre. Companies interested in moving their incorporations to Hong Kong have been attracted to the city because it was a bridge to mainland China, according to analysts. Not long after Hui met Manulife president and CEO Phil Witherington and other senior executives, Manulife (International), the biggest pension provider in the city, told customers it would redomicile to Hong Kong in November.
South China Morning Post
07-06-2025
- Business
- South China Morning Post
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.
South China Morning Post
23-05-2025
- Business
- South China Morning Post
AXA takes the lead among insurers in moving legal domicile to Hong Kong under relaxed rules
AXA, one of Hong Kong's largest insurers, announced on Friday that it plans to move the legal domicile of its Hong Kong-serving entity from Bermuda to Hong Kong, following a new law introduced by the government that allows companies to return to the city while retaining their legal identity and business continuity. 'We are excited to be among the first to redomicile to Hong Kong,' Sally Wan, chief executive officer of AXA Greater China, said in a statement. 'This move is not merely administrative; it is a significant step forward in deepening our roots in Hong Kong and simplifying our reporting and compliance processes.' This is part of a broader initiative that aligns with a goal set by Chief Executive John Lee Ka-chiu in December 2022 to turn the city into a global insurance hub. Life insurance sales in Hong Kong soared to a record last year, as residents and mainland Chinese visitors bought policies for protection, wealth management and estate planning, capping a second bumper year for the industry. More insurers are expected to move back to the city. 'As a key insurer in Hong Kong, we look forward to the opportunities that the re-domiciliation regime presents,' a Manulife Hong Kong spokesperson told the Post. Hong Kong Chief Executive John Lee Ka-chiu speaks to the media at the Central Government Offices, before the Executive Council meeting on May 20, 2025. Photo: Sun Yeung Many large insurers are registered in tax havens like Bermuda. In 2006, Hong Kong abolished an estate duty ranging from HK$100 (US$12.8) to as much as 50 per cent of the value of assets passed on to beneficiaries. However, moving back to Hong Kong previously involved complicated legal procedures.
