The Hong Kong Federation of Insurers (HKFI) and the Insurance Authority (IA) have expressed their support for the government’s recent consultation conclusion and legislative proposals aimed at establishing a company re-domiciliation regime. This announcement was made today (3 July).
The insurance sector has long advocated for a legal framework that facilitates the re-domiciliation of international insurers to Hong Kong. In response, the HKFI has formed a Special Project Team to provide legal and technical guidance for this initiative.
“This legislation is a significant step forward for Hong Kong, enhancing its status as an international financial centre and a global insurance hub. It offers a clear pathway for companies, primarily operating in Hong Kong but domiciled elsewhere, to relocate seamlessly to Hong Kong,” said Patrick Graham, chairman of the Special Project Team on Re-domiciliation to Hong Kong.
The IA concurred with this perspective. “The insurance industry has been seeking a regime that allows offshore companies with substantial local operations to move their headquarters back to Hong Kong smoothly. This development strongly reaffirms our position as a competitive international financial centre,” stated Clement Cheung, chief executive officer of the IA.
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