Hong Kong publishes legislative proposals to ease path for firms to redomicile in city
- ‘The government will press ahead with the drafting of the relevant legislation at full speed,’ Financial Secretary Paul Chan says
The Hong Kong government has published new legislative proposals for a regulatory regime that would make it simple and easy for overseas companies to redomicile in the city.
The introduction of the regime is of great significance in Hong Kong’s corporate governance policy, and will turn the city “into a cornucopia of enterprises that draws in foreign companies”, Secretary for Financial Services and the Treasury Christopher Hui Ching-yu said in a blog post on Wednesday.
“The policy intent of the proposed company re-domiciliation regime is to provide a simple and straightforward route for non-Hong Kong companies to transfer their domicile on the premise that the integrity of Hong Kong’s business environment will be safeguarded.
“These companies may bring demand for professional services, investment and job opportunities, which will transform into a new driving force for development of the local markets.”
“The government is determined to strengthen our position as a global business and financial hub,” said the consultation conclusion and legislative proposals published by the Financial Services and the Treasury Bureau (FSTB) on Wednesday.
