Insurance Authority joins the industry in welcoming the release of consultation conclusion and legislative proposals by the Government on introduction of a company re-domiciliation regime
The Insurance Authority (IA) today (3 July 2024) joined industry stakeholders in welcoming the release of consultation conclusion and legislative proposals by the Government on introduction of a company re-domiciliation regime.
“The insurance sector has been calling for a regime that enables offshore companies with significant local presence to relocate their headquarters back to Hong Kong in a seamless manner. This is indeed a strong vote of confidence in our competitiveness as an international financial centre,” said Mr Clement Cheung, Chief Executive Officer of the IA.
“The re-domiciliation regime will simplify administrative procedures, cut down legal costs and reduce the lead time for offshore companies to complete the re-domiciliation without any undue disruption to their business operations. It will be cherished by insurance groups seeking to expand their regional footprints and capture opportunities available in the Guangdong-Hong Kong-Macao Greater Bay Area, while at the same time injecting impetus into developing the ‘headquarters economy’,” he added.
The IA is committed to working closely with the Government and industry stakeholders to ensure timely introduction of the re-domiciliation regime.
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