The Hong Kong government has started accepting company re-domiciliation applications, with French insurance giant AXA's Hong Kong and Macau arm among the first batch of applicants.
The administration said that the Companies Registry will complete the vetting and approval process within two weeks from when the applicant has submitted all the required documents and information.
With new amendments effective today, companies incorporated outside Hong Kong may apply to the Companies Registry for relocation to Hong Kong. The mechanism will save complicated and costly judicial procedures and enable the changed company to retain its corporate identity in law and continue its business.
Due to regulatory considerations for the insurance and banking sectors, non-Hong Kong incorporated authorized insurers, or known as AIs, holding companies of AIs or approved money brokers are required to contact the Independent Insurance Authority or the Hong Kong Monetary Authority for pre-assessment before applying for change of domicile at the Companies Registry.
AXA Hong Kong and Macau announced on Friday its plan to re-domicile AXA China Region Insurance Company (Bermuda) Limited from Bermuda to Hong Kong under the new company re-domiciliation regime.
Secretary for Financial Services and the Treasury Christopher Hui Ching-yu said global political and economic tensions and the sticky uncertainties of international market regulations make Hong Kong more advantageous since it has a good tradition of the rule of law and a sound financial system. These advantages can help corporates to re-domicile to Hong Kong mitigate external challenges, said Hui.
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