Canadian enterprises should develop wealth management and family offices in Hong Kong, urged Secretary for Financial Services and the Treasury Christopher Hui Ching-yu during his five-day visit to Canada.
Hui met with representatives of Royal Bank of Canada and Scotiabank, during his first stop in Toronto, both of which “are deeply interested” in the development of the wealth management business in the financial hub, according to a government statement on Tuesday.
Hui shared that Hong Kong is currently the largest cross-border wealth management hub in Asia, and that some anticipate the city to leap into first place globally by 2028. The secretary also highlighted the diversity of financial products in the territory and the latest passage of the stablecoins legislation.
The banks were encouraged to utilize the developmental strengths of Hong Kong's asset and wealth management industry and establish their presence in the SAR, the statement said.
Hui also met with representatives of Power Corporation of Canada, during which he illustrated the facilitation and concession measures the SAR provides to family offices looking to set up or expand their business in the city.
The secretary highlighted the government's efforts to enhance the preferential tax regimes for funds, single family offices and carried interest, including expanding the scope of "fund" under the tax exemption regime, increasing the types of qualifying transactions eligible for tax concessions for funds and single family offices and enhancing the tax concession arrangement on the distribution of carried interest by private equity funds.
He concluded by calling on the company to leverage the ideal business environment in Hong Kong that offers stability and predictability to set up family offices.
Hui will visit two insurance companies, meet with the Toronto Chapter of the Hong Kong-Canada Business Association, and attend a business luncheon with financial leaders in Toronto on Tuesday. He will also pay a courtesy call to the consul-general of the People's Republic of China in Toronto, the statement said.
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