The Government welcomed the passage of the Companies (Amendment) (No.2) Bill 2024 by the Legislative Council today to introduce a company re-domiciliation regime in Hong Kong.
The amendment ordinance will take effect on May 23, and the company re-domiciliation regime will be open for application starting from the same day.
Non-Hong Kong-incorporated companies that fulfil the requirements on company background, integrity, member and creditor protection, solvency and so on may apply to re-domicile to Hong Kong while maintaining their legal identity as a body corporate and ensuring business continuity.
The property, rights, obligations and liabilities as well as the relevant contractual and legal processes of the companies would not be affected during the process. If the company’s actual similar profits are also taxed in Hong Kong after re-domiciliation, the Government will offer unilateral tax credits for elimination of double taxation.
In general, re-domiciled companies will be regarded as companies incorporated in Hong Kong. They have the same rights as any Hong Kong-incorporated companies of their kind in the city, and will be required to comply with the relevant requirements under the Companies Ordinance.
Secretary for Financial Services & the Treasury Christopher Hui said that the amendment ordinance puts in place a simple and accessible mechanism for company re-domiciliation.
“It addresses the demand of companies incorporated elsewhere with major business in Hong Kong for re-domiciliation, and is conducive to our efforts in proactively attracting enterprises and investment, thereby generating business for local professional services sectors as well as increasing investment and job opportunities.”
On May 23, the Companies Registry will set up a new thematic section on its website to provide the application details and relevant information. The Integrated Companies Registry Information System will also be enhanced to process applications.
