The Hong Kong Federation of Insurers (HKFI) welcomes the consultation conclusion and legislative proposals on introduction of a company re-domiciliation regime released by the Government today (3 July 2024).

The insurance industry has been advocating for a fast-track legal mechanism to facilitate international insurers to re-domicile in Hong Kong.  A Special Project Team has been set up under the HKFI to support the work of the Administration including providing legal and technical advice.

“This legislation marks a positive step for Hong Kong in bolstering its role as an international financial centre and a global insurance hub. It paves a clear path for companies, whose main business lies in Hong Kong but are domiciled elsewhere, to seamlessly re-domicile to Hong Kong,” said Mr Patrick Graham, Chairman of Special Project Team on Re-domiciliation to Hong Kong.

Insurance companies choosing to re-domicile to Hong Kong signify a strong vote of confidence. This boosts Hong Kong's headquarters economy and paves the way for deeper integration with the GBA.  The industry stands ready to be the first and primary use case once the re-domiciliation regime is in place.