Growth of the family office industry in Hong Kong: licensing and regulatory considerations
April 2023
In efforts to solidify Hong Kong’s position as an international financial centre, the Hong Kong government has consistently been working towards strengthening Hong Kong’s position as a family office hub.
In mid-2020, the Hong Kong government introduced the family office tax concession regime (the ‘Concession Regime’) to attract and support more family offices to set up in Hong Kong. The regime aims to provide tax concessions to eligible family offices on qualifying profits and salaries tax. A central part of the Concession Regime is the concept of investment vehicles which consolidate and hold all of the family office’s investments (the family-owned investment holding vehicles), which are, in turn, managed by a single family office manager.
In this first of a three-part series on family offices, we consider the regulatory implications for family offices seeking to set up in Hong Kong to take advantage of the Concession Regime.
This publication was jointly published by PwC Hong Kong and Tiang & Partners.
Tiang & Partners is an independent Hong Kong law firm that closely collaborates with the global PwC network.
