SFC extends the OFC Grant Scheme for three years
April 2024
To boost the adoption of Hong Kong’s Open-Ended Fund Company (‘OFC’) structure, the Hong Kong Government introduced a grant scheme in 2021 to subsidise eligible costs incurred in the set-up/re-domiciliation of OFCs by Hong Kong-based service providers (‘OFC Grant Scheme’). The OFC Grant Scheme was set to expire in May of this year, but in the 2024-25 Budget, it was announced that the Grant Scheme would be extended for an additional three years (‘Extended OFC Grant Scheme’). On 26 April 2024, the Securities and Futures Commission of Hong Kong (‘SFC’) published a circular which sets out the implementation details of the Extended OFC Grant Scheme.
In this News Flash, we summarise the eligibility criteria and key features of the Extended OFC Grant Scheme and highlight some key changes made to the original OFC Grant Scheme. We also share some insights into what it means for market participants.
This news alert was jointly published by PwC Hong Kong and Tiang & Partners.
Tiang & Partners is an independent Hong Kong law firm and a member of the PwC network.
