On 3 July 2024, the Financial Services and the Treasury Bureau (FSTB) released the consultation conclusion regarding its proposals to introduce a company re-domiciliation regime (Conclusion). The Conclusion was published after receiving feedback regarding the FSTB’s consultation paper on the design of the proposed regime and related amendments to the Companies Ordinance (CO) and Inland Revenue Ordinance (IRO) issued in March 2023. For further information on the consultation paper, please refer to our previous news flash.
The proposal has received broad support from a diverse array of respondents. Taking into account the feedback received, the FSTB has refined its proposal. Specifically, the latest legislative proposals incorporate several favourable recommendations from PwC’s submission, including, among other things:
The FSTB is actively progressing with the legislative drafting process and is committed to introducing the amendment bill as early as practicable.
This news flash summarises the salient features of the latest legislative proposals and the comments made by the FSTB in response to the public consultation, and shares our insights on what these changes mean for companies aspiring to re-domicile to Hong Kong.