Hong Kong’s Secretary for Financial Services and the Treasury, Christopher Hui, promoted the city’s new re-domiciliation regime to Canadian insurers, highlighting its potential benefits for companies including those establishing captive insurance vehicles, during his visit in Toronto.
Hui met with senior executives from Manulife and Sun Life, encouraging them to consider moving their company domiciles to Hong Kong under the recently enacted legislation.
The regime, which came into effect last Friday, allows non-Hong Kong-incorporated companies to re-domicile to the city while retaining their legal identity and ensuring business continuity.
“It lowers compliance costs and offers legal and tax convenience,” Hui said, adding that an international insurance group had already announced plans to re-domicile on the regime’s first day in force.
Re-domiciled companies may be eligible for unilateral tax credits to eliminate double taxation, provided their actual profits are taxed in Hong Kong.
Qualifying firms must meet requirements related to company background, integrity, solvency, and protection of members and creditors.
In discussions with Manulife’s Phil Witherington and Colin Simpson, and Sun Life’s Tim Deacon and Linda Dougherty, Hui emphasised how the regime can support multinational insurers in consolidating their operations and exploring captive structures.
He noted that Hong Kong’s established investment and trade ecosystem makes it an ideal hub for reinsurance, risk management, and the formation of captives.
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