On May 14, 2025, the Insurance Authority welcomed the passage of the Companies (Amendment) (No. 2) Bill 2024, which simplifies and reduces the cost of re-domiciliation for companies to Hong Kong. The CEO of the Insurance Authority highlighted the strengths of Hong Kong's market, driven by its connectivity in the Guangdong-Hong Kong-Macao Greater Bay Area.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
SPOTLIGHT ON
FAMILY OFFICES
On May 14, 2025, the Insurance Authority ("IA") welcomed the passage of the Companies (Amendment) (No. 2) Bill 2024 (Amendment Bill). This bill introduces a streamlined and cost-effective framework for companies aiming to re-domicile to Hong Kong.
Mr. Clement Cheung, Chief Executive Officer of the IA, highlighted the eagerness of authorized insurers incorporated outside Hong Kong but with significant local operations in the territory. They have chosen Hong Kong as their base due to the city's robust market and strong connectivity within the Guangdong-Hong Kong-Macao Greater Bay Area.
The IA is committed to collaborating with all relevant stakeholders to facilitate the re-domiciliation process for interested insurers under the newly implemented regulations.
View the full article:Source
