Hong Kong Introduces Bill on Tax Exemptions for Single Family Offices with Minimum $30 Million Assets, Retrospective from 1st April 2022 & Passes Cont
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Hong Kong Introduces Bill on Tax Exemptions for Single Family Offices with Minimum $30 Million Assets, Retrospective from 1st April 2022 & Passes Control, Holding Period & Immovable Property Tests 14th January 2023 | Hong Kong
Hong Kong government has introduced a Bill on tax exemptions for eligible single family offices with minimum $30 million assets (HKD 240 million), retrospective from 1st April 2022 and passing tests on family office control, holding period & immovable property. The Inland Revenue (Tax concessions for family-owned investment holding vehicles) Bill 2022 will exempt Hong Kong based family-owned investment holding vehicles (FIHVs) and portfolios of special purpose entities from tax. Family members must also own directly or indirectly 95% of the family office, and the family office central management & control must be exercised from Hong Kong, but the family office do not have to be incorporated in Hong Kong. The Bill is currently in review by the Legislative Council of Hong Kong. In 2022 February, the Hong Kong government had announced new tax concessions for eligible family management entities managed by single family offices. The announcement was made by Hong Kong SAR (Special Administrative Region) Financial Secretary Paul Chan in the FY2022-23 Budget, with tax concession expected to come into effect in the coming fiscal year. In 2022 October, new Hong Kong Chief Executive John Lee Ka-chiu announced a series of new policies to strengthen Hong Kong as a leading financial hub in his 2022 policy address (19th Oct 2022, Wednesday). For family offices, Hong Kong will give tax-concession to eligible family offices, and target to attract at least 200 of the world’s top family offices to set up or expand their operations by 2025. Hong Kong currently manages $216 billion (HKD 1.7 trillion) of assets from family offices & private trusts. See below for 2022 Hong Kong family office announcements.
“ Hong Kong Introduces Bill on Tax Exemptions for Single Family Offices with Minimum $30 Million Assets, Retrospective from 1st April 2022 & Passes Control, Holding Period & Immovable Property Tests “
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Dixon Wong, Head of Financial Services and Global Head of Family Office at InvestHK
Dixon Wong in an office opening Dixon Wong, Head of Financial Services and Global Head of Family Office at InvestHK: “We are confident that these measures can further strengthen Hong Kong’s position as a family office hub in Asia. The connectivity with China and the world has allowed Hong Kong to become a “super-connector” and the city’s existing advantages of having a well-established legal system, competitive tax system, and world-class professionals specializing in asset management, will all help to create a conducive environment for family offices to develop in Hong Kong.”
FamilyOfficeHK
InvestHK offers a wide range of customised services, free of charge, to support your family office set up. It is also a central point of contact that can connect you with other relevant Government agencies and financial regulators, such as the Hong Kong Monetary Authority and Securities and Futures Commission. InvestHK’s key areas of services include: Planning, Set-Up, Launch, Expansion. Visit: Family Offices HK
InvestHK
InvestHK’s vision is to strengthen Hong Kong’s status as the leading international business location in Asia. Our mission is to attract and retain foreign direct investment which is of strategic importance to the economic development of Hong Kong. In all our services, we apply the following core values: passion, integrity, professionalism, customer service, business friendliness and responsiveness. We work with overseas and Mainland entrepreneurs, SMEs and multinationals that wish to set up an office – or expand their existing business – in Hong Kong. We offer free advice and services to support companies from the planning stage right through to the launch and expansion of their business. Visit: InvestHK
Hong Kong 2022 Policies to Strengthen Financial Hub: $3.8 Billion Investment, Family Office Tax Concession & Attract at Least Top 200 Family Offices, Revised IPO Listing Rules, Green & Sustainable Finance Platforms, Insurance & RMB Hub
Hong Kong Chief Executive John Lee Ka-chiu 22nd October 2022 – Hong Kong Chief Executive John Lee Ka-chiu announced a series of new policies to strengthen Hong Kong as a leading financial hub in his 2022 policy address (19th Oct 2022, Wednesday). For family offices, Hong Kong will give tax-concession to eligible family offices, and target to attract at least 200 of the world’s top family offices to set up or expand their operations by 2025. Hong Kong currently manages $216 billion (HKD 1.7 trillion) of assets from family offices & private trusts. To enhance Hong Kong as a leading global fundraising / IPO hub, the Hong Kong Main Board listing rules will be revised (2023) to allow fundraising of advanced technology enterprises that have yet to meet the profit & trading record requirements, and to revitalise GEM (formally known as the Growth Enterprise Market) to provide small & medium enterprises (SMEs) and start‑ups with a more effective fundraising platform. Hong Kong will also will promote more RMB‑denominated investment tools (Hong Kong is the largest offshore RMB business centre, processing about 75% of offshore RMB settlement globally), and promote mutual market access between Mainland China and Hong Kong in stocks trading, bonds, swaps & insurance. Other key areas to strengthen Hong Kong as a leading financial hub, includes developing green & sustainable finance platforms, international carbon market, risk management hub, regional insurance hub, reinsurance hub and to enhance competitiveness in Fintech (Currently, there are more than 600 Fintech companies in Hong Kong). Other key Hong Kong new policies include setting up a $3.8 billion (HKD 30 billion) fund to attract businesses to Hong Kong, and provide top talents with 2-year passes to explore opportunities in Hong Kong (Top Talent: Yearly Salary of > $318,000 or graduates top 100 universities with 3 years of work experience over last 5 years). Foreigners can buy residential property & become permanent residents, can now apply for refund of stamp duties (buyer’s stamp duty & new residential stamp duty) for their first property (under HK talent schemes, effective 19th Oct, Wed). See below for policy address on Hong Kong as a leading financial centre by Hong Kong new Chief Executive John Lee Ka-chiu. Read the full address here | View Policy Highlights here
Establish Hong Kong Investment Corporation Limited | Invests $3.8 Billion to Attract Businesses to Hong Kong – New Hong Kong Investment Corporation Limited (HKIC) to further optimise the use of fiscal reserves for promoting the development of industries and the economy. The HKIC will consolidate the Hong Kong Growth Portfolio, the GBA Investment Fund and the Strategic Tech Fund established under the Future Fund in recent years, as well as the Co‑Investment Fund mentioned in the ensuing sections. In pooling together relevant resources under the steer of the Government to invest in strategic industries, we aim to attract and support more enterprises to develop their business in Hong Kong.
Hong Kong – Leading International Financial Centre
Hong Kong, Asia’s leading financial centre Hong Kong is an international financial centre, the world’s largest offshore RMB business centre and a leading fundraising hub for biotechnology. The financial services sector is Hong Kong’s biggest pillar industry, accounting for more than one‑fifth of our gross domestic product. To enhance Hong Kong’s competitiveness in financial services, we will:
Enhance our position as a global fundraising platform – The Hong Kong Exchanges and Clearing Limited (HKEX) will revise the Main Board Listing Rules next year to facilitate fundraising of advanced technology enterprises that have yet to meet the profit and trading record requirements. It is also planning to revitalise GEM (formally known as the Growth Enterprise Market) to provide small and medium enterprises (SMEs) and start‑ups with a more effective fundraising platform.
Enhance our strengths as the largest offshore RMB business centre – Hong Kong currently processes about 75% of offshore RMB settlement globally. We will promote the launch of more RMB‑denominated investment tools and the provision of stable and highly efficient treasury services such as foreign exchange, exchange rate risk and interest rate risk management tools in the market. We will also enhance market infrastructure.
Promote mutual market access – We will speed up the implementation of a series of mutual market access arrangements supported by the China Securities Regulatory Commission earlier, including introducing a bill within this year to exempt the stamp duty payable for transactions conducted by dual‑counter market makers, with a view to enhancing the RMB stock trading mechanism, as well as completing preparations for the launch of the Northbound Trading of Swap Connect as early as possible. We will also explore enhancements to the Southbound Trading of Bond Connect so as to facilitate the issuance & trading of more diverse “dim sum” bonds, and continue the discussion with the Mainland on proposals for the further expansion of mutual market access. Moreover, we will strive to establish insurance after‑sales service centres in places such as Nansha and Qianhai in the near future to provide support services for residents in the GBA holding Hong Kong policies. This is also an important step towards mutual access of insurance markets in the GBA.
Develop green and sustainable finance – We will promote the development of Hong Kong as a premier financing platform for governments and green enterprises in the Mainland and around the world. We are also developing Hong Kong into an international carbon market, and will support the HKEX to continue pursuing co‑operation with, among others, financial institutions in Guangzhou in carbon market development.
Strengthen asset and risk management – Family offices is a key growth segment of the asset and wealth management industry. Last year, Hong Kong managed over $1,700 billion of relevant assets, including those for private trust clients. The Government will introduce a bill within this year to offer tax concession for eligible family offices. The target is attracting no less than 200 family offices to establish or expand their operations in Hong Kong by end‑2025. Moreover, we will implement a risk‑based capital regime for the insurance industry in 2024 to align with international standards, and launch a public consultation within this year on the proposal of establishing a policy holders’ protection scheme.
Continuously enhance our competitiveness in Fintech – Currently, there are more than 600 Fintech companies in Hong Kong. We will vigorously promote Fintech by encouraging more Fintech services and products to undergo proof‑of‑concept trials, taking forward cross‑boundary Fintech projects and nurturing Fintech talents. The Commercial Data Interchange will be launched within this year to provide a one‑stop platform for enterprises to share operational data, enabling banks to make accurate assessments on the operating condition of enterprises and providing SMEs with a better chance of securing loans. On virtual assets, the Government has introduced a bill to propose establishing a statutory licensing regime for virtual asset service providers. The Hong Kong Monetary Authority (HKMA) is examining market feedback on the regulation of stablecoins and will ensure that the regulatory regime is in line with both the international regulatory recommendations and the local context. The HKMA has also begun the preparatory work for issuing “e‑HKD” and is collaborating with the Mainland institutions to expand the testing of “e-CNY” as a cross-boundary payment facility in Hong Kong.
Hong Kong Chief Executive John Lee Ka-chiu 2022 Policy Address
Hong Kong Chief Executive John Lee Ka-chiu Foreword: Start a New Chapter Together
Links:
- Read the full address here
- View Policy Highlights here
2021 Data Release 2020 List of Private Banks in Hong Kong2020 List of Private Banks in Singapore 2020 Top 10 Largest Family Office2020 Top 10 Largest Multi-Family Offices2020 Report: Hong Kong Private Banks & Asset Mgmt - $4.49 Trillion2020 Report: Singapore Asset Mgmt - $3.48 Trillion AUM Register Below Latest 2022 data & reports, insights & news Every Saturday & Sunday 2 pm Direct to your inbox Save 2 to 8 hours per week. Organised for success For Investors | Professionals | Executives For CEOs, Entrepreneurs & Founders - Register here Join membership group, receive updates. Receive events & programs updates. Grow business, fund-raising, investor relations, succession planning, M&A, acquisition, exits & more. New to Caproasia? Join 10,000 + Learn More | Sign Up Today Caproasia.com | Caproasia Access 2022 Events | TFC - Find Services Grow Business | Contact Us For CEOs, Heads, Senior Management, Market Heads, Desk Heads, Financial Professionals, Investment Managers, Asset Managers, Fund Managers, Hedge Funds, Boutique Funds, Analysts, Advisors, Wealth Managers, Private Bankers, Family Offices, Investment Bankers, Private Equity, Institutional Investors, Professional Investors Get Ahead in 60 Seconds. Join 10,000 + Save 2 to 8 hours weekly. Organised for Success. Subscribe / Sign Up / Contact Us
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