Move over Bermuda, Caymans; Hong Kong wants to be the world’s dominant corporate domicile
As the appeal of traditional tax havens like Bermuda and the Cayman Islands wanes, Hong Kong steps in to lure global multinationals
The main talking point for Hui, the Secretary for Financial Services and the Treasury, has been a new law, enacted in May, that sought to make it easier for overseas companies to reincorporate in the city.
The new law came at a time when changes to global tax laws had made traditional havens like Bermuda and the Cayman Islands less appealing to international businesses. Hong Kong considered this an opportune moment to have firms redomicile in the city as part of its effort to promote itself as an international financial centre.
Companies interested in moving their incorporations to Hong Kong have been attracted to the city because it is a bridge to mainland China, according to analysts.
Not long after Hui met Manulife president and CEO Phil Witherington and other senior executives, Manulife (International), the biggest pension provider in the city, told customers it would redomicile to Hong Kong in November.