Hong Kong’s Financial Services and the Treasury Bureau reported that the Secretary for Financial Services and the Treasury, Christopher Hui, met in Toronto with executives from Manulife and Sun Life and encouraged them to consider re-domiciling to Hong Kong under newly enacted re-domiciliation legislation, citing legal and tax convenience and the potential to reduce the compliance burden of meeting two sets of regulatory requirements. The new regime allows non-Hong Kong-incorporated companies to apply to re-domicile to Hong Kong if they meet requirements relating to company background, integrity, member and creditor protection and solvency, while retaining their legal identity to support business continuity. Where similar profits are taxed in Hong Kong after re-domiciliation, the government will provide unilateral tax credits to eliminate double taxation. The Bureau also noted that on 23 May 2025, the first day the regime took effect, an international insurance group announced plans to re-domicile to Hong Kong, and highlighted a separate Toronto meeting with the Ontario Securities Commission following a mid-May Memorandum of Understanding with Hong Kong’s Securities and Futures Commission that adds Ontario to the SFC’s list of acceptable inspection regimes. The Bureau said Hui would travel to Ottawa on 28 May to meet government financial officials.

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