Company relocation registration system comes into effect today. Insurance Authority of Hong Kong: closely communicating with interested insurance companies for relocation registration.

On May 23, the Hong Kong Special Administrative Region government announced that it would begin accepting applications for company re-registration. The Insurance Authority of Hong Kong stated that it is in close communication with insurance companies interested in re-registering, assisting them in starting the re-registration process under the new system as soon as possible. It also mentioned that local insurance companies with a significant presence overseas have been eagerly anticipating the implementation of the new system. By choosing Hong Kong as a base, they demonstrate the industry's efforts to seize the enormous opportunities brought by the connectivity of the Guangdong-Hong Kong-Macao Greater Bay Area. The Insurance Authority of Hong Kong stated that the company re-registration system officially came into effect today, providing a simple and cost-effective framework for companies seeking to re-register in Hong Kong. The authority will also issue circulars to provide guidance for authorized insurance companies interested in re-registering in Hong Kong. The Hong Kong Federation of Insurers welcomed the enactment of the Companies (Amendment) Bill 2024, providing a streamlined legal mechanism to facilitate the re-registration of insurance companies established in foreign jurisdictions to Hong Kong. Chairman of the special project task force for company re-registration in Hong Kong, Pak Ho-wing, stated that the new framework would simplify regulatory and financial responsibilities for multinational insurance companies re-registering in Hong Kong. This would allow companies to optimize their services to local customers and better meet the needs of the local market. He emphasized that the implementation of this system is the result of continuous cooperation between the Hong Kong SAR government, regulatory authorities, and the industry. In the long run, it will enhance the competitiveness of the insurance industry and solidify Hong Kong's position as an international financial center.