Group 1 - The total number of registered local companies in Hong Kong reached a record high of 1,494,806 by the end of June 2023, with 84,293 new local companies established in the first half of the year [1] - The number of registered non-Hong Kong companies also hit a historical peak, totaling 15,509, with 761 new registrations in the same period [1] - Two measures to optimize the Companies Ordinance were implemented in the first half of the year, facilitating business operations and attracting investment [1] Group 2 - A total of 5,970 company property mortgages were registered in the first half of the year, while 9,915 notices of repayment and discharge of property mortgages were recorded [2] - The total number of documents submitted for registration at the Companies Registry reached 1,678,809 in the first six months [2] - The number of newly registered limited partnership funds was 116, bringing the total to 1,099 by the end of June [2]

Core Points - Hong Kong government has introduced a new company re-domiciliation system to attract global businesses, officially implemented on May 23, 2024 [2] - The new regulation allows foreign companies to relocate their registered office to Hong Kong while maintaining their legal identity and business continuity [4][6] - The re-domiciliation process is one-way, permitting only foreign companies to move to Hong Kong, not the other way around [4] Summary of the Re-domiciliation System - The re-domiciliation system simplifies the process for overseas companies to change their registered location to Hong Kong without the need for complex procedures like liquidation [4][6] - Companies can retain their existing contracts, debts, and corporate structure, effectively just changing their registered address [4][6] Advantages of Re-domiciliation - **Tax Optimization**: Companies can apply for unilateral tax credits for profits already taxed abroad, avoiding double taxation, and there is no stamp duty involved in the re-domiciliation process [7] - **Equal Treatment**: Companies that re-domicile will automatically receive the same legal status as local Hong Kong companies [7] - **Operational Continuity**: Companies can keep their original name and business registration number, ensuring a seamless transition [7] Eligibility and Requirements - Eligible company types include public and private limited companies, and companies must maintain their original type post-re-domiciliation [8] - Basic eligibility conditions include a clean legal record, operational history of at least one fiscal year, and financial health to cover upcoming debts [8] - Member consent is required for the re-domiciliation, with at least 75% approval needed if no specific provisions exist in the original jurisdiction [8] Application Process - The application involves preparing statutory forms, governance documents, and financial statements, with a standard processing time of approximately 14 working days [20] - Additional requirements apply for financial institutions, which must engage with regulatory bodies prior to re-domiciliation [22] Compliance Post-Re-domiciliation - Companies must submit proof of deregistration from their original jurisdiction within 120 days of receiving the re-domiciliation certificate [24] - Establishing a registered office in Hong Kong and appointing a licensed company secretary are mandatory for compliance [26] Strategic Implications - The re-domiciliation mechanism provides a significant opportunity for companies to restructure their global operations in response to international tax reforms and compliance simplifications [27]