The Inland Revenue Department has launched three new tax portals aimed at streamlining services for individuals, businesses, and tax representatives, the department announced on Tuesday. The Individual Tax Portal allows taxpayers to file returns, update personal information, and view their tax positions. It is also accessible via the department’s mobile app, eTAX. The Business Tax…
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As the appeal of traditional tax havens such as Bermuda and the Cayman Islands declines, Hong Kong is positioning itself as a new destination for global multinationals seeking favorable incorporation environments. Historically, low or zero corporate tax rates and the absence of estate duties made jurisdictions like Bermuda, the Cayman Islands, and the British Virgin…
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Digitalisation has brought numerous benefits, including the convenience of digital payments and online shopping. However, the surge in digital activity has also enabled fraud and scams to proliferate on an unprecedented scale. According to the Hong Kong Police Force, over 44,000 cases of deception were recorded in 2024 — a fourfold increase over the past…
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Under Hong Kong’s revised Enhanced Supplementary Labour Scheme (ESLS), which took effect on 17 June, employers seeking to hire foreign workers for technician-level or lower positions must now wait six months before reapplying—unless it’s a contract renewal. The updated rules cap imported worker contracts at two years, reinforcing the government’s aim to provide greater job…
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The central banks of Hong Kong and mainland China have officially launched Payment Connect, a new cross-border payment infrastructure aimed at enabling faster, more efficient financial transactions between the two markets. Launched on 22 June 2025, the initiative links China’s Internet Banking Payment System (IBPS) with Hong Kong’s Faster Payment System (FPS). The result is…
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HSBC and Mastercard have announced the launch of Hong Kong’s first mobile virtual corporate card for commercial customers. Starting 19 June 2025, eligible HSBC commercial clients enrolled in the HSBC Virtual Mastercard Programme will gain access to new digital wallet compatibility for virtual cards. Through the Virtual Card Portal, businesses can instantly issue virtual cards…
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The US government has refused to rule out the possibility of delisting Chinese companies from American stock exchanges—an outcome that remains both legally and technically viable. Amid an increasingly complex geopolitical landscape, Hong Kong is emerging as a natural alternative for mainland Chinese firms seeking international capital. Bankers suggest that renewed US pressure could bolster…
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HONG KONG, June 2025 — The Legislative Council has passed the Banking (Amendment) Bill 2025, ushering in a new legal framework that empowers banks to voluntarily share account information with law enforcement authorities under defined conditions. The move aims to bolster efforts to detect and prevent financial crimes, including money laundering and terrorist financing. Under…
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HONG KONG — 4 June 2025 — In a strategic move to solidify its status as a leading global financial hub, Hong Kong has officially launched a new company re-domiciliation regime, enabling non-Hong Kong-incorporated companies to relocate their registration to the city while preserving their legal identity and operational continuity. The regime, which came into…
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