Hong Kong has amended its Banking Ordinance to give financial institutions stronger legal backing to share information on suspected scams, money laundering, and terrorist financing—an upgrade regulators say will improve efficiency in tackling financial crime and reduce costly system disruptions caused by fraud. The Banking (Amendment) Ordinance 2025 introduces a “safe harbour” provision that protects…
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Hong Kong has been recognized as a “pivotal global financial hub” and international asset management center, joining Shanghai, Singapore, Sydney, and Dubai as one of the five new wealth hubs. The city stands out for its regulatory frameworks, capital markets, and connectivity to the Chinese mainland. This designation is based on six core areas that…
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A multi-country central bank digital currency (CBDC) project involving mainland China, Hong Kong, Thailand, and the United Arab Emirates has achieved a significant milestone by launching its minimum viable product (MVP) platform.This platform will serve as a testing ground for various use cases in cross-border transactions. As Project mBridge enters the MVP stage, the involvement…
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When discussing employment in Hong Kong, it’s crucial to consider the subject of handbooks and policies. Employment handbooks are typically used to govern employee behavior and are generally non-contractual. However, breaches of these policies may lead to termination, depending on the wording of the policy and the severity of the situation. Employment handbooks usually include…
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The two cities will leverage their competitive advantages to boost financial cooperation. Representatives from Hong Kong and Shanghai recently convened the ninth Working Meeting of Hong Kong-Shanghai Financial Cooperation, identifying areas for collaboration to strengthen the financial ties between the two cities.During the conference, Hong Kong’s Secretary for Financial Services & the Treasury, Christopher Hui,…
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To establish a branch of a non-Hong Kong company in Hong Kong, you must submit an application for registration to the Registrar and the Commissioner of Inland Revenue within one month of establishing a place of business in Hong Kong. Registration with the Registrar may not be necessary if the branch office is not used…
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Under the Basic Law, Hong Kong maintains its status as a common law jurisdiction, a commitment reaffirmed as a long-term state policy by President Xi during his last visit in 2022. The advantages and benefits of preserving the common law system in Hong Kong are evident. The common law system has been instrumental in shaping…
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The Hong Kong International Arbitration Centre (HKIAC) is a dispute resolution institution based in Hong Kong, which specialises in administering arbitrations, adjudications, domain name dispute resolutions, and mediations. “Hong Kong International Arbitration Centre (HKIAC): Safeguarding Disputes with Expertise and Independence” Established in 1985 by prominent business figures and professionals, HKIAC stands as a premier institution…
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On 15 September 2023, the Hong Kong Inland Revenue released Advance Ruling Case No. 70, addressing the economic substance requirement outlined in section 15K of the Inland Revenue Ordinance (IRO) under Hong Kong’s new Foreign-Sourced Income Exemption (FSIE) regime. This regime, established by the Inland Revenue (Amendment) (Taxation on Specified Foreign-sourced Income) Ordinance 2022, deems…
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