The next generation search tool for finding the right lawyer for you. USD125,000). Electricity Charges Subsidy Scheme for Non-residential Customers. One-off subsidies of HK$1 million and HK$200,000 per large and small aircraft registered in Hong Kong respectively. On 24 February 2021, the Financial Secretary of the Hong Kong Special Administrative Region, Mr. Paul Chan Mo-po, delivered the 2021/22 budget speech (Budget).In his speech, the Financial Secretary emphasised that Hong Kong has always been an offshore financing centre for Mainland enterprises and an important conduit for international capital to enter the Mainland market, and that … Nearly 100 qualified projects will be subsidized through this approach, the regulator said. At present, to re-domicile a non-Hong Kong hedge fund or private equity fund, the sponsor will need to set up a new OFC or LPF and transfer the assets and investors from the existing fund to the new fund. US$65,000) otherwise. The subsidy will cover 70% of the expenses paid to Hong Kong professional service providers and will be capped at HK$1 million (approx. February 10, 2021. A subsidy of up to HK$1 million per OFC will be provided by the Hong Kong … Become your target audience’s go-to resource for today’s hottest topics. Proposed Subsidy for OFC Set-up or Re-Domiciliation. In its 2021-22 budget, the Hong Kong Government highlighted its recent proposal for new legislation to facilitate the re-domiciling of offshore based hedge funds and private equity funds back to Hong Kong for registration as Open-Ended Fund Companies (" OFCs ") or limited partnership funds (" LPFs ") and proposed a new subsidy to set-up or re-domicile OFCs in Hong Kong, whether as hedge funds or … Unlike Cayman vehicles, OFCs offer an easier route to capital raising. In addition to being fit for hedge funds, OFCs offer an alternative to structures used for mutual funds, such as the société d'investissement à capital variable (“SICAV”) structure. ... Safeguarding National Security in Hong Kong. In its 2021-22 budget, the Hong Kong Government highlighted its recent proposal for new legislation to facilitate the re-domiciling of offshore based hedge funds and private equity funds … Increasing the stamp duty rate on stock transfers. Hong Kong: Cost subsidies to set up or re-domicile Open-ended Fund Companies announced as part of budget measures. The HK$24 billion package will enhance the … Re-Domiciliation of Hedge Funds and Private Equity Funds. $10,000 cash payout to Hong Kong permanent residents aged 18 or above Reduce salaries tax and tax under personal assessment for 2019-20 assessment year by 100%, subject to ceiling of $20,000; Waive rates of domestic properties for four quarters of 2020-21, subject to a $1,500 ceiling per quarter The HK$24 billion package will enhance the city's anti-epidemic capabilities and assist industries and individuals hard-hit by COVID-19. HONG KONG, May 11, 2021 /PRNewswire/ -- COVID-19 rapid antigen test (RAT) INDICAID ®, developed by Hong Kong biotechnology start-up PHASE Scientific International Limited (PHASE), has … Electronic Consumption Vouchers, Hong Kong Government Measures To Help Employment and Enterprises Electronic Consumption Vouchers In 2021, electronic consumption vouchers that is of HK$5,000 in total value are to be distributed to each eligible Hong Kong permanent resident and new arrival aged 18 or above. If no government subsidy is provided, Company A will be billed $6,000 and $6,500 in March and April 2020 respectively. Secondly, as recently announced, the Hong Kong Government is planning to introduce new legislation to facilitate the re-domicile of foreign domiciled hedge funds and private equity funds back to Hong Kong. If you would like to learn how Lexology can drive your content marketing strategy forward, please email [email protected]. Each eligible retail store will receive a … The 2021-22 Budget. The lawmaker urged the government to provide a subsidy of HK$2,000 to students from low-income families and give HK$50,000 as a relief fund to … Additionally, like SPCs, OFCs segregate assets and liabilities so that a hedge fund with multiple sub-funds can ensure that the assets of one sub-fund will not be available to satisfy the liabilities of another sub-fund. Faced with an extremely challenging economic environment, the Government announced on 4 December 2019 the provision of electricity charges subsidy (“the subsidy”) to each eligible non-residential electricity accounts for 4 months, so as to ease the operating pressure and financial burden of small and medium … Understand your clients’ strategies and the most pressing issues they are facing. The OFC structure offers a domestic Hong Kong alternative to the Cayman segregated portfolio company (“SPC”) and exempted limited company structures that are widely used by hedge fund managers in setting up their funds. There’s unlikely to be a repeat of the HK$10,000 ($1,290) payout given to all Hong Kong residents a year ago, economists said. This Alert summarizes the key features of the Budget. Payments of Government Bills. Like these Cayman structures, OFCs are open-ended vehicles, meaning that investors can subscribe for and redeem shares on an ongoing basis. On 24 February 2021, the Finance Secretary Paul Chan delivered the 2021-22 Budget which highlighted upcoming government initiatives to promote the establishment of and re-domiciliation of offshore funds to Hong Kong using the Hong Kong open-ended fund company structure ( OFC ). How to Start a Hedge Fund in Hong Kong: A Legal Guide, Guide to SFC Enforcement Action: From SFC Investigation Notice to Disciplinary Action, Prosecution & Appeal, Hong Kong: A Checklist to Recovering Monies Transferred as a Result of Email Wire Fraud, Setting Up in Hong Kong: A Guide to Applying for an SFC License, Inside Information and the Market Misconduct Tribunal: A Guide to Defending SFC Enforcement Action. "As Company Secretary, I find these articles very useful and appropriate and also share them with the lawyers and paralegals in the department". On 28 October 2020 “Making the move back to Hong Kong through OFCs”. Gavin Cumming, Timothy Loh. Airport Authority to budget HK$2 billion for further relief measures. Government Responses to Recent Events. The Hong Kong government launched the Retail Sector Subsidy Scheme (the “Scheme”) under the Anti-epidemic Fund (the “Fund”) on March 23, 2020. A one-off subsidy of up to HK$3 million to each aviation support services and cargo facilities operator, depending on the number of employees of such operator. Together with the three other rounds of relief measures introduced this year (namely the first and second rounds of Anti-epidemic Fund of HK$30 billion and … Together, We Fight the Virus! Detailed discussion. Please contact [email protected]. The Hong Kong Government yesterday (28 September) revealed plans to launch a Pilot Subsidy Scheme for Third-party Logistics Service Providers on October 12. First, the Hong Kong Government proposes a subsidy for the setup or redomiciliation of OFCs in Hong Kong. The Hong Kong government’s HK$2 billion subsidy scheme to upgrade charging facilities for electric vehicles (EVs) at private residential buildings opened for … Keep a step ahead of your key competitors and benchmark against them. 2021-5272. This is possible to do but a number of issues may arise on a case by case basis, including the possible need for investor consent, tax issues on the transfer of portfolio assets and equalization of performance fees and carried interest. Cayman vehicles generally require a minimum investment size of US$100,000. Accounts of the Government and Government Reports. © Copyright 2006 - 2021 Law Business Research. Hong Kong announces 2021/22 Budget. A major advantage of using an OFC instead of an SPC for a Hong Kong based hedge fund manager in this respect is that the segregation of assets and liabilities is assured under Hong Kong law, whereas there is ongoing uncertainty as to whether the segregation under Cayman law would be effective in Hong Kong. The Hong Kong Special Administrative Region Government has announced that it will inject a subsidy of slightly more than HK$1 billion (US$130 million) into exhibition and convention business, in an effort to reinvigorate the sector in the face of high-profile event cancellations. The Financial Secretary (FS) announced the 2021/22 Hong Kong Budget (Budget) on 24 February 2021. The proposal would appear to provide a significant incentive for hedge fund managers to setup their new funds in Hong Kong as OFCs. In contrast, OFCs have no minimum investment size when dealing with professional investors and a minimum investment size of only HK$500,000 (approx. Updated: 6:31pm, 11 May, 2021. Entry to Hong Kong during the Fight Against Novel Coronavirus. The proposal recognizes that the vast majority of Hong Kong based hedge fund and private equity fund sponsors use non-Hong Kong fund vehicles and provides a route for them to return to Hong Kong. In his budget speech for the 2021-22 Hong Kong Government budget, the Financial Secretary highlighted 2 important proposals to strengthen Hong Kong’s position as an asset management centre. In his recent 2021-22 Budget Speech, Hong Kong's Financial Secretary confirmed the intended timing for submission of a legislative proposal to allow foreign investment funds to re-domicile to Hong Kong for registration as an Open-ended Fund Company. Questions? Instead, with joblessness … The number of eligible employees in March 2020 (For employers with employees whose wages are fully funded by the Government and have received notification letters from the relevant government departments, eligible employees are those whose wages are not fully funded by the Government.) This will benefit 1.87 million taxpayers and reduce government revenue by $11.4 billion; (b) providing rates concession for domestic properties for four quarters of 2021-22, subject to a ceiling of $1,500 per quarter in the first two quarters and a ceiling of $1,000 per quarter in the remaining two quarters for each rateable property. © Conventus Law 2021 All Rights Reserved. While they wait they are not allowed to work or even do volunteer work and are dependent on subsidies and food vouchers from the government. 18 February 2021, Hong Kong – KPMG forecasts the Hong Kong SAR government will record a HKD 282 billion consolidated budget deficit for the fiscal year 2020/21, the largest deficit in 20 years, mainly driven by subsidies derived from the anti-epidemic funds granted during the year, as well as increased recurring expenditure and reduced tax and land sales revenues. by Fintech News Hong Kong March 1, 2021 Hong Kong digital tech park Cyberport announced that the Fintech Proof-of-Concept Subsidy Scheme , commissioned by the Financial Services and the Treasury Bureau, is now open for applications with the Hong Kong government earmarking HK$10 million for the scheme. Review your content's performance and reach. The FS has proposed an increase in the stamp duty rate on stock transfer transactions from 0.1% to 0.13%, payable by both buyers and … The consumption periods for its bills in March and April 2020 are 20 February 2020 – 20 March 2020 (30 days) and 21 March 2020 – 20 April 2020 (31 days) respectively. Money and talent is leaving Hong Kong. It is not clear to what extent mutual fund managers will look to OFCs as the majority of SFC authorized mutual funds are European UCITS funds and it is unclear whether a subsidy would be sufficient to incentivize the use of OFCs given passport benefits of setting up a fund in Europe. Hong Kong protester ‘raincoat man’ wrote note blaming government, took out life insurance ahead of fatal fall, inquest hears ... 11 May, 2021. The Hong Kong government’s HK$2 billion subsidy scheme to upgrade charging facilities for electric vehicles (EVs) at private residential buildings opened for applications last week, though official figures suggest the city’s adoption of green cars remains lacklustre.In a written reply to the Legislative Council on Wednesday, Secretary for the Environment Wong Kam-sing said the pilot … In Hong Kong, the death toll has remained comparatively low and for this we can commend the impressive actions of the Hong Kong government and people. UPDATE 5: 12 June 2020 – Hong Kong Wage Subsidy Update 5 – Reminder: Deadline to apply for 1st tranche of Employment Support Scheme (ESS) closes on Sunday, 14 June 2020 at 23:59 HKT UPDATE 4: 19 May 2020 – Hong Kong Wage Subsidy Update 4 –Employment Support Scheme (ESS) Application details announced UPDATE 3: 15 May 2020 – Hong Kong Wage Subsidy Update 3 – HK Government … Together with tax incentives for OFCs which are not available to Cayman vehicles, it is clear that the Hong Kong Government is making a concerted effort to encourage not only the formation of new hedge funds as OFCs in Hong Kong but also the re-domiciliation of existing hedge funds as OFCs in Hong Kong. Details of the proposal have yet to be announced. To provide one-off subsidy of $1 million per large aircraft registered in Hong Kong and $200,000 per small aircraft registered in Hong Kong. On 15 September 2020, the Hong Kong government announced the third round of Anti-epidemic Fund. Under the program, the Hong Kong government will provide subsidies for up to 50% of the direct costs related to the deployment of a 5G project, with a cap of HKD500,000 ($64,483). Dispute Resolution - Commercial Litigation, Dispute Resolution - International Arbitration, SFC guidance on the appointment of multiple custodians and custody procedures for open-ended fund companies, Government drives private funds development in 2021 – 0% tax rate for eligible carried interest and re-domiciliation, A revisit of director eligibility and duties for Hong Kong OFCs, New opportunities for type 1 intermediaries to act for Hong Kong OFCs, Making the move back to Hong Kong through OFCs. Hong Kong-owned companies produced about HK$500 billion of manufacturing output in mainland China in 2018, equivalent to nearly 18% of Hong Kong's GDP that year, according to … On 15 September 2020, the Hong Kong government announced the third round of Anti-epidemic Fund. 26 February 2021. 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