The Secretary for Financial Services and the Treasury Promotes Re-Domiciliation and Investment Opportunities During Toronto Visit

SFST urges Toronto companies to re-domicile

The Secretary for Financial Services and the Treasury, Mr Christopher Hui, continued his visit to Toronto, Canada, on May 27 (Toronto Time).

He visited two Canada-based insurance companies that have extended their business to Hong Kong. Mr Hui met separately with the President and Chief Executive Officer, Mr Phil Witherington, and the Chief Financial Officer, Mr Colin Simpson, of Manulife; as well as the Executive Vice-President and Chief Financial Officer, Mr Tim Deacon, and the Executive Vice-President and Chief Strategy and Enablement Officer, Ms Linda Doughety, of SunLife. He introduced them to the newly enacted legislation on re-domiciliation of companies, encouraging them to consider re-domiciling their companies to Hong Kong to enjoy the relevant legal and taxation convenience, as well as to lower their compliance costs for satisfying two sets of regulatory requirements. He also mentioned that on the very first day the company re-domiciliation regime came into effect last Friday, an international insurance group immediately announced its plan to re-domicile its company to Hong Kong. This news was the best testament to the regime's effectiveness in enhancing companies' operational efficiency, thereby consolidating Hong Kong's position as a leading international financial centre.

Under the new regime, non-Hong Kong-incorporated companies may apply to re-domicile to Hong Kong if they fulfil requirements concerning company background, integrity, member and creditor protection, solvency, etc, while maintaining their legal identity as a body corporate to ensure business continuity. If the company's actual similar profits are also taxed in Hong Kong after re-domiciliation, the Government will provide the company with unilateral tax credits to eliminate double taxation.

Mr Hui pointed out that Hong Kong has a strong foundation in investment and trade, making it an ideal location for global enterprises to access insurance, reinsurance and risk management services, as well as to establish captive insurers. There are vast opportunities for insurance companies in Hong Kong.

At noon, Mr Hui attended a business luncheon organised by the Hong Kong Economic and Trade Office (Toronto), Invest Hong Kong (Canada) and the National Club. He gave a presentation themed "Hong Kong as an anchor of stability amid the changing world" to showcase to the attending financial leaders the stellar figures recorded in the financial market, and banking and monetary markets. He also talked about the Government's efforts in aligning with international standards and boosting the development of green and sustainable finance and the virtual asset market. He said that, with its competitive advantages and proactive measures, as well as the stability and predictability of its financial market, Hong Kong has been earning the confidence of global investors. Mr Hui also had a fireside chat with the President of the National Club, Mr Arnie Guha, and answered questions from the floor. The luncheon was well received. Participants were attracted by the various new developments in Hong Kong's financial markets introduced by Mr Hui.

In the afternoon, Mr Hui met with the Chief Executive Officer of the Ontario Securities Commission (OSC), Mr Grant Vingoe, and OSC representatives. The Securities and Futures Commission of Hong Kong entered into a Memorandum of Understanding with the OSC in mid-May to include Ontario of Canada in its list of acceptable inspection regimes for strengthening the regulatory collaboration and exchange of information between the two regulators. Both Mr Hui and Mr Vingoe agreed that in today's shifting global landscape, collaboration with trusted allies would ensure capital markets remain robust and resilient.

In the evening, Mr Hui had a dinner meeting with the President of the Hong Kong-Canada Business Association (HKCBA) (Toronto Chapter), Mr Joseph Chaung, and board members to brief them on the latest developments and future direction of Hong Kong's financial market. The HKCBA has members in eight Canadian cities to foster bilateral trade.

Mr Hui also paid a courtesy call to the Consul-General of the People's Republic of China in Toronto, Mr Luo Weidong. Bothexpressed their anticipation that Hong Kong, with the support of the nation and its solid foundation and forward-looking measures in financial areas, will engage in more co-operation with Canada.

On May 28 (Toronto Time), Mr Hui will travel to Ottawa to meet with government financial officials.

SFST urges Toronto companies to re-domicile Source: HKSAR Government Press Releases

SFST urges Toronto companies to re-domicile Source: HKSAR Government Press Releases

SFST urges Toronto companies to re-domicile Source: HKSAR Government Press Releases

SFST urges Toronto companies to re-domicile Source: HKSAR Government Press Releases

SFST urges Toronto companies to re-domicile Source: HKSAR Government Press Releases

SFST urges Toronto companies to re-domicile Source: HKSAR Government Press Releases

SFST urges Toronto companies to re-domicile Source: HKSAR Government Press Releases

SFST urges Toronto companies to re-domicile Source: HKSAR Government Press Releases

EDB reminds parents to choose primary schools under Central Allocation process for their children

The Education Bureau (EDB) today (January 12) reminded parents that children who have joined the Primary One Admission (POA) System for 2026 but have not yet secured a discretionary place can take part in the Central Allocation process for a Primary One (P1) place in a government or aided primary school. Parents concerned should make their choice of schools within the period from January 19 to 25.

Digitalisation of POA

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In line with the Smart Government strategy, the EDB has fully implemented digitalisation of the POA. Parents who have registered as POA e-Platform (ePOA) users and have bound their account to "iAM Smart+" may submit the Choice of Schools Form for Central Allocation from January 19 to 25 through the ePOA. Please refer to the related videos and Parent's Guide on the EDB's website (www.edb.gov.hk/en/edu-system/primary-secondary/spa-systems/primary-1-admission/poa_eplatform/index.html) for details of the procedures for activating and logging into an ePOA account and for making school choices for the Central Allocation of POA via the e-Platform.

Making school choices at Central Allocation Centres

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The EDB will send letters to parents on January 14 inviting them to make their choice of schools. To cater for the needs of different parents, parents can still submit the Choice of Schools Form in paper form by visiting the designated Central Allocation Centre at the suggested time slot (i.e. 9.30am to 12.30pm or 1.30pm to 4.30pm on January 24 (Saturday) or 9.30am to 12.30pm on January 25 (Sunday)) stated in the letter.

Parents who are ePOA users may choose to submit the Central Allocation Application via the ePOA or in paper form to the Central Allocation Centre but should not submit duplicate applications. Parents who have not yet received the letter by January 19 should call the School Places Allocation Section of the EDB (Hotline: 2832 7700) as soon as possible.

Only one parent of an applicant child is required to complete the school choice-making procedures. Parents are advised not to take their children to the Central Allocation Centre if possible. Parents who cannot make school choices within the suggested time slot can go to the designated Central Allocation Centre from 1.30pm to 4.30pm on January 25. The Choice of Schools Form will be sent together with the letter to parents who have submitted a paper Application Form at the Discretionary Places stage for filling out in advance.

In the event of adverse weather or other special conditions on any day during the period of making school choices, please pay heed to radio or television announcements on the relevant special arrangements.

Unable to submit application within specified choice-making period

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For individual parents who are unable to use the ePOA or go to the Central Allocation Centre to make school choices, they can authorise in writing a representative to bring the completed Choice of Schools Form and their signed Letter of Authorisation to the Central Allocation Centre to proceed with the related procedures.

To apply for POA 2026 for their children after January 25, parents need to complete necessary procedures with the School Places Allocation Section, which will separately arrange P1 places for the applicant children in June.

Change of residential address

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An EDB spokesman reminded parents that, if they have recently moved their residence or have such plans in the near future, they are required to inform the School Places Allocation Section as soon as possible so that they can make school choices in the POA School Net where their new home is located. Parents should fill in the actual residential address of their child. If they provide a false address for securing a P1 place, the POA application of their child will be rendered void and the P1 place allocated will be withdrawn.

The EDB has put in place a monitoring mechanism to verify the residential addresses of applicant children as given by the parents. Random checks have also been stepped up. The public may call the School Places Allocation Section to report suspected cases of using a false address by parents for their children's POA application. The EDB will take action against false address cases.

Mechanism of Central Allocation

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Central Allocation is composed of two parts. Part A, which takes up 10 per cent of the P1 places earmarked for Central Allocation, is for unrestricted school choices. Parents can choose up to three government or aided primary schools in any school net. Part B takes up the remaining 90 per cent of the P1 places earmarked for Central Allocation. Parents of applicant children residing in the school net concerned are to select schools from the "Choice of Schools List for Central Allocation (Primary One Admission 2026)" of their school net, while parents of applicant children who intend to commute daily to schools in Hong Kong are to select schools from the "2026 Choice of Schools List for Central Allocation (For Applicant Children who intend to commute daily to schools in Hong Kong)". Parents should fill in the Choice of Schools Form in the order of their preference.

The mechanism of the Central Allocation is based on parents' choices in general. The computer-programmed allocation will first process the school choices in Part A and then the school choices in Part B. For oversubscribed schools, the order of priority in allocating places will be determined by random numbers generated by the computer for individual applicants to ensure fairness.

For information about the procedures for Central Allocation, please call the EDB's 24-hour automatic telephone enquiry service at 2891 0088.

Release of Central Allocation results

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For parents who have already activated their ePOA account via "iAM Smart" or "iAM Smart+", they will receive their Central Allocation results through the ePOA from 10am on June 3. Parents who wish to receive the allocation results via SMS on June 3 may choose such an option in the Choice of Schools Form. In addition, the allocation results will be sent to parents by post on June 3 and 4.

Source: AI-found images