TD to implement special arrangements for licence renewals before and after Budget Day
The Transport Department (TD) said today (February 11) that to prevent members of the public from rushing to the Licensing Offices to submit renewal applications for expiring or expired vehicle and driving licences before Budget Day, the TD will implement the following arrangements:
- All vehicle licences eligible for renewal on or before Budget Day (February 25), i.e. vehicles that are registered at the time of renewal and have licence expiry dates falling on or before June 24, may be renewed at the present rate (note) for four months or 12 months at any time up to and including June 24;
- All Hong Kong full driving licences and driving instructor's licences eligible for renewal on or before Budget Day (February 25), i.e. those expiring on or before June 24 and those that have expired for less than three years at the time of renewal, may be renewed at the present rate at any time up to and including June 24; and
- The above special arrangements only apply to renewal applications for vehicle licences, Hong Kong full driving licences and driving instructor's licences that meet the conditions above, but not other licensing services.
"Eligible licence holders do not need to rush to the Licensing Offices to submit renewal applications for their vehicle or driving licences on speculation that their fees may increase in the Budget. The special arrangements are not related to the content of the Budget, about which the TD has no information," a spokesman for the TD said.
Note: For electric private cars, the present rate refers to the licence fee structure and levels effective from November 1, 2025. Since the Government provides a four-month grace period fee arrangement for eligible vehicle owners, if their vehicle licences expire on or before February 28, 2026, they may be renewed on or before the licence expiry date at the old fee level in effect before November 1, 2025.
The Transport Department (TD), Photo by Bastille Post
Speech by SFST at Inaugural Family Office Forum "Stewardship in the Chinese Context: Family, Legacy, Future"
Following is the speech by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, at the Inaugural Family Office Forum "Stewardship in the Chinese Context: Family, Legacy, Future" today (February 11):
The Secretary for Financial Services and the Treasury, Mr Christopher Hui, Photo source: reference image
Zhou Li (Deputy Editor-in-Chief of China Daily), ladies and gentlemen, distinguished guests,
Good morning. It is a great privilege to address you today at this Inaugural Family Office Forum. As we work together to position Hong Kong as Asia's premier strategic hub for family offices, we recognise the profound interplay in the Chinese context between family wealth, legacy building, and future planning. Here, wealth stewardship extends beyond financial growth to embrace social responsibility, intergenerational harmony, and lasting impact. Hong Kong is committed to fostering an ecosystem that supports sustainable, responsible, and enduring wealth preservation for families worldwide.
Hong Kong has long been a leading global wealth management centre. As of the end of 2024, total assets under management in our asset and wealth management sector surpassed HK$35 trillion, with more than 54 per cent originating from outside Hong Kong and the Mainland. The private banking and private wealth management business linked to family offices and private trusts reached HK$1,551 billion. Hong Kong ranks as Asia's largest cross-border wealth management centre, and holds the second position in private equity capital under management in Asia after the Mainland. These strengths create a natural, robust platform for family offices to manage, protect, and grow their wealth effectively.
With a long history of expertise in private wealth management, underpinned by the rule of law, world-class professional services, and unparalleled connectivity, Hong Kong is ideally positioned as a trusted base for global high-net-worth families establishing or expanding family offices. Globally, over 2.3 million individuals have a net worth exceeding US$10 million, with more than 36 per cent in Asia. Recent data shows Hong Kong hosts the highest number of ultra-high-net-worth individuals in Asia - over 17 000 - making us a magnet for talent and capital in this space.
In March 2023, we issued the Policy Statement on Developing Family Office Businesses in Hong Kong, outlining targeted measures to build a competitive and supportive ecosystem. These include, among others, a tax concessions regime, the New Capital Investment Entrant Scheme (New CIES), and the establishment of the Hong Kong Academy for Wealth Legacy. As of end-January this year, the New CIES has received over 3 000 applications, with potential investments exceeding HK$90 billion if all approved. More than 1 600 applications have been formally approved, with investments in equities, debt securities, certificates of deposit, eligible collective investment schemes, limited partnership funds, and real estate with certain restrictions in place.
Invest Hong Kong's dedicated FamilyOfficeHK team provides one-stop support for family offices seeking to establish or expand in our market. By the end of last year, the team had assisted more than 200 family offices to set up or grow their presence in Hong Kong.
Building on this momentum, market research just revealed yesterday that Hong Kong now hosts over 3 300 single family offices, an increase of over 25 per cent over a two-year period. We achieved our 2022-25 target of facilitating at least 200 family offices to set up or expand in Hong Kong ahead of schedule. Looking forward, as we plan to further develop the sector, we aim to attract at least 220 more family offices to establish or expand operations here from 2026 to 2028, broadening our reach to include more markets, for example Europe, the Middle East and ASEAN (Association of Southeast Asian Nations). Beyond investments, family offices contribute substantially through other economic and social channels. It is estimated that single family offices in Hong Kong collectively contribute about HK$12.6 billion annually to the local economy through operating expenditure alone, and that they directly employ over 10 000 full-time professionals within their operations.
Over the past two years, proactive promotion and supportive policies have made family offices a vital pillar of Hong Kong's financial ecosystem. The city offers a unique blend of top-tier professional services, an exceptional quality of life, and leadership in emerging areas such as green and sustainable investments, art, culture, and philanthropy. We will continue refining our measures - including further expansion of scope for qualifying investment for the preferential tax regimes offered to funds and single-family offices, covering for example precious metals, loans and private credit investments, and digital assets - to maintain this strong growth trajectory.
Combined with Hong Kong's absence of capital gains tax and estate duty, our tax concession enables families to enhance after-tax returns, preserve wealth across generations, and direct more resources toward philanthropy, legacy-building, and innovative investments. As Asia's leading cross-border wealth hub, Hong Kong provides unmatched tax certainty and access to diverse opportunities.
We have intensified global outreach through roadshows in the Mainland, Europe, and ASEAN. We are also extensively featured in international media, and conduct direct engagement with ultra-high-net-worth individuals. Our flagship Wealth for Good in Hong Kong Summit has been a major success. The March edition last year, themed "Hong Kong of the World, for the World", brought together influential family office principals to explore technology, artificial intelligence, philanthropy, succession planning, and cultural innovation. Preparations are underway for the next Summit in March this year to sustain this momentum, and reinforce Hong Kong's status as the premier global family office hub.
In closing, we warmly invite family offices from around the world to join us in Hong Kong. By leveraging our unique advantages - connectivity to the Mainland and the world, robust infrastructure, and a commitment to stewardship - we can together honour family legacies while shaping a prosperous, sustainable future.
Thank you.
Photo source: reference image
