Global giants may find Hong Kong their preferred base for operations, as the region aggressively pursues this ambition.
In a significant move, Manulife (International), the largest pension provider in Hong Kong, has announced its intention to redomicile to Hong Kong in November. This decision, followed by AXA's local unit in Hong Kong, strengthens the city's position as an international financial centre.
The redomiciliation of these two renowned companies is a response to the changes in global tax laws that have made traditional havens like Bermuda and the Cayman Islands less appealing to international businesses. Hong Kong, with its new re-domiciliation law enacted in May 2025, offers a simplified process that is more attractive for companies to relocate their legal domicile to the city.
The new law allows both private and public companies, including those without an operating business in Hong Kong, to re-domicile. This broad eligibility, coupled with the absence of an economic substance requirement, makes the process cost-effective and preserves the company's legal identity and business continuity.
Manulife's decision to redomicile from Bermuda to Hong Kong underscores the interest of insurance companies in the region, given the large volume of business in Asia. AXA's move reflects the city's increasing attractiveness as a business hub, and their redomiciliation on the first day of implementation of the new law demonstrates confidence in Hong Kong's legal and financial infrastructure.
Hong Kong's role as a bridge to mainland China is a significant factor in attracting global businesses. Analysts note that companies are drawn to Hong Kong because it offers access to the vast Chinese market and beyond. The redomiciliation of Manulife (International) and AXA's local unit in Hong Kong underscores the attractiveness of Hong Kong in this regard.
The redomiciliation of these two companies is a significant development in the city's ongoing efforts to attract international businesses. Hui, the Secretary for Financial Services and the Treasury, has been urging global businesses to redomicile in Hong Kong, and the success of Manulife and AXA's moves may encourage other companies to consider redomiciling in the city.
In conclusion, the combination of a simplified re-domiciliation process, strategic location, and confidence from major players like Manulife and AXA is driving global businesses to consider Hong Kong as their new domicile. The city's appeal as a hub for financial services is growing, making it an exciting time for the future of Hong Kong's financial sector.
The simplified re-domiciliation process in Hong Kong, coupled with its strategic location and access to the vast Chinese market, has made it an appealing destination for international businesses. Manulife's decision to redomicile from Bermuda to Hong Kong and AXA's move follow the enactment of new re-domiciliation laws in May 2025, which offer cost-effective and seamless transitions for companies while preserving business continuity, further strengthening Hong Kong's position as a global business and financial hub.
