On the first day that the Hong Kong Special Administrative Region’s company redomiciliation regime opened for business, it greeted its first application — from a major insurance company.

AXA Hong Kong and Macao on Friday announced its plan to redomicile AXA China Region Insurance Company (Bermuda) (ACRIB) from Bermuda to Hong Kong, subject to regulatory approvals. Upon completion of the process, ACRIB will be renamed AXA China Region Insurance Company (Hong Kong).

This process will not impact the continuity of ACRIB's legal entity, organizational structure, or daily operations. The existing rights and obligations of its policyholders, distributors or business partners with ACRIB will remain unaffected, and all existing agreements and commitments will continue with full force and effect.

“This is a significant step forward in deepening our roots in Hong Kong and simplifying our reporting and compliance processes. I firmly believe it will provide strategic advantages that position us for long-term success in Hong Kong as a regional insurance hub and a global risk management center,” AXA Greater China Chief Executive Officer Sally Wan said.

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The Insurance Authority, the city’s insurance industry regulator, said it is working closely with interested insurers to assist them in quickly initiating their redomiciliation process under the new regime, and it will issue a circular to provide guidance to authorized insurers considering redomiciliation.

“Their choice of Hong Kong as home base reflects the industry’s efforts to capture the enormous opportunities arising from enhanced connectivity within the Guangdong-Hong Kong-Macao Greater Bay Area,” the IA said.

The SAR said that the continuing uncertainty in the global political and economic situation, and the development of international market regulation, makes Hong Kong's advantages more prominent.

“Redomiciliation to Hong Kong will help enterprises cope with an adverse external business environment; at the same time, redomiciliated companies will become a new development momentum for the local market, consolidating Hong Kong's unique role as a superconnector and super value-adder,” Secretary for Financial Services and the Treasury Christopher Hui Ching-yu said in his Friday blog.

The financial services chief added that the Financial Services and the Treasury Bureau will work with Invest Hong Kong, Hong Kong Exchanges and Clearing and the Economic and Trade Offices to carry out external publicity and promotion to attract major Hong Kong-listed companies and other companies registered overseas to make full use of Hong Kong’s company relocation mechanism.

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“Relocating to Hong Kong can bring many advantages to enterprises, including a more stable business environment, lower compliance costs, more flexible tax arrangements and convenience in future structural reorganization, thereby enhancing the competitiveness and operational efficiency of enterprises in the international market,” said Anthony Lau, a tax partner at Deloitte China.

He adds that Deloitte has seen about 10 clients planning analysis for redomiciliation in Hong Kong.  

Following the passage of the bill last Wednesday, the Companies (Amendment) (No. 2) Ordinance 2025 allows a company incorporated outside Hong Kong to apply to the Companies Registry for redomiciliation to Hong Kong, reducing the need to go through complicated and costly judicial procedures to maintain its legal identity as a body corporate, thereby ensuring business continuity.

Financial Secretary Paul Chan Mo-po announced in the 2024-25 Budget the introduction of a company redomiciliation regime to facilitate non-Hong Kong companies in redomiciliating to Hong Kong, thereby strengthening the city as a global business and financial hub.