Family office policy stated

The Hong Kong government has published a press statement as regards the new upcoming family offices (SFOs) scheme in Hong Kong. Specifically, the government informs of the publication of the „Policy Statement on Developing Family Office Businesses in Hong Kong“, which – according to the government – „sets out its policy stance and measures“ the government plans to take to foster the development of family offices in Hong Kong.
According to the government, family offices shall be able to invest in the following securities (as quoted):
– equities listed in Hong Kong;
– debts issued or fully guaranteed by companies listed in Hong Kong, by the Government, or by other corporations, agencies or bodies wholly or partly owned by the Government;
– subordinated debts issued by authorised institutions; and
– eligible collective investment schemes.
Additionally, the government is evaluating whether or not securities denominated in Renminbi shall also be eligible investments.
Furthermore, the government will review the current tax regulation for family offices (exclusion from profits tax for funds and carried interest) and will expand the application of the profits tax exemption to family-owned investment holding vehicles (FIHVs). It also plans to streamline the rules for the assessment of suitability of „sophisticated or ultra-high-net worth individuals“.
Further planned measures include
– the setup of a new „Hong Kong Academy for Wealth Legacy“;
– the offering of a „talent development service“; or
– the convention and launch of a new „Network of Family Office Service Providers“.
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For more detailed, comprehensive information, please consult the enclosed statement.