A unit of PetroChina Investment (Hong Kong) has become the first approved company to reincorporate in the city under a new law, with the government highlighting the high number of inquiries it has received from companies seeking to redomicile.
The Financial Services and the Treasury Bureau (FSTB) said on Wednesday that the PetroChina Investment unit received a certificate of re-domiciliation from the Companies Registry.
This marks the first such case after the government introduced the company re-domiciliation regime in May, making it easier for firms to reincorporate without any changes to their business operations and listing status.
Previously, a company that wanted to move its domicile had to dissolve its existing entity overseas and shift all assets and transactions to a new firm in Hong Kong, a complicated and costly process.
Redomiciling to Hong Kong helped streamline its corporate structure and enhance operational efficiency, and allowed it to benefit from the city’s simple tax regime and high-quality professional services, PetroChina Investment (Hong Kong) said.
Christopher Hui Ching-yu, Secretary for Financial Services and the Treasury, said the Companies Registry had completed the approval process within two weeks of receiving all required documents and information from the firm.
