The Hong Kong Special Administrative Region Legislative Council passed the Companies (Amendment) (No. 2) Bill 2024 in its third reading on the 14th, facilitating the relocation of companies established in other places to Hong Kong. According to the revised regulations, under the company relocation mechanism, non Hong Kong established companies can apply for relocation to Hong Kong as long as they meet the requirements of company background, integrity, protection of members and creditors, and solvency, while retaining their legal corporate identity and ensuring business continuity. During the process, the company's property, rights, obligations, and legal liabilities, as well as related contracts and legal procedures, are not affected. If the actual similar profits of a company are also taxed in Hong Kong after its registration is relocated, the SAR government will provide unilateral tax credits for the company to eliminate double taxation. Generally speaking, relocated companies are considered equivalent to companies established in Hong Kong, enjoying the same rights as locally established companies of the same type, and must comply with the provisions of the Companies Ordinance. The Secretary for Financial Services and the Treasury of the Hong Kong Special Administrative Region Government, Mr. Hui Cheng yu, stated that the revised regulation establishes a simple and convenient mechanism for companies to relocate their registration. This not only meets the needs of companies established in other places with their main business in Hong Kong but also helps Hong Kong actively attract investment and increase investment and job opportunities. The revised regulations will come into effect on May 23rd, and the company relocation mechanism will also accept applications from the same day. (New Society)