Hong Kong Financial Secretary Extends 70% Incorporation or Re-Domiciled Grant for Open-Ended Fund Companies & REITs in Hong Kong from 2024 May to 2027 May, Grant of Limit of $64,000 for Open-Ended Fund Companies & Limit of $1 Million for REITs, Eligible Expenses Paid to Hong Kong-Based Service Providers
1st May 2024 | Hong Kong
The Hong Kong Financial Secretary has extended the 70% incorporation or re-domiciled grant for open-ended fund companies & REITs in Hong Kong from 2024 May to 2027 May, with grant of limit of $64,000 (HKD 500,000) for open-ended fund companies and limit of $1 million for REITs. The eligible expenses for the grant must be paid to Hong Kong-based service providers. Hong Kong Securities & Futures Commission (SFC, 26/4/24): “The Securities and Futures Commission (SFC) today announces details of the three-year extension of the Government’s grant scheme to subsidise the setting up of open-ended fund companies (OFCs) and real estate investment trusts (REITs) in Hong Kong (Note 1). For OFCs incorporated in or re-domiciled to Hong Kong and SFC-authorised REITs listed on the Stock Exchange of Hong Kong Limited, the extended scheme covers 70% of eligible expenses paid to Hong Kong-based service providers, subject to a cap of $1 million per publicly offered OFC, $500,000 per privately offered OFC and $8 million per REIT. The extended scheme will open for applications starting from 10 May 2024 to 9 May 2027 on a first-come-first-served basis. Detailed eligibility criteria of the scheme are set out in the Attachment. The SFC will update the frequently asked questions and the grant application form in light of the extension. Market participants are welcome to consult the SFC about the extended scheme before making an application (Note 3).”
“ Hong Kong Financial Secretary Extends 70% Incorporation or Re-Domiciled Grant for Open-Ended Fund Companies & REITs in Hong Kong from 2024 May to 2027 May, Grant of Limit of $64,000 for Open-Ended Fund Companies & Limit of $1 Million for REITs, Eligible Expenses Paid to Hong Kong-Based Service Providers “
Christina Choi, the SFC’s Executive Director of Investment Products: “The grant scheme has been well received by the industry since it was first launched by the Government in May 2021. We welcome the extension of the grant scheme by the Government for another three years and believe that it will boost Hong Kong’s competitiveness and development as a preferred fund domicile for the industry.”
Notes:
- The Financial Secretary announced the extension of the grant scheme for three years in the Government’s 2024-25 budget on 28 February 2024.
- Since launch of the grant scheme, the number of registered OFCs in Hong Kong has increased over 20 times to 302 as of end-March 2024, recording a year-on-year increase of 131%.
- Please email to [email protected] or contact the relevant case officers in charge.
Hong Kong Financial Secretary Extends 70% Incorporation or Re-Domiciled Grant for Open-Ended Fund Companies & REITs in Hong Kong from 2024 May to 2027 May, Grant of Limit of $64,000 for Open-Ended Fund Companies & Limit of $1 Million for REITs, Eligible Expenses Paid to Hong Kong-Based Service Providers
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