Hong Kong introduces new onshoring funds reimbursement scheme of HK$1million

Investment managers who successfully incorporated an OFC or re-domiciled a non-Hong Kong fund corporation to Hong Kong as an OFC on or after 10 May 2021.

The grant amount will cover expenses payable to Hong Kong-based service providers in relation to the incorporation or re-domiciliation of an OFC, each application is equivalent to 70% of the eligible expenses, subject to a cap of HK$1 million per OFC and a maximum of three OFCs per investment manager.

Examples of eligible expenses include:

• Law firms or legal advisers, including drafting of legal documents and offering documents of the OFC
• Auditors, accountants or tax advisers for accounting and/or tax services
• Fund administrators, corporate service providers or company secretaries for incorporation or re-domiciliation services
• Regulatory consultants
• Listing agents in the case of listed OFCs

• Audit fees paid to accounting firms in relation to the OFC annual audit review
• Statutory fees such as registration or application fees to the SFC for licensing or registration of an Investment Manager

The formal applications must be submitted to the SFC within three months from the date of the certificate of incorporation or certificate of re-domiciliation.

The grant may be clawback if the OFC commences winding-up or applies for termination of registration within two years from the date of incorporation or re-domiciliation.