23 July 2021
The Government published in the Gazette on 2 July 2021 the Securities and Futures (Amendment) Bill 2021 and the Limited Partnership Fund and Business Registration Legislation (Amendment) Bill 2021 (the "Bills") which provide a mechanism for foreign investment funds to re-domicile and register in Hong Kong as Open-ended Fund Companies ("OFC") or Limited Partnership Funds ("LPF"). The Bills will come into operation on 1 November 2021.
The Bills ensure that the continuity of the fund is preserved upon re-domiciliation, including but not limited to making clear that the re-domiciliation does not operate to affect any contract made, property acquired by the non-Hong Kong fund nor create a new legal entity.
Please refer to our client alert "The Home Return Permit for your Foreign Funds" for a summary of the application mechanism to re-domicile in Hong Kong as OFC or LPF.
For further information, please contact:
Penelope Shen, Partner, Stephenson Harwood
Penelope.Shen@shlegal.com
