X
    X
    X
    X

    Hong Kong: Government Urged to Help Develop and Promote the Maritime Industry

    Publications

    The Hong Kong Federation of Insurers presented a study report on How to Position Hong Kong as a Maritime Centre for the Asia-Pacific Region to the Hong Kong Maritime Industry Council on 29 April 2013 (Report).

    The Report provides a detailed analysis of the current position and challenges of Hong Kong’s maritime services and makes reference to the experience of London, Singapore and Shanghai. A number of suggestions are made in the Report for enhancing the competitiveness and attractiveness of Hong Kong as an international maritime centre (IMC).

    These suggestions include:

    1. to provide tax incentives and tax exemption schemes to encourage the development of Hong Kong as an IMC by attracting companies to set up their offices in Hong Kong;
    2. to join the ASEAN-China Free Trade Area agreement and speed up ratification of dual tax agreements (DTA) with ASEAN countries and other major trading partners;
    3. to focus beyond port infrastructure and related logistics business to maritime services generally and in particular ship finance and maritime insurance;
    4. to establish an admiralty court in Hong Kong and encourage more mainland companies to arbitrate domestic disputes in Hong Kong;
    5. to attract and attain talent through training programmes and preferential immigration policies.

    Hong Kong’s maritime industry hopes that the Government will negotiate with the mainland Government to designate Hong Kong as a “Tier 2” reinsurance region with higher priority for maritime reinsurance cession in China and introduce double tax deduction to encourage local placement of insurance by Hong Kong shippers/exporters.

    A copy of the full Report can be found here.

    (Source)

    Explore Additional Topics

    Disclaimer

    Please understand that your communications with Locke Lord LLP through this website do not constitute or create an attorney-client relationship with Locke Lord LLP. Any information you send to Locke Lord LLP through this website is on a non-confidential and non-privileged basis. Therefore, do not send or include any information in your email that you consider to be confidential or privileged.