Impact of China Security Law on Hong Kong Offshore Companies

[Jmeery1]

Is it still safe to use Hong Kong as a holding company and for banking?

Now that China is asserting control, does this mean that there could be long term consequences for Hong Kong companies?

For example, if a HK company sells a US investment?

Transferring funds from HK banks to other countries?

Considering switching everything to Singapore but it would be a time consuming and expensive exercise. The question is whether it is overkill or prudent.

Thoughts?

 

[Martin Everson]

China's action could draw anger of present US administration sadly. That would mean banks and EMI's outside asia could ditch HK company business accounts as they de-risk. HK would become high risk jurisdiction for FI's outside asia sadly.

Hopefully this US aggression towards anything China comes to an end with next adminstration. I would 100% switch to Singapore now if you have no business activity in HK. However if your in HK business wise at least have a plan b as you don't want to be the last one out.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.