After 20 years of operation it is with a pinch in the heart that PROMINEE® is closing its operation in Hong Kong. Hong Kong operations had started in 2005, even before the brand PROMINEE® was born.

What is reason of this decision?

The electronic Mandatory Provident Fund (eMPF) rollout does not support passport registrations and requires local Hong Kong Identity Cards (HKID) only.

Over the last 20 years PROMINEE® saw an increase in regulations in Hong Kong, especially:

• The creation of a Trust & Company Service Providers (TCSP) license from 2018 ;
• The closure of new Unlimited Companies to foreigners from 2018 ;
• The centralization of all pensions into the eMPF from 2025 ;
• The increase of electronic identification usage through iAM Smart: it is fine to have a digital policy but do not close it to foreigners.

The Hong Kong of today became an ugly beast from the Hong Kong beauty it was 20 years ago. Hong Kong does not want nor need foreigners anymore: when you push them away or forget about them they leave. In fact many Hong Kongers have left too: they give their time, capital, and brain to other welcoming countries!

The key take-away for you as the reader: the choice of a jurisdiction is never forever, and one should always plan for: exit, relocation, re-domiciliation, re-domestication, and migration of operations.

Good Bye Hong Kong//~.