The funds market of Hong Kong is well-developed. The Limited Partnership Fund Ordinance (Cap. 637) enacted in 2020 enables private funds to be registered in the form of limited partnerships in Hong Kong, which also fosters the position of Hong Kong as a premiere international asset and wealth management centre.
Accountants play an important role in both Limited Partnership Funds (LPF) and Open-ended Fund Company (OFC). To enable professionals in the field to understand more about the current development of Hong Kong funds from legal, tax and audit perspectives, Mr. Ocean Chan, Managing Partner of CWK Global, and Ms. Evy Wong, Principal Partner of Tax and Advisory Department have participated as speakers in the “A Closer Look at Funds in Hong Kong from Legal, Tax and Audit Perspectives” talk organized by the SCAA. Together with Ms. Fiona Fong, the Financial Services Partner of Deacons, they have shared about the fund structures in Hong Kong and offshore, the tax implications to typical fund structure, criteria for unified fund exemptions and the carried interest exemption, as well as the outline of Auditor’s Report on fund certification of Monetary Authority.