| Type | Statutory organisation |
|---|---|
| Founded | 1966 |
| Headquarters | 2/F., Tower 1, South Seas Centre, 75 Mody Road, Tsimshatsui East, Kowloon, Hong Kong |
Key people | Terence Chiu Man-chung, Commissioner Dennis Ng Wang-pun, Chairman |
| Website | hkecic.com |
The Hong Kong Export Credit Insurance Corporation was established in 1966 under the Hong Kong Export Credit Insurance Corporation Ordinance (Chapter 1115) and is a 'public body' under the Prevention of Bribery Ordinance. It was created by statute with the aim of encouraging and supporting export trade by providing Hong Kong exporters with insurance protection against non-payment risks arising from commercial and political events. Its contingent liability under contracts of insurance is guaranteed by the Government of the Hong Kong Special Administrative Region, with the statutory maximum liability currently standing at $55 billion. The Corporation is required to operate in accordance with the requirements laid down in the Hong Kong Export Credit Insurance Corporation Ordinance and to pursue a policy directed towards securing revenue sufficient to meet all expenditure properly chargeable to its revenue account.
The Hong Kong Export Credit Insurance Corporation (HKECIC) is a statutory organisation governed by the Hong Kong Export Credit Insurance Corporation Ordinance (Chapter 1115) (HKECIC Ordinance). The Corporation is committed to high standards of corporate governance and stresses integrity, accountability and transparency in its corporate governance framework.
In the general consideration of its insurance and investment-related business, the Corporation is advised by an Advisory Board. Membership includes leaders from the finance, insurance, trade and services sectors and government officials.
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A corporation is an organization—usually a group of people or a company—authorized by the state to act as a single entity and recognized as such in law for certain purposes. Early incorporated entities were established by charter. Most jurisdictions now allow the creation of new corporations through registration. Corporations come in many different types but are usually divided by the law of the jurisdiction where they are chartered based on two aspects: by whether they can issue stock, or by whether they are formed to make a profit. Depending on the number of owners, a corporation can be classified as aggregate or sole.
The economy of Hong Kong is a highly developed free-market economy. It is characterised by low taxation, almost free port trade and a well-established international financial market. Its currency, called the Hong Kong dollar, is legally issued by three major international commercial banks, and is pegged to the US dollar. Interest rates are determined by the individual banks in Hong Kong to ensure that they are market driven. There is no officially recognised central banking system, although the Hong Kong Monetary Authority functions as a financial regulatory authority.
Business is the activity of making one's living or making money by producing or buying and selling products. It is also "any activity or enterprise entered into for profit."
A partnership is an arrangement where parties, known as business partners, agree to cooperate to advance their mutual interests. The partners in a partnership may be individuals, businesses, interest-based organizations, schools, governments or combinations. Organizations may partner to increase the likelihood of each achieving their mission and to amplify their reach. A partnership may result in issuing and holding equity or may be only governed by a contract.
The Kowloon-Canton Railway Corporation is a Hong Kong wholly government-owned railway and land asset manager. It was established in 1982 under the Kowloon-Canton Railway Corporation Ordinance for the purposes of operating the Kowloon–Canton Railway (KCR), and to construct and operate other new railways. On 2 December 2007, the MTR Corporation Limited (MTRCL), another railway operator in Hong Kong, took over the operations of the KCR network under a 50-year service concession agreement, which can be extended. Under the service concession, KCRC retains ownership of the KCR network with the MTRCL making annual payments to KCRC for the right to operate the network. The KCRC's activities are governed by the KCRC Ordinance as amended in 2007 by the Rail Merger Ordinance to enable the service concession agreement to be entered into with the MTR Corporation Limited.
The Hongkong and Shanghai Banking Corporation Limited, commonly known as HSBC, was the parent entity of the multinational HSBC banking group until 1991, and is now its Hong Kong-based Asia-Pacific subsidiary. The largest bank in Hong Kong, HSBC operates branches and offices throughout the Indo-Pacific region and in other countries around the world. It is also one of the three commercial banks licensed by the Hong Kong Monetary Authority to issue banknotes for the Hong Kong dollar.
The Election Committee is a Hong Kong electoral college, the function of which is to select the Chief Executive (CE) and, since 2021, to elect 40 of the 90 members of the Legislative Council. Established by Annex I of the Basic Law of Hong Kong which states that "the Chief Executive shall be elected by a broadly representative Election Committee in accordance with this Law and appointed by the Central People's Government ." It is formed and performs its selection function once every five years, even in the event of a CE not completing their term. The membership of the Election Committee was expanded to 1,500 under the massive overhaul of the electoral system in 2021. The Election Committee has been criticised for its "small-circle" electoral basis and its composition favouring pro-Beijing and business interests.
The Customs and Excise Department (C&ED) is a government agency responsible for the protection of the Hong Kong Special Administrative Region against smuggling; the protection and collection of revenue on dutiable goods on behalf of the Hong Kong Government; the detection and deterrence of drug trafficking and abuse of controlled drugs; the protection of intellectual property rights; the protection of consumer interests; and the protection and facilitation of legitimate trade and upholding Hong Kong's trading integrity.
An export credit agency or investment insurance agency is a private or quasi-governmental institution that acts as an intermediary between national governments and exporters to issue export insurance solutions, guarantees for financing. The financing can take the form of credits or credit insurance and guarantees or both, depending on the mandate the ECA has been given by its government. ECAs can also offer credit or cover on their own account. This does not differ from normal banking activities. Some agencies are government-sponsored, others private, and others a combination of the two.
The Hong Kong Science and Technology Parks Corporation (HKSTP) is a public corporation set up by the Hong Kong Government in 2001 to foster the development of innovation and technology in Hong Kong.
Salaries tax is a type of income tax that is levied in Hong Kong, chargeable on income from any office, employment and pension for a year of assessment arising in or derived from the territory. For purposes of calculating liability, the period of assessment is from April 1 to March 31 of the following year.
In Hong Kong, profits tax is an income tax chargeable to business carried on in Hong Kong. Applying the territorial taxation concept, only profits sourced in Hong Kong are taxable in general. Capital gains are not taxable in Hong Kong, although it is always arguable whether an income is capital in nature.
A statutory corporation is a government entity created as a statutory body by statute. Their precise nature varies by jurisdiction, thus, they are statutes owned by a government or controlled by national or sub-national government to the extent provided for in the creating legislation.
Commissioner of Inland Revenue v George Andrew Goepfert, also known as the Goepfert case, is a leading Hong Kong tax case, affecting jurisprudence relating to the territory's salaries tax.
Under Article 108 of the Basic Law of Hong Kong, the taxation system in Hong Kong is independent of, and different from, the taxation system in mainland China. In addition, under Article 106 of the Hong Kong Basic Law, Hong Kong has independent public finance, and no tax revenue is handed over to the Central Government in China. The taxation system in Hong Kong is generally considered to be one of the simplest, most transparent and straightforward systems in the world. Taxes are collected through the Inland Revenue Department (IRD).
The Securities and Futures Commission (SFC) of Hong Kong is the independent statutory body charged with regulating the securities and futures markets in Hong Kong. The SFC is responsible for fostering an orderly securities and futures markets, to protect investors and to help promote Hong Kong as an international financial centre and a key financial market in China. Even though it is considered to be a branch of the government, it is run independently under the authorisation of the laws relating to Securities and Futures.
The Bank of Canada Act is a statute that sets out the governance structure and powers of the Bank of Canada, which was created in 1934 as Canada's central bank.
Hong Kong insolvency law regulates the position of companies which are in financial distress and are unable to pay or provide for all of their debts or other obligations, and matters ancillary to and arising from financial distress. The law in this area is now primarily governed by the Companies Ordinance and the Companies Rules. Prior to 2012 Cap 32 was called the Companies Ordinance, but when the Companies Ordinance came into force in 2014, most of the provisions of Cap 32 were repealed except for the provisions relating to insolvency, which were retained and the statute was renamed to reflect its new principal focus.
An open-ended fund company is an open-ended collective investment scheme structured in the form of a company with limited liability and variable share capital. An OFC provides flexibility for investors to trade their interests in the fund through the creation, redemption and cancellation of shares. OFCs could be set up as public or private funds in Hong Kong.
The Companies Registry is a government department under the Financial Services and the Treasury Bureau of the Government of Hong Kong. Its responsibilities include the registration of Hong Kong companies and non-Hong Kong companies under the Companies Ordinance, open-ended fund companies under the Securities and Futures Ordinance and limited partnership funds under the Limited Partnerships Funds Ordinance. It administers the licensing regime for trust and corporate service providers under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance as well as the licensing regime for money lenders under the Money Lenders Ordinance.
