Hong Kong has introduced a bill that aims to reduce by half the profits tax on captive insurers, Tax-News reported.
K.C. Chan, secretary for Financial Services and the Treasury, said "with a sound regulatory regime and a broad talent pool, Hong Kong is well positioned to establish itself as a center for captive insurance."
The bill will be presented for first reading on Jan. 8 2014. The move comes as many companies in Asia show interest in running their own captive insurers.