firm or firms or with other British institutions.
We have
dropped the requirement envisaged in the Explanatory Note that
such service should have been continuous.
Mr Speaker, we have considered very carefully how a "British
firm" should be defined for the purpose of awarding these points.
Adopting a narrow definition, restricted for example to firms
with headquarters registered in the UK,
registered in the UK, would have rendered
ineligible some of the major firms in Hong Kong who are generally
regarded as British and who have extensive trading links with
this country going back over many years. Looking therefore to
the wider interests of Hong Kong, we have used the term "British
undertaking" in the Order and defined it as
a company or firm
which the Governor is satisfied has a close connection with the
UK. In reaching his decisions, he will be assisted by a
committee in which our Senior British Trade Commissioner in Hong
Kong is expected to play a leading part.
There have been some other minor adjustments to the detailed
criteria for the award of points under the "connections with the
UK" heading. It is now proposed that further education in the
UK should qualify for five points if it has lasted for two,
rather than three, years. The Governor felt, on reflection, that
£200,000 was too high a threshold for property or investments in
the UK. The minimum figure for the award of five points under
this heading has therefore been reduced
reduced to €100,000.
Only
property and investments owned on the date of enactment will
qualify for points in the first tranche.
7
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