Kong. The survey also confirmed Hong Kong's attractiveness to overseas investors, with funds sourced from overseas investors amounting to $1,860 billion.
Hong Kong has a number of strengths to develop into a leading wealth management centre in the region, including the rule of law, a free economy, low and simple tax regime, no exchange controls, a highly efficient and competitive financial industry, a large pool of talented professionals and a high concentration of reputable fund management companies. These together helped ensure a quality market that is attractive to international funds looking for management.
The Government adopts a multi-pronged approach in developing Hong Kong as an international wealth management centre. Its objective is to provide a conducive environment. In 2004, it conducted a consultation on legislative amendments to the Companies Ordinance for exempting offshore funds from profits tax. Comments received were generally in favour of the proposal. The Government will introduce legislative amendments into the Legislative Council in 2005 to implement this initiative. During the year, the SFC also continued to facilitate the launch of new investment products and the access of international funds to the local market.
Financial Market and Services Promotions in the Mainland and Overseas
The Government, through organising and participating in forums, seminars and conferences relating to financial services in Hong Kong and overseas, continues to promote Hong Kong's position as an international financial centre and to publicise the excellent investment opportunities and sophisticated services provided by the financial market in Hong Kong. Opportunities have also been taken to explain the policy initiatives and measures undertaken by the Government and regulatory bodies to enhance the regulatory regime, financial infrastructure and corporate governance.
The Government organised a Forum on Management of Insurance Funds in Beijing in November 2004 for some 270 participants from the Mainland and Hong Kong. The forum successfully fostered experience sharing on management of insurance funds between the Mainland and Hong Kong participants. It also helped to improve the Mainland insurance sector's understanding of Hong Kong's strengths as a platform for global investment in the Mainland.
In December 2004, the Government also organised, in conjunction with the Advisory Committee on Human Resources Development in the Financial Services Sector, a forum on 'Hong Kong as an International Asset Management Centre: Challenges and Opportunities', in Hong Kong. The forum provided an excellent opportunity for all concerned parties to explore ways to further enhance financial services human resources to support Hong Kong's continued development as international asset management centre. It was well attended by over 300 participants, including market practitioners from all fields in the financial services sector, market analysts, and academics.
Companies Registry
The Companies Registry administers and enforces the major part of the Companies Ordinance. The Registry incorporates local companies, registers overseas