Hong Kong Maritime Week 2023: Future-Fueling Global Shipping

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The seventh edition of Hong Kong Maritime Week (HKMW) will play host to the global maritime community through 19-25 November. More than 40 events have been organised, to be presented in physical, virtual or hybrid formats.

Maritime is a global industry, and this year, activities of the HKMW will be devoted to the issues forefront in the sector’s concerns such as decarbonisation, digitalisation, and seafarer sourcing and training. Where a business might best locate its operations to see out the transition and beyond will be addressed on the platform and discussed on the perimeters of events and at the social gatherings.

A raft of shipping-related incentives has been introduced in the past three years to attract maritime related businesses to our shores, and the Hong Kong SAR Government is confident that an increasing number of floating voters will choose to come ashore here to establish and expand their operations.

Following government legislation in 2020, ship lessors and leasing managers became eligible for generous tax concessions: a corporate tax rate of 0% for ship lessors, and 8.25% for leasing managers. As reference, the current rate of corporate tax in Hong Kong is 16.5%.

The Government extended its targeted largesse with legislation in 2021 by introducing similar tax concessions to marine (re)insurers and brokers who may now enjoy a corporate tax rate of 8.25%.