PRESIDENT MESSAGE

The Hong Kong Aircraft Leasing and Aviation Finance Association was inaugurated in November 2017 by the Chief Executive of Hong Kong Special Administrative Region. It is an association formed with a simple mission, and that is to promote and develop aircraft leasing and financing in Hong Kong. The founding of the Association follows closely the policy initiative of the Hong Kong SAR Government to develop aircraft leasing and financing in Hong Kong.

In July 2017, a new tax regime for the specific purpose of developing aircraft leasing and financing in Hong Kong was passed by the Legislative Council, and this was subsequently enacted into law. This is an important first step to enable Hong Kong to participate in the global aircraft leasing and financing industry, help to bring the corporate income tax burden closer to the same in other established aircraft leasing and financing centers in the world. The development of aircraft leasing and financing is also a natural evolution of the existing strength of Hong Kong, it being an international financial and aviation center. The development of aircraft leasing and financing will also generate new employment opportunities.

Over the past three decades, the global aircraft leasing industry has grown exponentially. The implementation of new tax regime is a very important first step for developing the industry in Hong Kong, but we do recognize that there is still a lot of work to be done. Double Tax Avoidance treaties is but one of the areas that more work is needed. As HKSAR, we need a wider network of DTA`s to facilitate the lessors based in Hong Kong to lease aircraft to customers in more countries or regions which have DTA`s with HKSAR, and effectively help to lower cost of doing business as well.

Our membership comprises corporations and individuals with different professional background in the industry, including major aircraft leasing companies, airlines, banks, financial institutions, law firms, tax advisors, accounting firms and other service providers related to the industry. We are confident that this number will keep on growing as we embark on our journey to develop aircraft leasing and financing as a new driver of economic growth for Hong Kong.

As your association, we act as the bridge between the industry and the Government. We collect views from the members and reflect these views to the Government with the common objective of enabling the industry to develop here in Hong Kong and to enhance the competitiveness of Hong Kong as an aircraft leasing and financing center. Another rather important task of the association now is to raise the awareness of the business community of the emergency of the aircraft leasing and financing industry in Hong Kong, and help educate and attract talents to join the industry.

Let us all work together to build and grow aircraft leasing and financing into Hong Kong’s new economic driver, and most importantly, a new home to leading aircraft leasing companies around the world!

Mr. Hui Hon Chung, JP, President of HKALA

November, 2017