A new law allowing overseas companies to relocate to Hong Kong while keeping their legal identities has garnered plenty of interest from foreign firms, Secretary for Financial Services and the Treasury Christopher Hui said on Saturday.

The Legislative Council had passed a new law last month allowing overseas firm to re-domicile to the SAR while maintaining business continuity.

Hui told an RTHK programme that there has been a positive response to the new arrangement – including 150 enquiries so far.

He believes the new regime would benefit a wide range of sectors in Hong Kong.

"If [companies] decide to re-domicile to Hong Kong, there will be demand for relevant professional services. By that, it could be about accounting, could be about legal, and also other supporting financial and professional services," Hui said.

"Once that decision is made, I'm sure the relevant professional sectors in Hong Kong will be able to benefit from that."

He said insurance firms overseas were particularly interested in the new arrangement, as Hong Kong is home to six of the top 20 insurance firms in the world.

The minister also noted that there are currently about 180 family offices in Hong Kong, and the goal is to get 200 offices set up in the city by the end of the year.

Hui said the government is now looking into providing more tax concessions for family offices.