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ORSO

Enrolling Employees

ORSO schemes are retirement schemes set up voluntarily by employers to provide retirement benefits for their employees (whether past or present). Employers should enrol their employees into the schemes according to the governing rules of the schemes.

With effect from 1 January 2020, ORSO registered schemes are required to comply with the due diligence and reporting obligations under the Automatic Exchange of Financial Account Information (AEOI). ORSO registered schemes have to collect the tax residence information of scheme members and report to the Inland Revenue Department (IRD) the account information of those members who are tax residents of any reportable jurisdiction outside Hong Kong. The IRD will transmit the information to the relevant tax authorities in AEOI partner jurisdictions on an annual basis.

Thus, self-certification of new employees’ tax residence is required for new ORSO accounts. Otherwise, account opening process will be adversely affected and could not be completed. For details of AEOI requirements, please refer to FAQ link:

FAQ for ORSO employee:
http://www.mpfa.org.hk/eng/information_centre/faq/employee/orso_employee/index.jsp
FAQ for ORSO employer:
http://www.mpfa.org.hk/eng/information_centre/faq/employer/orso_employer/index.jsp

Last Revision Date: 11/12/2019