Tuesday, 25 March 2014

Hong Kong Updates- New Companies Ordinance

The new Companies Ordinance (Cap. 622) became effective on 3rd March 2014. The Companies Bill was passed by the Legislative Council in 2012 and rewrites the provisions relating to the operation of live companies in Hong Kong, replacing the old Companies Ordinance (Cap.32) in this respect.

The aim is to enhance corporate governance, ensure better regulation, facilitate business and modernise the law. With the repeal of those live companies-related provisions, the remaining provisions of the old Companies Ordinance (Cap. 32) deal mainly with company winding-up and insolvency and is renamed the "Companies (Winding Up and Miscellaneous Provisions) Ordinance". Various other legislation has been amended accordingly.

Previous newsletter have covered some aspects of the new Ordinance, including the new requirement that all private Hong Kong companies have a natural person as a director. Information on other aspects is available on request from Primasia Corporate Services Limited.

Primasia will post the updates of Hong Kong and China from time to time. Follow us on our WebsiteBloggerLinkedIn and stay tunned for our updates!
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Primasia Corporate Services Limited
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