New Companies Ordinance passed on 12th July
Key points include:
(a) Abolition of par value for shares
(b) Restricting corporate directorships of private companies: each private company will be required to have at least one director who is a natural person, to enhance transparency and accountability. A grace period of six months from the commencement date of the new ordinance will be given.
(c) Clarifying directors’ duty of care
(e) Strengthening enforcement: lower threshold for prosecution and a new definition of “responsible person” (who can be prosecuted).
(f) Simplified reporting for companies that meet specified size criteria
(g) Strengthening of auditors’ rights to require a wider range of persons to provide information or explanations.
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Primasia will post the updates of Hong Kong and China from time to time. Follow us on our Website/ Blogger/ LinkedIn and stay tunned for our updates!
Primasia will post the updates of Hong Kong and China from time to time. Follow us on our Website/ Blogger/ LinkedIn and stay tunned for our updates!
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Need more information?
Please contact:
John Barclay -Email
Teresa Tam - Email
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Follow us on:
Website: Primasia HK / Primasia China
LinkedIn: Primasia
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Primasia Corporate Services Limited
Tel: +852 2882 2088
Suite 1106-08, 11/F., Tai Yau Building, No. 181 Johnston Road, Wanchai, Hong Kong
Please contact:
John Barclay -Email
Teresa Tam - Email
--------------------------
Follow us on:
Website: Primasia HK / Primasia China
LinkedIn: Primasia
--------------------------
Primasia Corporate Services Limited
Tel: +852 2882 2088
Suite 1106-08, 11/F., Tai Yau Building, No. 181 Johnston Road, Wanchai, Hong Kong
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