Companies Ordinance gazetted today

Hong Kong (HKSAR) - The new Companies Ordinance was gazetted today (August 10) following the passage of the Companies Bill by the Legislative Council on July 12.

A Government spokesman said, "The new ordinance, comprising 921 sections and 11 schedules, provides a modernised legal framework for the incorporation and operation of companies in Hong Kong. Its objectives are to enhance corporate governance, improve regulation, facilitate business and modernise the law with a view to strengthening Hong Kong's competitiveness as a corporate domicile and enhancing its status as a major international commercial and financial centre."

The new ordinance will commence operation on a date to be appointed by the Secretary for Financial Services and the Treasury. Before its commencement, the Government will submit various implementing subsidiary legislation to the legislature for vetting and enactment in 2013.

"We aim to consult relevant stakeholders on the proposed subsidiary legislation in the coming months," noted the spokesman.

The Companies Registry has set up a thematic section on its website (www.cr.gov.hk/en/companies_ordinance/index.htm) to provide information and updates on the implementation of the new ordinance. It will also work with professional bodies and relevant stakeholders to publicise the requirements under the new ordinance.

Source: HKSAR Government

Published on: 2012-08-10

Limited copyright is granted for you to use and/or republish any story on this site for any legitimate media purpose as long as you reference 7thSpace and any source mentioned in the story above. Please make sure to read our disclaimer prior to contacting 7thSpace Interactive. To contact our editors, visit our online helpdesk. If you wish submit your own press release, click here.

Comments

There are no comments available. Be the first to write a comment.

You need to enable Javascript to post a comment.

Custom Search