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| No.4 August, 2012 |
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New Companies Ordinance Gazetted |
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 Hong Kong's new Companies Ordinance was recently gazetted, following the passage of the Companies Bill by the Hong Kong Legislative Council.
A Hong Kong Special Administrative Region Government spokesman said, "The new ordinance, comprising 921 sections and 11 schedules, provides a modernized legal framework for the incorporation and operation of companies in Hong Kong.
Its objectives are to enhance corporate governance, improve regulation, facilitate business and modernize 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 publicize the requirements under the new ordinance.
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