Hong Kong Published New Companies Bill

Hong Kong Published New Companies Bill

In the end of last week the new Companies Bill approved by the Legislative Council month ago was published in the Hong Kong’s Gazette.

The bill is the result of 6-years work of Financial Services and the Treasury Bureau, Standing Committee on Company Law Reform, four advisory groups and Hong Kong Institute of Certified Public Accountants on corporate legislation improvement.

The bill contains provisions which:

-          improve the accountability of directors, clarify directors’ duty of care and diligence;

-          emphasize shareholders engagement in the decision-making process;

-          improve the disclosure of company information procedure;

-          strengthen auditors’ rights;

-          improve the registration of charges schemes;

-          simplify reporting for small- and medium-sized enterprises.

The purpose of new Companies Ordinance development was corporate legislation modernization, corporate governance improvement and strengthening Hong Kong's competitiveness as an international business and financial center.

The new Companies Ordinance will take effect on a date to be appointed by the Secretary for Financial Services and the Treasury. Before it comes into force, the government should submit implementing subsidiary legislation to the Legislative Council for considering and approving in 2013. It is expected that the new Companies Ordinance will be applied from 2014.

© 1997—2014 DS Express, Inc

84, Spyrou Kyprianou, 

2nd floor, Limassol 4004


tel +357 25 731-042



11 Solzhenitsyna Street

Moscow 109004 Russia

tel +7 495 956-1727

fax +7 495 234-0735


15 Kreshchatik Street, office 149

Kyiv 01001 Ukraine

tel +38 044 237-2222

fax +38 044 278-6714



52 Angliyskaya Emb., office 28

St.Petersburg 190000 Russia

tel +7 812 570-1564

fax +7 812 325-723


More contact details and office maps can be found in the section Contacts

© 2015 DS Express Ltd  All rights reserved