Press Releases

Government launches consultation on simplified reporting by private companies under Companies Bill

The Government today (December 6) launched a consultation on the qualifying criteria for private companies to prepare simplified financial and directors' reports under the Companies Bill being scrutinised by the Legislative Council Bills Committee.

A Government spokesman said, "The Companies Bill was introduced into the Legislative Council in January 2011. One of the proposals in the Bill is to allow private companies and holding companies of groups of private companies meeting certain size criteria to be automatically qualified for the preparation of simplified financial and directors' reports.

"At the Bills Committee meeting held on November 25, some Legislative Council members suggested that the criteria should be further relaxed. The Committee requested the Government to conduct further consultation on this proposal.

"In response to the request, we are now seeking public views on whether further flexibility should be incorporated into the Bill to allow larger private companies or groups of private companies exceeding the size criteria to adopt simplified reporting with their members' approval," he said.

The consultation document is available from the following website: www.fstb.gov.hk/fsb/co_rewrite. Members of the public are welcome to send their comments and submissions by mail to the Companies Bill Team, Financial Services and the Treasury Bureau, 15/F, Queensway Government Offices, 66 Queensway, Hong Kong, or by fax to 2869 4195, or by e-mail to co_rewrite@fstb.gov.hk on or before January 16, 2012.

"After considering the views received, we will revert to the Bills Committee on how the relevant provisions in the Companies Bill should be handled. We seek to have the Companies Bill enacted within the current term of the Legislative Council," the spokesman said.