Press Releases

Government launches consultation on subsidiary legislation to be made under new Companies Ordinance

The Government today (September 28) launched the first phase of a public consultation on the subsidiary legislation to be made for the implementation of the new Companies Ordinance.

The new Companies Ordinance, gazetted on August 10, 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.

A Government spokesman said, "Before the new Ordinance commences operation, we need to make subsidiary legislation so as to provide for administrative, technical and procedural matters."

"The preparation of the various pieces of the subsidiary legislation is in progress and we would like to consult the public before finalising them."

The consultation exercise, launched in two phases, will cover the following 12 pieces of the subsidiary legislation:

(a) Companies (Summary Financial Reports) Regulation

(b) Companies (Directors' Report) Regulation

(c) Companies (Specification of Names) Order

(d) Companies (Non-Hong Kong Companies) Regulation

(e) Company Records (Inspection and Provision of Copies) Regulation

(f) Companies (Model Articles) Notice

(g) Companies (Accounting Standards (Prescribed Body)) Regulation

(h) Companies (Trading Disclosures) Regulation

(i) Companies (Revision of Financial Statements and Reports) Regulation

(j) Companies (Disclosure of Information about Benefits of Directors) Regulation

(k) Companies (Residential Addresses and Identification Numbers) Regulation

(l) Companies (Unfair Prejudice Proceedings) Rules

The first phase launched today covers items (a) to (g) and will last for six weeks. The rest will be covered in the second phase to be launched later this year.

"We will take into account public views received in finalising the subsidiary legislation. We aim to complete the legislative process by July 2013, and bring the new Companies Ordinance and the subsidiary legislation into operation in 2014," the spokesman said.

The consultation document can be downloaded from websites of the Financial Services and the Treasury Bureau (www.fstb.gov.hk/fsb/co_rewrite) and the Companies Registry (www.cr.gov.hk). Full text of the new Companies Ordinance is also available for viewing and downloading on the website of the Companies Registry.

Comments and submissions should be sent by mail to the Financial Services and the Treasury Bureau / Companies Registry, 15/F, Queensway Government Offices, 66 Queensway, Hong Kong, by fax to (852) 2869 4195 or by email to co_rewrite@fstb.gov.hk on or before November 9, 2012.