In order for Hong Kong to be a major international centre, its commercial legal infrastructure must keep up to date. The Companies (Amendment) Ordinance 2003 is part of the movement towards the modernization of Hong Kong company law to reflect desirable international practices. The changes should ease the compliance burden on companies and should be generally welcomed in the market.
A new bill aims to amend the Companies Ordinance by implementing a corporate rescue procedure and making individuals personally liable for insolvent trading.
This article highlights the major changes that will affect Hong Kong companies starting on November 11.
Including: Forms of Business Enterprise; Principal Legislation; Legal Issues; Foreign Company Branches; Taxation