Most Read Contributor in Hong Kong, September 2016
Keywords: new companies ordinance, phase two,
As explained in our previous Legal Update "
New Companies Ordinance Expected to Take Effect in 2014",
the new Companies Ordinance (CO) was gazetted on 10 August 2012 and
is expected to take effect in 2014. For the purpose of facilitating
the implementation of the new CO, 12 pieces of subsidiary
legislation are required to be legislated to provide for
administrative, technical and procedural matters.
Closely following the Phase One consultation, the Phase Two
consultation was launched on 2 November 2012 on the following five
pieces of subsidiary legislation:
Companies (Trading Disclosures) Regulation
Companies (Revision of Financial Statements and Reports)
Companies (Disclosure of Information about Benefits of
Companies (Residential Addresses and Identification Numbers)
Companies (Unfair Prejudice Proceedings) Rules
All comments in response to the "Subsidiary Legislation for
Implementation of the new Companies Ordinance – Phase Two
Consultation Document" (Consultation Paper) should be
submitted on or before 14 December 2012.
An Overview of The Subsidiary Legislation
Please see below a brief comparison of the existing CO regime
and the new CO regime in relation to the matters contained in the
five pieces of subsidiary legislation under the Phase Two
Way Forward The Government aims to complete the
entire legislative process by July 2013. Upon completion of the
necessary procedures, the new CO together with the subsidiary
legislation will be brought into operation, tentatively in
We will closely monitor the latest developments of the new CO
and its subsidiary legislation from time to time and will issue
updates as and when appropriate. In the meantime, please do not
hesitate to contact us if you require any advice or further
You may download copies of the Consultation Paper via the link
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This article provides information and comments on legal
issues and developments of interest. The foregoing is not a
comprehensive treatment of the subject matter covered and is not
intended to provide legal advice. Readers should seek specific
legal advice before taking any action with respect to the matters
discussed herein. Please also read the JSM legal publications
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Confidentiality of corporate documents and information is one of
the key attractions of incorporating a company in the BVI. A
company search of the BVI Registrar of Corporate Affairs will only
disclose certain information and documents.
When pursuing a debt, it is common to add a claim for interest on the monies due.
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