On 3 March 2014, the new Companies Ordinance (the "New
CO") will come into effect in Hong Kong. This is expected to
have a significant impact on the incorporation and operation of
companies in Hong Kong; although the number of immediate steps you
may have to take are limited because of the deeming provisions set
out in the New CO. This Alert aims to provide a snapshot of key
changes that affect private limited companies incorporated prior to
3 March 2014.
Although existing companies are not required to amend their
constitutional documents to reflect changes brought about by the
New CO, if constitutional documents are not amended, existing
companies may not be able to take advantage of new provisions, such
as the shortening of the notice period for general meetings (other
than annual general meetings). You may also consider adopting new
articles of association which comply with the New CO so that the
articles themselves are definitive of how the company is regulated,
and you need not always check if certain provisions have been
superseded at law under the New CO.
Following public consultation during 2016 and early 2017, legislation has been passed which will require Cayman Islands companies (but not partnerships) to maintain registers of beneficial ownership at their registered offices.
The Hong Kong market is presently faced with an increase in mainland private enterprises listing on the local exchange, resulting in shell planting and volatility in stock prices in the Growth Enterprise Market.
Choosing the right form of setup that can best suit a particular situation is important for a business owner. Here, we outline the major characteristics of the three forms of registration that foreign enterprises normally choose when registering a presence in Hong Kong.
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.
In this case, the Court made it very clear that any arrangement which detracts from the ability of regulators or law enforcement authorities to identify beneficial owners of companies...
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