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Companies Registry External Circular
According to Companies Registry External Circular, on 12 July 2012, the Companies Bill was passed by Legislative Council.
The new Companies Ordinance (“the new CO”), which consists of more than 900 sections and 10 schedules, the major initiatives in the new CO are listed as following:
- Restricting Corporate Directorship in Private Companies
- Clarifying Directors’ Duty of Care, Skill and Diligence
- Strengthening the Enforcement Regime
- Strengthening Auditors’ Rights
To facilitate implementation of the new CO, over ten regulations will have to be made in 2013-14. In parallel, the Companies Registry will enhance its information system and carry out an overall review of its procedures and forms for the implementation of the new legislation. The new CO is expected to commence operation in 2014.
If you have enquiries concerning this circular, please do not hesitate to contact us.
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