When was the Companies Bill passed?

What are the objectives of rewriting the Companies Ordinance (Cap. 32)?

What measures are introduced in the new Companies Ordinance for achieving its objectives to enhance corporate governance, to ensure better regulation, to facilitate business and to modernise the law?

What is the status of the Companies Ordinance (Cap. 32) after the enactment of the new Companies Ordinance?

When will the new Companies Ordinance come into operation?

When will the new Companies Ordinance be published in the gazette?

When was the Companies Bill passed?

The Companies Bill, which sought to rewrite the Companies Ordinance (Cap. 32), was passed by the Legislative Council on 12 July 2012.

What are the objectives of rewriting the Companies Ordinance (Cap. 32)?

The rewrite aims to achieve four main objectives, namely, enhancing corporate governance, ensuring better regulation, facilitating business and modernising the law. The comprehensive rewrite of the Companies Ordinance (Cap. 32) allows Hong Kong to leverage the developments of company law in other comparable jurisdictions and further enhance its competitiveness and attractiveness as a major international business and financial centre.

What measures are introduced in the new Companies Ordinance for achieving its objectives to enhance corporate governance, to ensure better regulation, to facilitate business and to modernise the law?

For details, please refer to a summary of the "Major Initiatives".

What is the status of the Companies Ordinance (Cap. 32) after the enactment of the new Companies Ordinance?

The Companies Ordinance (Cap. 32) would remain in force after enactment of the Companies Bill on 12 July 2012. When the new Companies Ordinance comes into operation, the Companies Ordinance (Cap. 32) will be retitled as "Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32)" with the core provisions affecting the operation of companies repealed except those provisions relating to winding-up and insolvency of companies and prospectuses

When will the new Companies Ordinance come into operation?

To facilitate the implementation of the new Companies Ordinance, over 10 subsidiary legislations will have to be made. The new Companies Ordinance would commence operation after enactment of the subsidiary legislation, tentatively scheduled in 2014. The date of commencement will be announced later.

When will the new Companies Ordinance be published in the gazette?

The new Companies Ordinance was gazetted on 10 August 2012.