Gazettal of Companies (Amendment) Bill 2018
The Government published in the Gazette today (April 6) the Companies (Amendment) Bill 2018.
The Bill seeks to amend certain provisions of the new Companies Ordinance (Cap. 622) (new CO) to improve its clarity and operation and to further facilitate business in Hong Kong. Proposed amendments include expanding the scope for simplified reporting, updating the accounting-related provisions in the new CO to reflect the latest accounting standards, and streamlining and clarifying provisions to facilitate compliance and more.
A government spokesperson said, "Based on the operational experience since the commencement of the new CO and the feedback from various stakeholders, we have identified certain provisions of the new CO that should be amended to incorporate new developments after the commencement of the new CO and clarify the policy intent or remove ambiguities and inconsistencies."
The new CO commenced operation in March 2014. It provides a modern statutory framework for the incorporation and operation of companies in Hong Kong. A number of measures have been introduced under the new CO to simplify statutory procedures, reduce the compliance costs of companies and cater for the needs of small and medium-sized enterprises. Implementation of the new CO has been smooth. It has largely achieved the policy objectives to enhance corporate governance, ensure better regulation, facilitate business and modernise the law.
The Bill will be introduced into the Legislative Council for first reading on April 25, 2018.