Companies Bill passed

July 12, 2012

Secretary for Financial Services & the Treasury Prof KC Chan welcomed the passage of the Companies Bill by the Legislative Council today, saying it is an historic moment opening a new chapter in the development of company law in Hong Kong.
 
The Government will draft more than 10 pieces of subsidiary legislation in the next legislative session. The new Companies Ordinance will start operation after their enactment.
 
He said the Government will work with the industry in familiarising enterprises and stakeholders with the requirements of the ordinance to facilitate compliance.
 
"The Companies Ordinance rewrite exercise is a challenging and highly complex project which could not have come to fruition without the concerted efforts of the Government and the relevant sectors of the community over the years. With the solid work of the LegCo Bills Committee in the past 17 months and the scrutiny by the full council in the past eight days, the Companies Bill was finally passed by LegCo today."
 
The bill was tabled in January last year to enhance corporate governance, improve regulation, facilitate business, and modernise the law to strengthen Hong Kong's status as an international commercial and financial centre, and its competitiveness.