Legal News & Analysis – Asia Pacific – Hong Kong – Regulatory & Compliance

Hong Kong’s new Companies Ordinance (the “Ordinance“), which affects several areas of corporate governance, came into force on March 3, 2014.  The Ordinance removes the requirement of a Memorandum of Association for new companies going forward, as well as abolishing the concepts of authorized capital and par value shares.  In addition, every private company must now have a at least one director who is a natural person.  Companies have a grace period of up to 6 months to comply with this regulation, after which the company is liable for HKD 100,000 and HKD 2,000 per day thereafter.       

 

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