The Cap. 622 Companies Ordinance, enacted in Hong Kong in 2014, extensively revised the regulatory framework governing companies in the region. This comprehensive ordinance aimed to enhance corporate governance, streamline procedures, and align with international standards.
It replaced the previous Companies Ordinance and introduced fundamental changes, including a simplified incorporation process, abolishing the concept of par value for shares, and introducing the solvency test to reduce share capital. Cap. 622 facilitated electronic communication for meetings and filings, promoting efficiency and cost-effectiveness.
It established the role of a company secretary, emphasising their importance in compliance matters. The ordinance also brought about the concept of a dormant company, reducing compliance burdens for inactive businesses. Additionally, Cap. 622 introduced the availability of no-par value shares, offering flexibility in the structuring of company capital.
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional
Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional
Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
The Cap. 622 Companies Ordinance, enacted in Hong Kong in 2014, extensively revised the regulatory framework governing companies in the region. This comprehensive ordinance aimed to enhance corporate governance, streamline procedures, and align with international standards.