The Government published in the Gazette today (December 7) the Companies (Amendment) (No. 2) Ordinance 2018 (the Amendment Ordinance) to amend some of the provisions in the new Companies Ordinance (Cap. 622) (the new CO) so as to improve the clarity and operation of the new CO and further facilitate business in Hong Kong.
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The new CO was enacted in July 2012 and commenced operation in March 2014. The Amendment Ordinance seeks to incorporate new developments since the commencement of the new CO and clarify the policy intent or remove ambiguities and inconsistencies. Major amendments include updating the accounting-related provisions, expanding the types of companies within the reporting exemption, and enhancing the administrative, procedural and technical requirements regulating local companies and non-Hong Kong companies. These amendments can reduce compliance costs of companies and better address the needs of small and medium-sized enterprises.
The Amendment Ordinance was enacted by the Legislative Council on November 28, 2018, and will commence operation on February 1, 2019.