On 3 March 2014, the new Companies Ordinance (the "New CO") will come into effect in Hong Kong. This is expected to have a significant impact on the incorporation and operation of companies in Hong Kong; although the number of immediate steps you may have to take are limited because of the deeming provisions set out in the New CO. This Alert aims to provide a snapshot of key changes that affect private limited companies incorporated prior to 3 March 2014.
Although existing companies are not required to amend their constitutional documents to reflect changes brought about by the New CO, if constitutional documents are not amended, existing companies may not be able to take advantage of new provisions, such as the shortening of the notice period for general meetings (other than annual general meetings). You may also consider adopting new articles of association which comply with the New CO so that the articles themselves are definitive of how the company is regulated, and you need not always check if certain provisions have been superseded at law under the New CO.
New Hong Kong Companies Ordinance: a SnapshotThe content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.