Highlights of the major changes under the new Companies Ordinance (Cap 622) include: -
1. All
local companies no longer require a Memorandum of Association.
2. Prescribed
model Articles under the new Companies Ordinance are for use by private
companies limited by share, companies limited by guarantee and public
companies.
3. A
company’s shares no longer have any nominal value.
4. At
least one director of every private company must be a natural person.
5. Annual
General Meetings of companies may be dispensed with by unanimous consent of
shareholders.
More information and updates about the new Companies Ordinance could be obtained by accessing the website of Companies Registry (http://www.cr.gov.hk/en/companies_ordinance/index.htm).
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