Modernised and tougher Company Bill passed by LegCo

The Company Bill passed yesterday enhances Hong Kong's competitiveness and attractiveness as an international business and financial centre.

The bill, a rewrite and modernization of the Companies Ordinance, took over six years to complete. It enhances corporate governance, improve regulation, facilitate business and modernises the law.

Secretary for Financial Services & the Treasury Prof KC Chan welcomed the passage of the Companies Bill by the Legislative Council, saying it is an historic moment opening a new chapter in the development of company law in Hong Kong.

The government will draft more than 10 pieces of subsidiary legislation in the next legislative session. The new Companies Ordinance will start operation after their enactment.

He said the government will work with the industry in familiarising enterprises and stakeholders with the requirements of the ordinance to facilitate compliance.

"The Companies Ordinance rewrite exercise is a challenging and highly complex project which could not have come to fruition without the concerted efforts of the government and the relevant sectors of the community over the years,” said Chan.