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.
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