Offences by Officers of Companies Penalty for Falsification of Books Frauds by Officers of Companies Liability where Proper Accounts Responsibility of Directors Power of Court to Assess Prosecution of Delinquent Officers Disqualification for Appointment Corrupt Inducement Enforcement of Duty of Liquidator Notification on Company Liquidation Exemption of Certain Documents Books of Company to be Evidence Disposal of Books and Papers Pending Liquidations Unclaimed Assets to be Paid Resolutions Passed at Meetings Meetings to Ascertain Wishes Affidavits, &c. Power of Court to Declare Dissolution Repealed 30 of 1999 s. 18 Government Disclaimer of Property Effect of Government Disclaimer Repealed 30 of 1999 s. 21 Striking Defunct Company Power of Court to Order Company Application for Deregistration Reinstatement Registrar to Act as Representative Property and Books etc. Effect on Section 292 Companies Liquidation Account Investment of Surplus Funds Accounts of Particular Estates General Rules and Fees Disqualification for Appointment Disqualification of Undischarged Power to Appoint Official Receiver Receivers Appointed out of Court Notification Power of Court to Fix Remuneration Provisions as to Information Special Provisions as to Statement Delivery to Registrar of Accounts Enforcement of Duty of Receiver Construction of References Registration Offices Protection of Registrar etc. Fees Inspection, Production and Evidence Authentication of Documents Enforcement of Duties: Ordinance Application to Companies Formed Application to Companies Registered Companies re-Registered Companies Capable Definition of Joint Stock Company Registration: Joint Stock Companies Other than Joint Stock Companies Authentication of Statements Registrar May Require Evidence Exemption of Certain Companies Addition of "Limited" etc., to Name Certificate of Registration Vesting of Property on Registration Saving for Existing Liabilities Continuation of Existing Actions Effect of Registration Power to Substitute Memorandum Power of Court to Stay Actions on Winding-up Order Meaning of Unregistered Companies Winding up of Unregistered Oversea Companies May be Contributories in Winding up Power to Restrain Proceeding Actions Stayed on Winding-up Provisions of Part X Cumulative Saving for Enactments Application of Part XI Documents, etc. to be Delivered Continuing Obligation in Respect Termination of Registration Registrar to Keep an Index Return to be Delivered to Registrar Accounts of Oversea Company Obligation to State Name Notice of Commencement Regulation of Use of Corporate Service of Documents on Oversea Notice to be Given Removal etc. of Name Penalties Interpretation of Part XI Dating of Prospectus and Particulars Exemption of Certain Persons Provisions as to Expert's Consent Registration of Prospectus Amendment of Prospectus Prospectus May Consist Submission of Certified Copies Penalty for Contravention Civil Liability for Misstatements Criminal Liability for Misstatements Interpretation of Provisions Dormant Companies Prohibition of Partnerships Documents Delivered to Registrar Power of Registrar to Accept Power of Registrar to Refuse Registrar not Responsible for Disposal of Documents Form of Registers etc. Power of Registrar to Keep Records Penalty for False Statements Penalty for Dishonest Destruction Penalty for Improper Use of "Limited" Obligation to Give Notice Injunctions Provision for Punishment Limitation on Commencement Production and Inspection of Books Application of Fines Saving as to Private Prosecutors Saving for Privileged Communications Service of Documents on Company Costs in Actions Power of Court to Grant Relief Power to Enforce Orders Power to Make Regulations Power to Amend Requirements Repealed 30 of 1999 s. 34 Power to Refuse Registration Power to Order Company Certain Sections not to Apply Vesting and Disposal of Property Provisions Applicable to Winding up Certain Sections to Apply Calls on Contributories Continuation of Legal Proceedings Obstruction of Official Receiver Control of Official Receiver Audit of Official Receiver's Accounts Protection of Official Receiver Companies to Which Part XI Applies Saving Saving II Saving III Savings and Transitional Transitional Application of the Amending
Chapter: 32  COMPANIES ORDINANCE

Section Num: 342A  Version Date 03/12/2004

Exemption of certain persons and prospectuses from compliance with certain requirements

(1) Where it is proposed to offer any shares in or debentures of a company incorporated outside Hong Kong (whether the company has or has not established a place of business in Hong Kong) to the public by a prospectus or class of prospectuses issued generally, there may, on the request of the applicant, and subject to such conditions (if any) as the Commission thinks fit, be issued by the Commission a certificate of exemption from compliance with any or all of the requirements of the relevant provisions if, having regard to the circumstances, the Commission considers that the exemption will not prejudice the interest of the investing public and compliance with any or all of those requirements-

(a) would be irrelevant or unduly burdensome; or

(b) is otherwise unnecessary or inappropriate.  (Replaced 30 of 2004 s. 2)

(2) Whether or not a request referred to in subsection (1) has been made, the Commission may, by notice published in the Gazette, and subject to such conditions (if any) as the Commission thinks fit and specified in the notice, exempt-

(a) any class of companies; or

(b) any class of prospectuses issued by companies, from any or all of the requirements of the relevant provisions if, having regard to the circumstances, the Commission considers that the exemption will not prejudice the interest of the investing public and compliance with any or all of those requirements, in the case of that class of companies or prospectuses, as the case may be-

(c) would be irrelevant or unduly burdensome; or

(d) is otherwise unnecessary or inappropriate.  (Replaced 30 of 2004 s. 2)

(3) Where exemption from compliance with section 342(1) and (3) in relation to the requirements of the Third Schedule is granted under this section, whether by the issue of a certificate of exemption or by a notice in the Gazette, the certificate or notice, as the case may be, shall be expressed to have effect with regard to all of the requirements of the Third Schedule or to such of them as are specified in the certificate or notice, as the case may be.

(4) In this section, ˇ§relevant provisions means any of the

provisions of-

(a) section 44A(1), (2) or (6), 44B(1) or (2), 342(1), (2A), (3) or

(7) or 342C(3) or (4); or

(b) Part 2 of the Twentieth Schedule or Part 2 of the Twenty-first Schedule.  (Added 30 of 2004 s. 2)

(5) The Commission may, by order published in the Gazette, amend subsection (4).  (Added 30 of 2004 s. 2)

(6) The Commission shall publish, by means of an on-line medium, such particulars of exemptions granted under subsection (1) as it considers appropriate.  (Added 30 of 2004 s. 2)

(7) Where the Commission proposes to issue-

(a) a notice of exemption under subsection (2); or

(b) an amendment order under subsection (5), it shall publish a draft of the proposed notice or order, in such manner as it considers appropriate, for the purpose of inviting representations on the proposed notice or order by the public.  (Added 30 of 2004 s. 2)

(8) Where the Commission issues a notice or order mentioned in subsection (7) after a draft is published under that subsection in relation to the notice or order, it shall-

(a) publish, in such manner as it considers appropriate, an account setting out in general terms-

(i) the representations made on the draft; and

(ii) the response of the Commission to the representations; and

(b) where the notice or order is issued with modifications which in the opinion of the Commission result in the notice or order being significantly different from the draft, publish, in such manner as it considers appropriate, details of the difference.  (Added 30 of 2004 s. 2)

(9) Subsections (7) and (8) do not apply if the Commission considers, in the circumstances of the case, that-

(a) it is unnecessary or inappropriate that such subsections should apply; or

(b) any delay involved in complying with such subsections would not be-

(i) in the interest of the investing public; or

(ii) in the public interest.  (Added 30 of 2004 s. 2)

(Replaced 86 of 1992 s. 13)

Our latest offshore news
30/09/2006
Welcome to join our discussions
on Offshore Companies, Incorporations,
Jurisdictions, etc..
23/10/2007
A company operating in Hamburg, Beiersdorf Aktiengesellschaft has recently announced entering a share purchase agreement with a BVI-incorporated Global Source Investments Limited and Hong Kong-incorporated C-BONS Holding (International) Limited.
02/07/2007
Hong Kong Financial Secretary Henry Tang suggests that issuing renminbi-denominated financial bonds in Hong Kong will reinforce its banking status. Monetary Authority Chief Executive Joseph Yam has also commented on this issue.
20/06/2007
According to the data released by the Census & Statistics Department of Hong Kong, the BVI is one of the top destinations for Hong Kong's external factor income outflow and inflow in Quarter 1 of 2007.
15/06/2007
The government of Hong Kong has published its final report on the public consultation on tax reform to provide recommendations about exploring some options aimed at the development and enlargement of narrow tax base in Hong Kong.
02/06/2007
On May 28, 2007, the launch of Unsolicited Electronic Messages Ordinance from June 1 was announced by Hong Kong's Commerce, Industry & Technology Bureau. The Ordinance is to be carried out in 2 phases.
20/05/2007
At the Swiss Private Bankers' Association's meeting, Hong Kong Financial Secretary Henry Tang invited swiss bankers to use Hong Kong as a regional base for managing their businesses in Asia.
12/05/2007
At the Hong Kong Economic and Trade Office Seminar named "Hong Kong - New Opportunities as an International Financial Centre", Joseph Yam announced a strategy to make a greater Hong Kong's contribution to the reform and liberalisation of the Mainland China and to maintain the status of Hong Kong as an international financial centre.
27/04/2007
On April 25, 2007, Hong Kong Financial Secretary Henry Tang told legislators that from 2004 to 2005 growth in Hong Kong's combined fund-management business was on 25%.
12/04/2007
According to the Global Financial Centers Index (GFCI), Hong Kong is the 3rd most competitive financial centre in the world.
30/03/2007
India's largest public sector bank in terms of aggregate business, Canara Bank announced that it is opening the 1st branch in Hong Kong, which is an expanding move for the bank.
12/03/2007
At the 14th APEC SME Ministerial Meeting, Director-General of the Hong Kong Trade & Industry department, stated that Hong Kong's favourable business environment is underpinned by the rule of law, free flow of capital and information, a low and simple tax regime, an independent judiciary and an efficient government.
21/02/2007
According to the announcement made by the Hong Kong Monetary Authority (HKMA) on February 7, 2007, Hong Kong's official foreign currency reserve assets amounted to the total of USD 133.7 billion in the end of January 2007.
09/02/2007
Hong Kong Monetary Authority announced the amount of official foreign currency reserve assets on the end of January 2007, which totalled at USD 133.7 billion.
01/02/2007
Rewrite of the Companies Ordinance will bring substantial benefits to Hong Kong, especially in strengthening competitiveness of the jurisdiction and its status as a global business and financial centre.
29/01/2007
Hong Kong is to receive benefits from increased links with the market of mainland China, as stated by Hong Kong Monetary Authority Chief Executive.
26/01/2007
New Anti-Money Laundering rules are introduced by Hong Kong's Security Bureau. Customers' identities and record transactions of HK$ 8 000 dollars or more must be verified by remittance agents and money changers.
17/01/2007
The Heritage Foundation has ranked Hong Kong as the freest economy in the world for the 13th consecutive year. It is followed by Singapore and Australia.
06/01/2007
Comparing to 2005, property sale and purchase agreements in Hong Kong in 2006 fell 19.9%. This fact was released on January 4, 2007 by the Land Registry.
03/01/2007
Financial Secretary of Hong Kong, Henry Tang understands people's high expectations for the 2007-2008 Budget, however, he suggests the necessity of a balance between the interests of different parties when devising it.
21/12/2006
In November, inflation in Hong Kong accelerated to 2.2% on higher clothing, housing and food prices. To compare this figure, the Census and Statistics Department indicates 2% inflation in October.
08/11/2006
According to the IMF, the economy of Hong Kong is expected to grow by 6% this year and maintain growth of 5% in 2007. The IMF stated that growth prospects will depend on the management and expanding the evolving financial integration with the Mainland.
30/10/2006
In Hong Kong, two new banking regulations have been gazetted to be tabled at the Legislative Council on November 1. These are the Banking (Capital) Rules and Banking (Disclosure) Rules. The rules are to be in force from January 1, 2007.
18/10/2006
According to the UN's World Investment Report 2006, Hong Kong attracted USD 35.9 billion in foreign direct investment (FDI) last year, up 5.6% on 2004. So, Hong Kong is the 2nd-largest FDI destination in Asia after China, which amassed USD 72.4 billion.
16/10/2006
Hong Kong is likely to refuse discussing joining the EU's tax information-sharing scheme applied under the Savings Tax Directive. The EU would like to sign the Agreement and include information-sharing there.
25/11/2007
Recently, the Seychelles International Business Authority has sponsored Asia Offshore Association (AOA) Conference in Vietnam, and International Tax Planning Association (ITPA) meeting in Hong Kong.