Interpretation Registrar to Specify Forms References to Parent Company Forming Incorporated Company Requirements to Memorandum Powers of a Company Power Limited by Memorandum Exclusion of Deemed Notice Signature of Memorandum Memorandum Alteration Alteration of Objects Regulations for Companies Regulations for Unlimited Company Adoption and Application of Table A Printing and Signature of Articles Alteration of Articles Statutory Forms of M & AA Registration of M & AA Effect of Registration Power of Company to Hold Lands Certificate of Incorporation Unlimited Companies Reregistration Company Name Restrictions Power to Dispense Change of Name Company's Misleading Name Specification of Names Index of Company Names Effect of Memorandum & Articles Companies Limited by Guarantee Alterations in Memorandum & Articles Power to Alter Conditions Copies of Memorandum & Articles Issued Copies of Memorandum Definition of Member Membership of Holding Company Meaning of Private Company Private Company Privileges Form of Contracts Pre-incorporation Contracts Bills of Exchange & Promissory Notes Execution of Deeds Abroad Power to Have Official Seal Authentication of Documents Dating of Prospectus Specific Requirements Exemption from Compliance Advertisements on Prospectuses Publishing Guildelines by Commission Expert's Consent Registration of Prospectus One Document Prospectus More Than One Document Prospectus Submission of Certified Copies Civil liability for Misstatements Criminal Liability for Misstatements Right to Damages and Compensation Offer of Shares or Debentures Interpretation of Provisions Prohibition of Allotment: Subscription Prohibition of Allotment: Statement Effect of Irregular Allotment Applications for Shares & Debentures Allotment of Shares and Debentures Return as to Allotments Power to Pay Commissions Financial assistance prohibited Definitions Transactions not prohibited by 47A Restriction for Listed Companies Section 47A for Unlisted Companies Statement Under Section 47E Special Resolution Under Section 47E Financial assistance under section 47E Offering Shares to the Public Premiums on Issue of Shares Merger Relief Relief of Group Reconstructions Provisions to Sections 48C and 48D Relief from Section 48B Power to Issue Redeemable Shares Financing of Redemption Company Power to Purchase Shares Requirements for Listed Company Payments Apart From Purchase Price Authority for Purchase Authority for Purchase Contract Assignment of Right to Purchase Shares Disclosure of Share Purchase Capital Redemption Reserve Power to Redeem Shares out of Capital Availability of Profits Conditions for Payment out of Capital Procedure for Special Resolution Publicity for Proposed Payment Objections by Company's Members Powers of Court on Application Effect of Company's Failure to Redeem Power to Modify Certain Sections Transitional Cases: Sections 49 to 49S Definitions for Sections 49 to 49R Power to Issue Shares at a Discount Arrangement for Amounts Paid on Shares Reserve Liability of Limited Company Power to Alter Share Capital Share Capital Consolidation Notice of Increase of Capital Reserve Share Capital on Re-registration Power of Company to Pay Interest Non Voting Shares Approval for Allotment of Shares Validation of Shares Improperly Issued Resolution for Share Capital Reduction Application for Confirming Order Order Confirming Reduction Registration of Order Registration of Special Resolution Liability of Members Concealing Name of Creditor Variation of rights Rights of Shareholders Documents on Shareholder Rights Nature of Shares Numbering of Shares Transfer not to be Registered Transfer by Personal Representative Registration of Transfer Notice of Refusal to Register Transfer Certification of Transfers Issue of Certificates Certificate to be Evidence of Title Replacement of Lost Certificate Evidence of Grant of Probate Share Warrants to Bearer Official Seals for Share Certificates Making Compensation for Losses Register of Debenture Holders Provision of Instrument Register of Debenture Holders Meetings of Debenture Holders Liability of Trustees Perpetual Debentures Power to Re-issue Redeemed Debentures Contracts to Subscribe for Debentures Payment of Certain Debts Interpretation Certain Distributions Prohibited Restriction on Distribution of Assets Exemption of Certain Companies Realised Profits of Insurance Company Distribution to Be Justified Last Annual Accounts Requirement for Interim Accounts Requirements for Initial Accounts Method of Applying Section 79F Treatment of Assets Distributions in Kind Consequences of Unlawful Distribution Saving for Provision in Articles Application to Certain Companies Saving for Other Distribution Restraints Registration of Charges Charges Created by the Company Charges Existing on Property Charges to be Kept by Registrar Entries of Satisfaction Extension of Time for Registration Appointment of Receiver or Manager Copies of Instruments Company's Register of Charges Right to Inspect Instrument Copies Application of Part III Registered Office of Company Publication of Name of Company Adequacy of Certain Descriptions Register of Members Company Statement Index of Members of Company Entries in Register to Share Warrants Inspection of Register of Members Failure to Comply with Requirements Power to Close Register of Members Power of Court to Rectify Register Trusts not Entered on Register Register to be Evidence Keeping Branch Register Regulations as to Branch Register Registers of Oversea Companies Company Annual Return General Provisions: Annual Returns Certificates Sent by Private Company Annual General Meeting Extraordinary General Meeting Notice for Calling Meetings Meetings and Votes Quorum: One Company Member Power of Court to Order Meeting Proxies Right to Demand a Poll Voting on a Poll Representation of Companies Circulation of Members' Resolutions Special Resolutions Restriction on Alteration of Articles Written Resolutions of Companies Duty to Notify Auditors Written Resolutions: Supplementary Written Record Resolutions Requiring Special Notice Certain Resolutions and Agreements Resolutions at Adjourned Meetings Minutes of Proceedings of Meetings Place to Keep Minute Book Inspection of Minute Books Keeping of Books of Account Profit and Loss Account Contents and Form of Accounts Obligation to Lay Group Accounts Form of Group Accounts Contents of Group Accounts Financial Year of Holding Company Particulars in Relation to Subsidiaries Companies not being Subsidiaries Subsidiary Company's Accounts Signing of Balance Sheet Accounts and Auditors' Report Directors' Report Proviso to Section 141C Sections 129D and 129E Right to Receive Copies Appointment & Removal of Auditors Supplementary Provisions Powers of Auditors False Statements to Auditors Disqualifications: Auditor Appointment Resignation of Auditor Right of Auditor who Resigns Auditor's Report and Rights Construction of References Restrictions on Financial Reports Notices of Intent Relevant Dates Duties of Listed Companies Financial Reports not to be Sent Form and Contents of Reports Prohibition Orders Compliance with Section 129G Requirements as to Accounts Investigation of Company Affairs Company Affairs in Other Cases Power of an Inspector Documents on Investigation Delegation of Powers by Inspector Power to Call for Director's Accounts Inspector's Report Extension of Secretary's Powers Proceedings on Inspector's Report Expenses of Investigation Inspector's Report to be Evidence
Companies Ordinance Cap 32

Section Num: 2      Version Date 01/12/2005

Interpretation and Specification of Forms

(Amended 3 of 1997 s. 2)

(1) In this Ordinance, unless the context otherwise requires-

"accounts" includes a company's group accounts, whether prepared in the form of accounts or not; (Added 80 of 1974 s. 2)

"agent" does not include a person's counsel acting as such; (Added 6 of 1984 s. 2)

"amend" includes delete, add to or vary and the doing of all or any of such things simultaneously; (Added 30 of 2004 s. 2)

"annual return" means the return required to be made under section 107; (Amended 28 of 2003 s. 2)

"articles" means the articles of association of a company, as originally framed or as altered by special resolution, including, so far as they apply to the company, the regulations contained in Table A in the First Schedule annexed to the Companies Ordinance 1865 (1 of 1865), or in that table as altered in pursuance of powers given under that Ordinance, or in Table A in the First Schedule to the Companies Ordinance 1911 (58 of 1911), or in that table as altered in pursuance of section 117 of the last mentioned Ordinance, or in Table A in the First Schedule to this Ordinance;

"authorized financial institution" means an authorized institution within the meaning of section 2 of the Banking Ordinance (Cap 155);

"book and paper" and "book or paper" include accounts, deeds, writings, and documents;

"certificate of solvency" means a certificate issued under section 233; (Added 28 of 2003 s. 2)

"Commission" means-

(a) subject to paragraphs (b) and (c), the Securities and Futures Commission referred to in section 3(1) of the Securities and Futures Ordinance (Cap 571);

(b) where any relevant transfer order made under section 25 of that Ordinance is in force, the recognized exchange company concerned or both the Securities and Futures Commission and the recognized exchange company concerned, in accordance with the provisions of that order; or

(c) where any relevant transfer order made under section 68 of that Ordinance is in force, the recognized exchange controller concerned or both the Securities and Futures Commission and the recognized exchange controller concerned, in accordance with the provisions of that order;

(Replaced 5 of 2002 s. 407)

"company" means a company formed and registered under this Ordinance or an existing company;

"company limited by guarantee" and "company limited by shares"
 have the meanings assigned to them respectively by section 4(2);

(Added 6 of 1984 s. 2)

"contributory" has the meaning assigned to it by section 171;

(Added 6 of 1984 s. 2)

"court" means the Court of First Instance; (Replaced 6 of 1984 s.

2. Amended 25 of 1998 s. 2)

"creditors' voluntary winding up" has the meaning assigned to it by section 233(4); (Added 6 of 1984 s. 2)

"debenture" includes debenture stock, bonds and any other securities of a company whether constituting a charge on the assets of the company or not;

"default fine" has the meaning assigned to it by section 351(1A)(d); (Added 6 of 1984 s. 2. Amended 75 of 1993 s. 2)

"director" includes any person occupying the position of director by whatever name called;

"document" includes summons, notice, order, and other legal process, and registers;

"entitled person", in relation to a listed company, means a person who under section 129G(1) as read with the proviso thereto is entitled to be sent copies of the documents mentioned in that section; (Added 27 of 2001 s. 2)

"existing company" means a company formed and registered under the Companies Ordinance 1865 (1 of 1865), or the Companies Ordinance 1911 (58 of 1911);

"financial year", in relation to any body corporate, means the period in respect of which any profit and loss account of the body corporate laid before it in general meeting is made up, whether that period is a year or not; (Added 80 of 1974 s. 2)

"general rules" means general rules made under section 296 and includes forms;

"group accounts" has the meaning assigned to it by section 124(1); (Added 80 of 1974 s. 2)

"group of companies" means any 2 or more companies or bodies corporate one of which is the holding company of the other or others; (Added 6 of 1984 s. 2)

"image record" means a record produced using the imaging method and, where the context permits, includes a record in a legible form; (Added 28 of 2003 s. 2)

"imaging method" means a method by which documents in a legible form or in the form of microfilm are scanned by a scanner and the information recorded therein is converted into electronic images, which are then stored on electronic storage media capable of being retrieved and reproduced in a legible form; (Added 28 of 2003 s. 2)

"issued generally", in relation to a prospectus, means issued to persons who are not existing members or debenture holders of the company; (Added 78 of 1972 s. 2)

"liquidator" includes a provisional liquidator holding such office by virtue of section 194; (Added 46 of 2000 s. 2)

"listed company" means a company which has any of its shares listed on a recognized stock market; (Added 77 of 1991 s. 2. Amended 5 of 2002 s. 407)

"manager", in relation to a company, means a person who, under the immediate authority of the board of directors, exercises managerial functions but does not include-

(a) a receiver or manager of the property of the company; or

(b) a special manager of the estate or business of the company appointed under section 216; (Added 28 of 2003 s. 2)

"members voluntary winding up" has the meaning assigned to it by section 233(4); (Added 6 of 1984 s. 2)

"memorandum" means the memorandum of association of a company, as originally framed or as altered in pursuance of any enactment;

"the minimum subscription" has the meaning assigned to it by section 42(2); (Added 6 of 1984 s. 2)

"notice of intent" means a notice of intent referred to in regulations made under section 359A(2); (Added 27 of 2001 s. 2)

"offer to sell", in relation to any shares or debentures, includes-

(a) any act or omission or other thing calculated to invite offers to purchase the shares or debentures;

(b) any reference to offer for sale; (Added 30 of 2004 s. 2)

"officer", in relation to a body corporate, includes a director, manager or secretary; (Added 80 of 1974 s. 2)

"officer who is in default" has the meaning assigned to it by section 351(2); (Added 6 of 1984 s. 2)

"Official Receiver" means the Official Receiver appointed under the Bankruptcy Ordinance (Cap 6); (Added 30 of 1999 s. 2)

"oversea company" has the meaning assigned to it by section 332; (Added 6 of 1984 s. 2)

"prescribed" means as respects the provisions of this Ordinance relating to the winding-up of companies, prescribed by general rules, and as respects the other provisions of this Ordinance, prescribed by the Chief Executive in Council; (Amended 23 of 1999 s. 3)

"printed" means produced by ordinary letterpress or lithography or by such other process as the Registrar in his discretion may accept; (Added 4 of 1963 s. 2)

"private company" has the meaning assigned to it by section 29; (Added 6 of 1984 s. 2)

"prospectus"-

(a) subject to paragraph (b), means any prospectus, notice, circular, brochure, advertisement, or other document-

(i) offering any shares in or debentures of a company (including a company incorporated outside Hong Kong, and whether or not it has established a place of business in Hong Kong) to the public for subscription or purchase for cash or other consideration; or

(ii) calculated to invite offers by the public to subscribe for or purchase for cash or other consideration any shares in or debentures of a company (including a company incorporated outside Hong Kong, and whether or not it has established a place of business in Hong Kong);

(b) does not include any prospectus, notice, circular, brochure, advertisement, or other document-

(i) to the extent that it is a publication falling within section 38B(2); or

(ii) to the extent that it contains or relates to an offer specified in Part 1 of the Seventeenth Schedule as read with the other Parts of that Schedule; (Replaced 30 of 2004 s. 2)

"recognized exchange company" means a company recognized under section 19(2) of the Securities and Futures Ordinance (Cap 571) as an exchange company for operating a stock market; (Added 5 of 2002 s. 407)

"recognized exchange controller" has the same meaning as in section 1 of Part 1 of Schedule 1 to the Securities and Futures Ordinance (Cap 571); (Added 5 of 2002 s. 407)

"recognized stock market" has the same meaning as in section 1 of Part 1 of Schedule 1 to the Securities and Futures Ordinance (Cap 571); (Added 5 of 2002 s. 407)

"record" includes not only a written record but any record conveying information or instructions by any other means whatsoever; (Added 28 of 2003 s. 2)

"Registrar" means the Registrar of Companies appointed under section 303; (Replaced 6 of 1984 s. 2)

"Registrar's index of company names" means the index of names kept by the Registrar under section 22C; (Added 60 of 1990 s. 2)

"relevant financial documents", in relation to a listed company, means the documents required to be sent under section 129G(1) in respect of the company; (Added 27 of 2001 s. 2)

"reserve director" means a person nominated as a reserve director of a private company under section 153A(6); (Added 28 of 2003 s. 2)

"resolution for reducing share capital" has the meaning assigned to it by section 58(2); (Added 6 of 1984 s. 2)

"a resolution for voluntary winding up" has the meaning assigned to it by section 228(2); (Added 6 of 1984 s. 2)

"shadow director", in relation to a company, means a person in accordance with whose directions or instructions the directors or a majority of the directors of the company are accustomed to act; (Added 28 of 2003 s. 2)

"share" means share in the share capital of a company, and includes stock except where a distinction between stock and shares is expressed or implied;

"share warrant" has the meaning assigned to it by section 73; (Added 6 of 1984 s. 2)

"specified corporation" means a company or a non-Hong Kong company; (Added 30 of 2004 s. 2)

"specified form", in relation to a particular provision of this Ordinance, means the appropriate form specified for the time being under section 2A, for the purposes of that provision; (Added 3 of 1997 s. 3)

"summary financial report", in relation to a listed company, means a summary financial report of the company which complies with section 141CF(1); (Added 27 of 2001 s. 2)

"Table A" means Table A in the First Schedule;

"the time of the opening of the subscription lists" has the meaning assigned to it by section 44A(1); (Added 6 of 1984 s. 2)

"unlimited company" has the meaning assigned to it by section 4(2); (Added 6 of 1984 s. 2. Amended 77 of 1991 s. 2)

"unlisted company" means a company which does not have any of its shares listed on a recognized stock market. (Added 77 of 1991 s. 2. Amended 5 of 2002 s. 407)

(Amended 1 of 1949 s. 22; 10 of 1987 s. 2; 86 of 1992 s. 2; 5 of 2002 s. 407)

(2) A person shall not be considered to be a shadow director of a company by reason only that the directors or a majority of the directors of the company act on advice given by him in a professional capacity. (Replaced 28 of 2003 s. 2)

(3) References in this Ordinance to a body corporate or to a corporation shall be construed as not including a corporation sole but as including a company incorporated outside Hong Kong. (Added 80 of 1974 s. 2)

(4) For the purposes of this Ordinance, a company shall, subject to the provisions of subsection (6), be deemed to be a subsidiary of another company, if-

(a) that other company-

(i) controls the composition of the board of directors of the first-mentioned company; or (Amended 6 of 1984 s. 2)

(ii) controls more than half of the voting power of the first-mentioned company; or

(iii) holds more than half of the issued share capital of the first-mentioned company (excluding any part of it which carries no right to participate beyond a specified amount in a distribution of either profits or capital); or

(b) the first-mentioned company is a subsidiary of any company which is that other company's subsidiary. (Added 80 of 1974 s. 2)

(5) For the purposes of subsection (4), the composition of a company's board of directors shall be deemed to be controlled by another company if that other company by the exercise of some power exercisable by it, without the consent of any other person, can appoint or remove all or a majority of the directors, and, for the purposes of this provision, that other company shall be deemed to have power to make such an appointment if- (Amended 12 of 2005 s. 2)

(a) a person cannot be appointed as a director without the exercise in his favour by that other company of such a power; or

(b) a person's appointment as a director follows necessarily from his being a director or other officer of that other company. (Added 80 of 1974 s. 2)

(6) In determining whether one company is a subsidiary of another company-

(a) any shares held or power exercisable by that other company in a fiduciary capacity shall be treated as not held or exercisable by it;

(b) subject to paragraphs (c) and (d), any shares held or power exercisable-

(i) by any person as a nominee for that other company (except where that other company is concerned only in a fiduciary capacity); or

(ii) by, or by a nominee for, a subsidiary of that other company, not being a subsidiary which is concerned only in a fiduciary capacity, shall be treated as held or exercisable by that other company;

(c) any shares held or power exercisable by any person by virtue of the provisions of any debentures of the first-mentioned company or of a trust deed for securing any issue of such debentures shall be disregarded;

and

(d) any shares held or power exercisable by, or by a nominee for, that other company or its subsidiary (not being held or exercisable as mentioned in paragraph (c)) shall be treated as not held or exercisable by that other company if the ordinary business of that other company or its subsidiary, as the case may be, includes the lending of money and the shares are held or power is exercisable as aforesaid by way of security only for the purposes of a transaction entered into in the ordinary course of that business. (Added 80 of 1974 s. 2)

(7) A reference in this Ordinance to the holding company of a company shall be read as a reference to a company of which that last-mentioned company is a subsidiary. (Added 80 of 1974 s. 2)

(8) In subsections (4), (5), (6) and (7) the expression "company" includes any body corporate or corporation. (Added 4 of 1976 s. 2)

(8A) In sections 152FA, 152FB and 152FD, the expression "record" includes book and paper. (Added 30 of 2004 s. 2)

(9) For the avoidance of doubt it is declared that a reference, in relation to any purpose of this Ordinance, to any form, matter, particular or information specified by the Registrar means, except where it is provided otherwise, specified by him for the time being for that purpose. (Added 3 of 1997 s. 3)

(10) Any provision of this Ordinance that refers (in whatever words) to-

(a) the subscribers of the memorandum of association of a company;

(b) the members or shareholders of a company;

(c) a majority of members or shareholders of a company; or

(d) a specified number or percentage of members or shareholders of a company, shall, unless the context otherwise requires, apply with necessary modifications in relation to a company the memorandum of association of which has only one subscriber or that has only one person as a member or shareholder, as the case may be. (Added 28 of 2003 s. 2)

(11) Any provision of this Ordinance that refers (in whatever words) to-

(a) the directors of a company;

(b) the board of directors of a company;

(c) a majority of the directors of a company; or

(d) a specified number or percentage of the directors of a company, shall, unless the context otherwise requires, apply with necessary modifications in relation to a private company that has only one director. (Added 28 of 2003 s. 2)

(12) The reference to a non-Hong Kong company in the definition of

"specified corporation" in subsection (1) shall, before the commencement of section 1(1) of Schedule 2 to the Companies (Amendment) Ordinance 2004 (30 of 2004), be deemed to be a reference to an oversea company as is for the time being defined under this Ordinance. (Added 30 of 2004 s. 2 & L.N. 81 of 2005)

[cf. 1929 c. 23 s. 380 U.K.]

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