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Transitional arrangements. The new CO commenced operation on 3 March 2014. The abolition of par value for the shares of all Hong Kong companies took effect immediately upon commencement of the new CO. The new regime applies to all local companies regardless of whether the companies are formed before or after the commencement date of the new CO.
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Electronic Services. Implementation of Revamped Integrated Companies Registry Information System (ICRIS) Overview. The Companies Registry has been making extensive use of Information Technology to support the provision of efficient and high quality electronic services.
INTRODUCTION. Part 4 (Share Capital) of the new Companies Ordinance (Cap. 622) (“new CO”) contains provisions relating to the core concept of “share capital” and its creation, transfer and alteration. POLICY OBJECTIVES AND MAJOR CHANGES. 2. Part 4 contains initiatives that aim at modernising the law (subparagraphs (a) and.
Introduction. Under the new Companies Ordinance (Cap. 622) ("new CO"), the types of companies that can be formed are streamlined from eight types under the old Companies Ordinance (Cap. 32) ("the old Ordinance") into five types, with abolition of some types of companies which are obsolete and re-grouping others into new categories.
The new Companies Ordinance (Cap. 622) ("the new CO") adopts a mandatory system of no-par for all local companies having a share capital and retires the concept of par value for all shares. This is in line with international trends to provide companies with greater flexibility in structuring their share capital.
1. What is the “no-par” regime ? Nominal value (also known as "par value") of shares is the minimum price at which shares can generally be issued. The new Companies Ordinance ("the new CO") adopts a mandatory system of no-par for all local companies having a share capital and retires the concept of par value for all shares. 2.
Briefing Notes on Subsidiary Legislation. The briefing notes are intended to provide general information on the subsidiary legislation for implementation of the new Companies Ordinance.
