Areas discussed include the standard and core problems, legal and. The law of hong kong is unique, being a common law system preserved, after the handover to china in 1997, within the civil law system of the peoples republic of china prc, under the principle of one country, two systems. The new companies ordinance the commencement of the new companies ordinance, chapter 622 of the laws of hong kong, on 3 march 2014 will herald a new era for hong kongs company law. A company formed under hong kong law may be either limited by shares or by. Chen on 9 june 2019, hong kong became the focus of international attention as hundreds of thousands of demonstrators marched on hong kong island to oppose the imminent enactment of a legislative bill that would introduce a rendition. If you want to open a company in hong kong you should know that a new companies ordinance has been enforced starting with march 2014 and it brings new, progressive changes to company related matters. Codifying the waiver of company secretary qualifications into listing rule 3. Britain returned hong kong to chinese rule on 1 july 1997, under a one country, two systems formula that allows hong kong to operate a separate, autonomous judicial system.
Hk needs new ideas to cope with such difficult challenges. More importantly, chinas foreign direct investment from through hong kong increased from 27. Hong kongs company law and related publicadministrative law issues are considered. Last month the competition commission of india cci ordered an investigation of amazon and rival flipkart, owned by walmart, over alleged violations of. The 16 chapters of the book cover all basic contract concepts in a readerfriendly style, which makes ample use of case illustration. Theinhabitant of london could order by telephone, sipping his morning tea in bed, the various products. Hong kong to maintain beneficial ownership information by way of keeping registers of significant controllers. The firm also advises clients on significant crossborder transactions in the rest of asia and elsewhere in the world.
Amazon challenges india antitrust probe in court business. Mar 17, 2020 taking into consideration the difficult social conditions, the company has decided not to go ahead with the fare adjustment. Economic substance law in the british virgin islands kpmg china. Hong kong company law the hong kong institute of chartered. Financial services executives in hong kong are finding it harder to recruit and retain talent.
A 2019 university of hong kong research paper pdf argued that the public housing allocation system unfairly discriminates against lgbt people. Yes, fintech matters to hong kong because over the coming decade or so it may dramatically alter todays financial services delivery. It is the cornerstone of hong kongs success as a leading international commercial and financial centre, providing a secure environment for individuals and organisations and a level playing field for business. Kpmg is wellpositioned to advise clients on their investments and business strategies in the greater bay area. Full new companies ordinance chapter 622 companies registry. Reform in risk management and internal control of listed companies. New10% preorder sentencing in hong kong 9th edition 2020. Pdf corporate governance and its reform in hong kong. New delhi inc has begun legal action in india to quash an antitrust investigation against the company, saying it could cause irreparable loss and damage to its reputation, according to its court filing seen by reuters. The new companies ordinance the new ordinance, which consists of 21 parts, 921 sections and 11 schedules is, i believe, one of the. Hong kong s company law and related publicadministrative law issues are considered. The business activities available to a company in hong kong are generally not dependent upon whether the company is.
The hong kong chief executive and her governing team should realize that hong kong is drifting into uncharted waters and facing daunting challenges. In addition, governance for all hong kong companies is subject to various common law rules. Apply relevant legislation, case law and best practice recommendations to legal and governance issues arising in complex scenarios relating to shares, capital. Hong kong was also ranked 1st in terms of fundraising through ipos in 2018 after the introduction of weighted voting right system. Invest hk, imd, unctad, pwc, heritage foundation, ifc, world. The sale of a noncontrolled company for consideration that is a blend of. This years asia pacific 100 research shows hong kong remains the most popular base for international firms asia practice, playing host to the largest number of partners in the top 50 international firms in the region, but singapore is closing the gap. Sep 30, 2019 the sinobritish joint declaration of 1984 dictated the terms under which hong kong was returned to china. Bills introduced by the government are known as government.
Company directors need not be citizens of, nor reside in, hong kong. Mar 04, 2020 a 2019 university of hong kong research paper pdf argued that the public housing allocation system unfairly discriminates against lgbt people, meaning they end up incurring much higher housing. Company act in hong kong open a company in hong kong. Trust and security, meanwhile, are the main challenges that fintech businesses can address in order to position hong kongs financial services sector for success. Hong kong private limited company can be incorporated within 1 week with 1 director and 1 shareholder. Reporting requirements are straightforward and not onerous. A road map for corporate governance in east asia northwestern. Berger and lesters made by hong kong 1997 provides suggestions for dealing with the challenges. Apr 07, 2020 welcome to the kpmg knowledge base of research.
Hong kongmainland rendition of fugitive offenders albert h. Themost important financial innovation that i have seen the past 20 years is the automatic teller machine, that really helps people and prevents visits to the bank and it is a real convenience. Chapter 1 security services in hong kong section 1. Our commercial law pcll conversion notes are the leading online study resource for hong kong pcll conversion examinations.
Commencement of the new requirements from 1 march 2018 plugs a gap in the company legislation, and goes a long way towards enhancing the transparency of legal persons. In hong kong, laws on public health and medical practice, essentially an adoption of the english acts, had been introduced from the early days. Democracy in hong kong council on foreign relations. Listed companies in hong kong are also subject to the hong kong listing rules, the corporate governance code and the takeovers code. The corporate law in hong kong governs all the legal areas concerning hong kong companies, their incorporation, operation and the responsibilities of their members and directors. Piercing the corporate veil is a vital mechanism in company law as a judicial safeguard against abuse of the corporate form. This will be the focus of the second phase of the company law rewrite. Yes, fintech matters to hong kong because over the coming decade or so it may dramatically alter todays financial services delivery model. Download free pdf sample pcll conversion notes and model exams to help you pass your pcll conversion examinations. Coronavirus disease 2019 covid19 was declared a public health emergency of international concern by the world health organisation on 30 january 2020. Hong kong lgbt couple win legal challenge for public housing. The rule of law is one of hong kong s greatest strengths. The above is of particular relevance to hong kong, which only taxes hong kong sourced profits. An update on the complexities of hong kong surrogacy law.
Hong kong foreign companies are allowed to incorporate their operations, register branches, or set up representative offices freely in hong kong with no restriction on ownership. France, italy and singapore and as affiliated partnerships conducting the practice in hong kong and japan. Pcll conversion notes hong kong commercial law notes. Hong kong lgbt couple win legal challenge for public. In hong kong, the chief law enforcement agency for ipr is the hong kong customs and excise department, which works closely with affected industries and conducts vigorous antipiracy and anticounterfeiting operations. Hong kong, despite its large financial sector, as yet has only a modest showing in the fintech space. The new ordinance does not completely replace the previous legislation, however, the changes are important because they refer to core issues for the formation of companies and the manner in. Hong kong where the regions top lawyers, law firms and inhouse teams will gather to. Pdf the challenges and opportunities facing the hong kong. Corporate governance and directors duties in hong kong. Ratner challenges facing the judiciary and solutions to those challenges were the topics of two afternoon panels at the professional ethical integrity conference hosted by uc hastings college of the law. The declaration and hong kongs basic law, the citys constitutional document.
Public enforcement and corporate governance in asia oecd. Paper 6 hong kong business law aim this paper aims at providing students with an awareness of the overall legal framework in which business in hong kong operates and at enabling them to apply the relevant legal rules and practices to business problems and practical situations. Law and justice in hong kong offers readers an accessible and updated account of the legal system of hong kong, the only common law jurisdiction in east asia. Compulsory mental health treatment and the way forward corporate. Under the law, hong kongers are also guaranteed freedoms of the press, expression, assembly, and religion, but in practice beijing has grown less. We ignore other criteria like legal, ethical, and organisational. Nowadays, the hong kong medical council is established and empowered by. Parental orders, criminal liability and the authorisation of expenses trap in hong kong. In 1884, the first medical registration ordinance was enacted to regulate the practice of medicine in the territory. Particular emphasis is placed on what makes hong kong law different from other common law jurisdictions. The analytical result suggests that the evolution of the industry is. Oct 01, 2015 piercing the corporate veil is a vital mechanism in company law as a judicial safeguard against abuse of the corporate form. Get the best commercial law notes for the pcll conversion exams.
Hong kong company law posted by by joseph october 7, 2017 38 comments. The rule of law is one of hong kongs greatest strengths. Article 625 of the basic law provides that the government of the hong kong special administrative region has the powers and functions to draft and introduce bills, motions and subordinate legislation. The co has strengthened hong kongs competitiveness and reinforced hong kongs position as an international financial and commercial centre through enhancing corporate governance, facilitating business and modernising hong kongs company law. Closer hong kong, china ties creates corporate governance. Examples of local substance include i business relationships with hong kong customers ii a physical office in hong kong and iii employees in hong kong.
It is the cornerstone of hong kong s success as a leading international commercial and financial centre, providing a secure environment for individuals and organisations and a level playing field for business. However, protecting s or trademarks takes vigilance. Acted for diginex limited, a global blockchain financial services and technology company headquartered in hong kong, in the execution of a definitive share exchange agreement with 8i enterprises acquisition corp. Contract law in hong kong is the first comprehensive textbook on this topic for more than ten years. The first was a survey of 500 consumers in hong kong and 500 consumers in. Do i have to register my nonhong kong company in hong kong. The general understanding is that the bvi authorities would practically recognisea bvi entity having registered as a non hong kong company under part 16 of the companies ordinance and consequentially registered under the business registration. Six challenges to hong kongs judicial independence hong. It has required governments, and particularly healthcare systems, to respond swiftly and in a coordinated way to ensure that they are properly mitigating and responding to the evolving situation to ensure the wellbeing of their citizens. Registrar of companies registrar, who issues a certificate of incorporation. Welcome to the kpmg knowledge base of research that demonstrates our understanding of complex business challenges faced by companies around the world. An advisory guideline on preventing the misuse of charities.
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