Hong Kong’s Financial Services and also Treasury Bureau FSTB have revealed the launch of the 2nd phase of public examination on the arrangements of the Hong Kong Companies Bill as component of its ongoing effort to reform the Hong Kong firm legislation. In order to make Hong Kong business law much more business-friendly, the government has actually introduced a detailed initiative to rewrite the Companies Ordinance. Hereof, the Companies Amendment Bill 2010 and the Business Registration Amendment Bill 2010 were gazetted in January 2010. While the Companies Bill focuses on boosting business formation in Hong Kong, the Business Registration Bill will help in implementing a one-stop service for firm unification with the Companies Registry and company registration with the Inland Revenue Department.
The new actions company bank account opening will help entrepreneurs with Hong Kong firm registration within one functioning day and also simplify the regulatory program for Hong Kong companies. The first stage of public examination on the Companies Bill finished in March 2010 and covered business governance issues and regulative conformity. The 2nd stage of public examination handle organization facilitation such as implementing simplified accounting requirements for personal business and also tiny guarantee business, simplifying financial aid provisions, introducing a solvency examination for the decrease of share capital, enabling electronic communication between a business and also its participants, enabling scrip-less holding and also trading of shares and debentures, and so on.
Currently, it takes around 4-7 operating days to hong kong company incorporation. With the new legislation in position, the Hong Kong firm incorporation process can be finished within one functioning day, which is the present standard for its major competitor Singapore. The e-system will help services save money on time, expense and also sources. Hong Kong’s innovation drive and also firm law reform will improve service processes and improve Hong Kong’s attractiveness as a regional service hub. Hong Kong Company Formation procedure is fairly simple. The primary requirements are:
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