Our local office, located in the heart of hong kongs central business district, offers clients a wide range of services provided by a highly experienced and professional staff. 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. Particular emphasis is placed on what makes hong kong law different from other common law jurisdictions. China includes hong kong, macau, and tibet hong kong. The new companies ordinance the new ordinance, which consists of 21 parts, 921 sections and 11 schedules is, i believe, one of the. Jun 11, 2019 a former british colony, hong kong returned to chinese sovereignty in 1997 under a model called one country, two systems, which accorded hong kong its own legal and economic systems and a. The increasing number of mainland chinese pe investors encompassing stateowned enterprises, pension and insurance funds and domestic pe funds. Dennis kwok, a member of hong kong s legislative council, has sent the chief executive a draft modern slavery bill 2017 draft bill for consideration. Rusal is also the first russian business to list in hong kong. Cfreds third company law colloquium perspectives on. Hong kong is a services center, in particular for companies both. It considers the risks of introducing national security legislation in hong kong, and hong kongs sources. Hong kong, china comparing regulation in 183 economies english abstract.
All states are challenged by the need to protect national security while maintaining the rule of law, but the issue is particularly complex in the chinahong kong context. Taxation and investment in hong kong 2016 deloitte. Hong kong company law posted by by joseph october 7, 2017 38 comments. 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. The rule of law is fundamental to hong kongs success.
The firm also advises clients on significant crossborder transactions in the rest of asia and elsewhere in the world. The professional conference circuit will likely put competition on the same footing as antimoney laundering and fatca foreign account tax compliance act as the hot conference topics. Different searching and viewing modes are available to facilitate access to law. The trail is primarily used for hiking and walking. Article 2, basic law1 most people know hong kong as an international financial hub, business center, shopping paradise, and tourist. In october 2017, december 2017 and march 2018, hong kong luckin. Articles of association 01 dec 20 newsletterbriefing. Suite 4002, jardine house 1 connaught place central hong kong. The colonial period began with the occupation of hong kong island in 1841 during the first opium war. The regulation, which took effect on 1 august 2019, aligns the obligations of nonhong kong companies as defined under the companies ordinance cap. National laws to be applied in the hong kong special administrative region the following national laws shall be applied locally with effect from 1 july 1997 by way of promulgation or legislation.
National laws to be applied in the hong kong special. Hong kong officially the hong kong special administrative region of the peoples republic of. Near apple, lemon, 2, false means to find documents having apple within 2 words apart from lemon. It is a vibrant cultural and financial center of chinese society. Hong kong special administrative region 53 instrument 1 decision of the standing committee of the national peoples congress on approving the amendment to annex i to the basic law of the hong kong special administrative region of the peoples republic of china. We analyze such data to generate a heat map highlighting the areas with high. The content is updated 3 times a year to accommodate new cases, legislative changes, as well as updates in the. If you want to match the order of words, specify near apple, lemon, 2, true a percent sign % can be used to match zero or more characters. The electronic transaction ordinance eto specifically confirms that contracts cannot be denied. Nigel davis and melanie mitchell, hong kong listed companies. Vremeli chan, having currently maintained two business offices in hong kong island and kowloon side.
The region is bordered by guangdong province to the north and the south china sea to the east, south, and west. Definition of hong kong resident a company incorporated in hong kong or a company incorporated outside hong kong but normally managed or controlled in hong kong is a hong kong resident under the hkindia cdta. Hong kong s low tax status freemarket economy, its long history of financial and political stability, infrastructure and proximity to china and south east asia have ensured that it has maintained its primacy in the competitive financial services world. Anthony is admitted to practice in new york and as a solicitor in hong kong. It consists of hong kong island, originally ceded by china to. The declaration and hong kongs basic law, the citys constitutional document. Certain exceptions are set out in section 47c and special restrictions apply to listed companies section 47d.
Associate professor in corporate law, the chinese university of hong kong. We are an emerging growth company under applicable u. Hk llb pcll conversion law notes february 10, 2015 as you may know, the faculty of law of the university of hong kong has recently come under a series of criticisms aimed principally at professor johannes chan and his tenure as dean of the faculty of law. Hong kong was a british possession for decades until it rejoined china in 1997. Hong kong company law 14th 2015 by vanessa stott, published by pearson. Full new companies ordinance chapter 622 companies registry. Our commercial law pcll conversion notes are the leading online study resource for hong kong pcll conversion examinations. The regulation generally reenacts the provisions of section 792 of. This was the largest prc reinsurer to be listed on the hong kong stock exchange. British hong kong was a colony and british dependent territory of the united kingdom from 1841 to 1997, apart from a brief period under japanese occupation from 1941 to 1945. Guideline on registration of company names for hong kong companies for the points to note when choosing a company name.
Access study documents, get answers to your study questions, and connect with real tutors for law b333. This alert focuses on existing companies limited by shares. Hong kong elegislation hkel is the official database of hong kong legislation. The constitutional framework is provided by the hong kong basic law, which is a national law of the peoples republic of china prc under the principle of one country, two systems, hong kong has its own legal system, distinct from the law of the peoples republic of china, and based on the. The current hong kong company law, the companies ordinance 1932, cap 32, came into operation on 1 july 1933.
Doing business 2010 is the seventh in a series of annual reports investigating regulations that enhance business activity and those that constrain it. He practiced in the new york office from 2003 through 2012. Get the best commercial law notes for the pcll conversion exams. The island was ceded by qing dynasty in the aftermath of the war in. An ordinance to reform and modernize hong kong company law, to restate part of the enactments relating to companies, to make other. The rights and freedoms of hong kong people and others living here are founded on. Now, the government is turning to a 1922 law in hopes of quelling them by making it impossible for protesters to. The law of hong kong is based on the rule of law and the independence of the judiciary. This was the largest bank ipo and listing on the hong kong stock exchange in. Trident trust incorporation of hong kong companies.
Brand protection for developments and trends impacting brands consumer products law blog for legal issues surrounding consumer product law in the united states data protection report data protection legal insight at the speed of technology. The rule of law hong kong has a wellestablished and trusted legal system based on the common law. Democracy in hong kong council on foreign relations. Oct 04, 2019 hong kongs prodemocracy protests show few signs of subsiding four months in.
A former british colony, hong kong returned to chinese sovereignty in 1997 under a model called one country, two systems, which accorded hong kong its. 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. Sep 30, 2019 the sinobritish joint declaration of 1984 dictated the terms under which hong kong was returned to china. Under hong kong law, a written signature is not necessarily required for a valid contract contracts are generally valid if legally competent parties reach an agreement, whether they agree verbally, electronically or in a physical paper document. The deal set the stage for subsequent ipos and put hong kong on the map.
The law society of hong kong and the hong kong bar association are the main legal bodies in the country for. Civilian authorities maintained effective control over the security forces. As you can see, the new territories covers most of the area, adjoining shenzhen on the north. Hong kongs universities and other legal education and training bodies will likely add new modules on the competition law and practice. The linked exchange rate system was introduced in october 1983. Decree of the president of the peoples republic of china.
Hong kong courts are reliable and swift in dealing with business claims. Unlike china, hong kong uses a law system similar to that found in england and wales. The suit involved a hong kongbased private equity firm that invested in a local shanghai company and obtained a. The 16 chapters of the book cover all basic contract concepts in a readerfriendly style, which makes ample use of case illustration. Before cap 32 there had been the companies ordinance 1865 based on the uk act 1862 and the companies ordinance 1911. The main consideration for a nonhong kong company is how their business operations in hong kong should be carried out. Hong kong dispute resolution profile preventing disputes sn. Contract law in hong kong is the first comprehensive textbook on this topic for more than ten years.
If none of the shareholders are disinterested, director misconduct may be ratified if permissible under common law principles by a unanimous shareholder resolution. Modern slavery law proposed for hong kong herbert smith. The most common professions in law in hong kong are barristers, practicing solicitors, local law firm employees, and registered foreign lawyers. Trident trust has had a multilingual presence in hong kong for more than 25 years and is now employing over 60 staff. Hong kong company director convicted under personal data. The hong kong police force maintains internal security and reports to the sars security bureau.
This will be the focus of the second phase of the company law rewrite. Company law at the hong kong university of science and technology. Has five business owners, none of whom is a legal entity. Our hong kong head office is located at unit 06, 5th floor, china insurance group building, 9 141 des voeux road central, hong kong. Pcll conversion notes hong kong commercial law notes. The draft bill is in similar terms to the modern slavery act 2015 uk uk act and follows proposals for similar legislation to be introduced in australia. Download free pdf sample pcll conversion notes and model exams to help you pass your pcll conversion examinations. Apple is good means to find documents having the exact phrase apple is good. Iclg business crime laws and regulations hong kong covers common issues in business crime including criminal law enforcement, organisation of courts, corporate criminal liability, statutes of limitations, initiation of investigations, procedures of gathering information in 28 jurisdictions. If an emerging growth company that prepares its financial statements in.
Which of the following is the creation of an agency relationship by the operation of law. Access study documents, get answers to your study questions, and connect with real tutors for laws 6011. The wellknown locations, such as central, tsim sha tsui, mong kok and yau ma tei, mainly distribute by the victoria. The city is made up of the new territories, kowloon, hk island and the other over 200 islands. This was the largest bank ipo and listing on the hong kong stock exchange in 2014. The suit involved a hong kong based private equity firm that invested in a local shanghai company and obtained a majority equity interest. Hong kong, special administrative region of china, located to the east of the pearl river estuary on the south coast of china.
This timely and important book explores how china conceives of its national security and the position of hong kong. Slaughter and may new hong kong companies ordinance. Rankings on doing business topics hong kong sar, china. China includes tibet, hong kong, and macau hong kong. From june to years end, hong kong experienced frequent protests, with some exceeding more than one million participants. The new hong kong companies ordinance 29 april 20 ms phyllis mckenna deputy principal solicitor company law reform 2 companies ordinance rewrite background to the hong kong companies ordinance rewrite rewrite of the companies ordinance was endorsed by legislative council legco and launched mid2006 phased approached. The basic law of the hong kong special administrative region of the peoples republic of china. A road map for corporate governance in east asia northwestern. Company act in hong kong open a company in hong kong. Maritime law and practice in hong kong, 2nd edition. Also, hong kong law stipulates that it is illegal for two or more prostitutes to work in the same premises. In hong kong the courts have made a distinction between the courts power to lift the corporate veil to overcome evasion of legal obligations, and using the corporate structure to avoid the incurring of legal obligations, discuss the distinction with reference to legal authority.
Everything you need to know about hong kongs extradition law. The political, social, legal, and economic tensions inherent in such an arrangement bubbled over in 2019, triggered by a government proposal that would have. You are required to strictly adhere to the policy of city university of hong kong on plagiarism. Prior to this lawsuit, which was tried in a local shanghai court, there was no public record of any chinese court addressing the enforceability of dragalong rights under chinese law. Paul kwan, llb hons, llm, solicitor of the high court of the hong kong, special administrative region, partner, deacons hong kong more information updates. Jun 10, 2019 hong kong for the second sunday in a row, hundreds of thousands of people in hong kong demonstrated against a proposed law that would allow extraditions to mainland china, despite the local. The new edition has been updated to provide a summary of the key listing rule requirements for listed companies in hong kong. The 1984 sinobritish joint declaration and the basic law of the sar specify that the sar enjoys a high degree of autonomy under the one country, two systems framework, except in matters of defense and foreign affairs. Business crime 2020 laws and regulations hong kong iclg. As spain contemplates resuming direct rule over catalonia, an autonomous region of spain, by invoking the nuclear provision of article 155 of the spanish constitution in october 2017, 1 at the other side of the globe, hong kong, a special administrative region of china, contemplates. Access study documents, get answers to your study questions, and connect with real tutors for acct 4610. Sep 04, 2019 hong kong exists as a special administrative region controlled by the peoples republic of china and enjoys its own limited autonomy as defined by the basic law. The hong kong institute of chartered secretaries, hong kong corporate law study pack 2. The 1984 sinobritish joint declaration on the question of hong kong and the sars charter, the basic law of the sar also known as the basic law, specify that the sar enjoys a high degree of autonomy under the one country, two systems framework except in matters of defense and foreign affairs.
Section 1002a requires the same approval for names that in the registrars opinion would be likely to give the impression that the company was connected in any way with the central peoples government cpg, the hong kong government or any department or agency of. Some corporations founded during the early colonial era still keep this name, including. This report is available to download in word or pdf formats. The sinobritish joint declaration of 1984 dictated the terms under which hong kong was returned to china. A agency by necessity b express agreement between the parties c ratification of the agents act by the principal d agency by estoppel 2 marks 7 a company is said to have a separate legal entity. This has led to a proliferation of subdivided dwellings and some ngos, such as ziteng and aids concern, complain that being required to work alone endangers workers. Disinterested shareholders approval is required to ratify director misconduct. The new companies ordinance subordinate legislation.
It may be difficult to find a good firm of solicitors in hong kong who acts for the employees and not the employers. Trans legal mapping report is published simultaneously in english and spanish. Many of the corporate law firms in hong kong will not act for the employee because they do not want to upset their relationships with their best clients corporations and because the employee may not have such deep pockets. Anthony joined the firm in 2003 and became partner in 20. Hong kong is a special administrative region sar of the peoples republic of china prc. Law of the peoples republic of china on judicial immunity from compulsory measures concerning the assets of foreign central banks. 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.