Hong Kong Financial Secretary announces
new precautionary measures to further strengthen confidence in Hong Kong's banking system
To use the Exchange Fund to guarantee the repayment of ALL customer deposits held with ALL Authorized Institutions in Hong Kong following the principles of the existing Deposit Protection Scheme, including Restricted-Licence Banks and Deposit-Taking Companies as well as Licensed Banks until 2010. The guarantee applies to both Hong Kong Dollar and Foreign Currency deposits with Authorized Institutions in Hong Kong, including those held with Hong Kong branches of overseas institutions. It will cover the amount of deposits in excess of that protected under the Deposit Protection Scheme.
12 July 2008
Non-Statutory Guidelines on Directors' Duties
For newly company formation, all directors of the company are advised to read the latest version of the ¡¥Non-Statutory Guidelines on Directors' Duties' published by the Companies Registry and acquaint themselves with the general duties of directors outlined in the Guidelines.
01 January 2005
Hong Kong Institute of CPAs Announces Completion of Convergence of
Hong Kong's Financial Reporting Standards with the International Financial Reporting Standards
The Hong Kong Institute of Certified Public Accountants has announced that, with the publication of five Hong Kong Accounting Standards, the suite of financial reporting standards applying in Hong Kong will be fully converged with the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board effective for financial reporting periods that begin on or after 01 January 2005.
The five Standards are:
HKAS 17 Leases ;
HKAS 23 Borrowing Costs ;
HKAS 24 Related Party Disclosures ;
HKAS 31 Investments in Joint Ventures ; and
HKAS 40 Investment Property .
13 February 2004
Accept
One-Man Limited Company in Hong Kong
-
Companies (Amendment) Ordinance 2003 ("the Amendment Ordinance")
The Amendment Ordinance will come into operation
on 13/February/2004, except clause 67 [sections 158C(1)(a) and (b)]
which will become operative at a later stage.
Formation
of Companies - Section 4(1) permits
the formation of a company by One (1) or more persons [before,
at least Two (2)].
Register of Members
- The requirement in section 95(1)(a) for a company to enter
the occupations or descriptions of members of the company in the
company's register of members has been repealed. A new section
95A requires a company, the number of whose members falls to One
(1) or increase to Two (2) or more, to record that fact in the company's
register of members.
Quorum where the Company has
only One (1) member - Section 114AA provides that One (1)
member constitutes a quorum for a meeting of a company having only
One (1) member [before, at least Two (2)].
Directors
- Section 153A(1) permits a private company
to have only One (1) director [before, at least (2)], and
Section 153A(6) provides that, where a private company has only
One (1) member and that member is the sole director of the company,
the company may in general meeting nominate
a natural person who has attained the age of 18 years as
a reserve director of the company to act in the place of the sole
director in the event of his/her death.
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