The latest Companies Ordinance (CO) (modified in early 2014) enhanced corporate governance, facilitated business, ensured better regulation and modernised the law. So here we have outlined some highlights as follows for you to know more:

 

1. Requirement of 1 Natural Person Director

With a view to enhancing the accountability of directors, every private company is required to have at least 1 director who is a natural person. In other words, a company can still appoint corporate directors, but with at least 1 natural person director.

 

2. Articles of Association

Memorandum of Association (M&A) was once accepted for all local companies but after the modification, only Articles of Association is required and becomes the constitutional document of a company. For new companies, they can just use the Model Articles prescribed under the new CO.

 

3. Abolition of Par Value for Shares

A mandatory system of no-par is adopted for shares of all companies, which means a company’s shares will have no nominal value, as par value is an antiquated concept that may cause practical problems, like inhibiting the raising of new capital and unnecessarily complicating the accounting regime. This is in line with international treads to provide companies with more flexibility in structuring their share capital. All shares issued before 3 Mar 2014 will be deemed to have no par value (conversion process for existing companies is not required). As such, all shares issued will only have the ‘actual’ value that represents the value of the share capital.

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