New Hong Kong Companies Ordinance (Cap. 622) abolishes par value. From 3 March 2014, all shares of existing and new companies incorporated in Hong Kong, whether issued before or after that date, will no longer have any par value. Companies will need to record changes in accounting records.
New Hong Kong Companies Ordinance (Cap. 622) introduces a new escalating scale of annual registration fee for the finagling of annual returns for companies limited by guarantee.
New Hong Kong Companies Ordinance (Cap. 622) introduces three new conditions for application for deregistration: (i) the company is not a party to any legal proceedings, (ii) the company has no immovable property in Hong Kong, and (iii) if the company is a holding company, none of its subsidiaries’ assets consist of any immovable property in Hong Kong.
The Mutual Legal Assistance (Tax Matters) (Amendment) Act 2012 came into effect on 16 September 2014 which requires all BVI companies to keep records and underlying documentation relating to transactions for a minimum of five years.