Global Vision
Where a wrong is done which infringes upon the personal rights of a shareholder, the shareholder is entitled to a personal right of action to enforce the personal rights conferred under the articles of association, shareholders agreement, statute or common law. Remedies may be sought for the sole benefit of the shareholder. For examples, majority […]
Under Section 177(1)(f) of the Companies (Winding Up and Miscellaneous Provisions) Ordinance, a company may be wound up by the court, upon the application of a minority shareholder, if the court is of opinion that it is just and equitable to do so. Minority shareholders may exercise this right when a company is experiencing financial […]
Under Part 14 Division 2 of the Companies Ordinance, unfair prejudice petition is another useful remedy for minority shareholders. This remedy empowers a shareholder of a company to petition to the court, where his interests have been unfairly prejudiced by the act or omission in respect of the company. The court has the power to […]
Statutory remedies: Part 14, Division 4 of the Companies Ordinance (Cap 622), provides statutory derivative action as remedy for aggrieved minority shareholders. If any misconduct is committed against a company but the company itself does not institute the proceedings, then a shareholder of the company may bring proceedings on behalf of the company before the […]
All limited companies need to conduct an Annual General Meeting (AGM) in each financial year, subjected to some limited exceptions. For private companies, an AGM shall be conducted within 9 months after the end of accounting reference period. for public companies, it’s 6 months. Before conducting any General Meeting or Annual General Meeting, a notice […]
As a shareholder, who can exercise his right by mean of conducting a General Meeting. Take appointment of director as an example, a simple majority votes can pass an ordinary resolution. (simple majority means more than 50% members with voting right who attending and voting in such meeting). Any shareholders holding 5% or more of […]
Under the two-tiered profits tax rates regime, the profits tax rate for the first $2 million of assessable profits will be subjected to a lower tax rate of 8.25% for a limited company. The excessive assessable amount will be subjected to 16.5%
For a Hong Kong Limited company (limited by share), as a shareholder, you will have below general rights: • The right to vote at the shareholders’ general meeting (GM) and Annual General Meeting (AGM). • The right to receive dividends declared by the company Board of Directors. • The right to receive an auditor’s report […]
Is audit compulsory to a Hong Kong Company ? Yes, according to Companies Ordinance (Cap 622 Company Law), each Hong Kong company incorporated under Companies Ordinance, it’s financial statements must be audited by an independent auditor annually. The first auditor report shall be prepared not later than 18 months since the company’s incorporation date. The […]
Our managing director (non-assurance), Mr. Clement Siu was appointed as Ordinary Member (adjudicator) in Market Misconduct Tribunal of The Government of the Hong Kong Special Administrative Region on 11 March 2021. The Tribunal is an independent body which is established under the Securities and Futures Ordinance, and is chaired by a judge or former judge […]