Hong Kong’s has introduced new Companies Ordinance which have been welcomed according to the South China Morning Post.

The new ordinance is intended to make it even easier for small companies to conduct business in Hong Kong.

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Most importantly, the requirement of a nominal value of shares has been removed. The memorandum of association has been abolished and merged into the articles of association.

The new law also allows companies to dispense with annual general meetings by unanimous shareholder consent and also facilities virtual meetings using conferencing technology.

Read the full report here