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The memorandum and articles are the primary legal document
of a company. Memorandum contains the name of the company,
authorized share capital, initial members and object clause
(if any). Articles are a set of internal regulations that
governs the day to day operations of the company. Both
memorandum and articles have to be filed to Companies
Registry at the time of incorporation or if there is any
changes thereafter. At least one subscriber (shareholder) is
required in the memorandum and each of the subscribers must
subscribe to at least one share in the company.
# From 13 February 2004, it permits only one subscriber in
the memorandum, i.e. a private company can have only one
shareholder. A private company can also have only one
director. |
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Shares must be expressed in a fixed amount. "No par value"
or "bearer" shares are not permitted. While it is usual for
the share capital to be expressed in Hong Kong dollars, it
can be expressed in any currency. A multiple currency share
capital is also permissable.
Share Capital |
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A
directors meeting can be held regularly or when in need. |
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An annual general meeting (AGM) must be held once in every
calendar year and not more than 15 months after the last
preceding AGM. However, a company need not hold its first
AGM until 18 months of its incorporation. A company can
dispense with the holding of AGM if everything that is
required or intended to be done at the meeting is done by
resolutions. |
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The names and personal particulars of the directors and
secretary, register of charges, share capital, registered
office address, etc, must be filed with the Companies
Registry for public inspection upon incorporation and if
there is any changes thereafter. A private company does not
need to file its accounts for public inspection, but proper
books of accounts are to be kept and audited. |
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Every company is required to appoint an auditor each year at
its AGM. An auditor must be qualified by virtue of the Hong
Kong Professional Accountants Ordinance and completely
independent of the company. In case of private company, its
audited accounts must be laid before its AGM not more than
nine months from its financial year end. |
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