Q:Are there any changes in the types of companies under the new Companies Ordinance (Cap. 622) (“the new Ordinance”)? | Jingle Global Enterprise Insights
A:Under the old Companies Ordinance (Cap. 32) (the “Old Ordinance”), there were eight categories of companies that could be formed. Under the new Ordinance, the categories of companies that may be formed are simplified to five, following the abolition of some obsolete categories of companies and the reorganization of other categories into new ones.
Eight categories of companies that may be formed under the old Ordinance: private companies limited by shares, non-private companies limited by shares, private companies limited by guarantee without share capital, companies limited by guarantee without share capital, private unlimited companies with share capital, non-private unlimited companies with share capital, private unlimited companies without share capital, non-private unlimited companies without share capital.
Five types of companies that can be formed under the new Ordinance: private companies limited by shares, public companies limited by shares, companies limited by guarantee without share capital, private unlimited companies with share capital, and public unlimited companies with share capital.
Eight categories of companies that may be formed under the old Ordinance: private companies limited by shares, non-private companies limited by shares, private companies limited by guarantee without share capital, companies limited by guarantee without share capital, private unlimited companies with share capital, non-private unlimited companies with share capital, private unlimited companies without share capital, non-private unlimited companies without share capital.
Five types of companies that can be formed under the new Ordinance: private companies limited by shares, public companies limited by shares, companies limited by guarantee without share capital, private unlimited companies with share capital, and public unlimited companies with share capital.
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