CO (Companies Ordinance) (Commencement) Notice 2013 was gazetted on 25 October 2013. Companies Ordinance (Commencement) Notice 2013 was gazetted on 25 October 2013. Secretary for Financial Services and the Treasury appointed 3 March 2014 as the day on which the new Companies Ordinance comes into operation. SFST (Secretary for Financial Services) and the Treasury appointed 3 March 2014 as the day on which the new Companies Ordinance comes into operation.
There are several changes which will come into effect on 3rd of March. One of the most important change is the Corporate director which is no longer acceptable as only director. There is a requirement to have at least one natural person director. There will be a grace period of 6 months after the commencement date of the new Companies Ordinance for companies registered under the Companies Ordinance (Cap. 32) to comply with the new requirement.