Companies Act can be defined as the legal

Companies Act can be defined as the legalĀ  https://tramitesgob.com.mx

Companies Act can be defined as the legal act that regulates the formation, dissolution and management of companies. It differs from Country to Country. No company can be established without following the norms set by the law. Among the Asia Pacific region, Singapore and Hong Kong are vying with each other to get the attention of the foreign companies to establish their business. Each country has its own entrepreneur friendly policies.

Singapore’s Companies Act came into force in 1967. Any business that has more then 20 employees is termed as a Company. Companies in Singapore are governed by the Companies Act (Cap 50, 1994 Rev Ed.). Certain companies in addition to the Companies Act are also governed by other Acts. Example, Banks and Insurance companies are also governed by the Insurance and Banking Acts.

Company Registry of Hong Kong enforces the ordinance in that country and its statuaries are equivalent to English Companies Act. Other then a few amendments there are no major changes in the Act.

Given below is a comparative study for setting up a business in Singapore and Hong Kong.

Requirements for setting up a company

Singapore

  • Minimum one shareholder
  • Minimum one director who is the citizen of Singapore
  • One Company Secretary who is the resident of Singapore
  • Registered office address
  • Shareholder and director cannot be the same person

Hong-Kong

  • Minimum one shareholder
  • Minimum one director who is the citizen of Hong Kong
  • One Company Secretary who is the resident of Hong Kong
  • Registered office address
  • Same person can be the secretary, director and shareholder

Types of Companies that can be formed

 

Singapore

  • Sole-proprietorships/Partnerships/Limited Liability partnership
  • Private limited company
  • Public limited companies

Hong-Kong

  • Sole Proprietorship
  • Private Company Ltd
  • Public Company Limited
  • Partnership