New Hong Kong Company Ordinance

Hong Kong companies now require a natural person as a director, as per the new company ordinance. The grace period expired 3rd September 2014, and penalties now apply for non-compliance.

Corporate directors are still allowed but this does not negate the need for a personal director (who does not need to be Hong Kong resident). So, if your Hong Kong falls into this category, it is critical you act on this now. Identify any of your companies which have corporate directors and find individual(s) to replace them. You may want to consider putting in place Directors’ and Officers’ Insurance and consider indemnities if appropriate.