The Hong Kong government announced Friday that the Companies Ordinance (Amendment of 8th Schedule) Order 2007, which amends the fees concerning overseas companies, has been gazetted.

The order restructures the filing fees for overseas companies, introduces a new fee for the issue of registration certificates and amends Part V of the 8th Schedule insofar as it relates to the renaming of 'overseas' companies as 'non-Hong Kong' companies.

The proposed single filing fee is set on the basis of the ' revenue neutral' principle, i.e. overseas companies, on average, would not pay more when compared with the fees payable at present as long as their annual returns are filed within the deadline prescribed in the Companies Ordinance (i.e. within 42 days after the anniversary date of registration).

Other proposed fees are basically the same as those applicable to existing local companies.

Subject to completion of the negative vetting process in the Legislative Council, the order is planned to come into effect in the fourth quarter of 2007 to synchronize with the completion of the necessary modifications to the Companies Registry's information system.

The Registrar of Companies will prescribe that date by means of a commencement notice once the implementation date of the modifications is confirmed.

Source: Xinhua