Small private company

 

The small private company must not exceed any two of the following:

(a) Total annual revenue of HK$100 million

(b) Total assets of HK$100 million at the end of the reporting period

(c) 100 employees

 

Approval from shareholders is not required under the new Companies Ordinance

 

(Sections 359(1)(a)(i), 361, Schedule 3 sections 1(1), (2) and 2 of the new ordinance)

 

 

 

 

Group of small private companies

 

(a) Each company in the group must qualify as a small private company; and

(b) The aggregate amounts for the group must not exceed 2 out of 3 of the size tests for small private companies.

 

Approval from shareholders is not required under the new Companies Ordinance.

 

(Sections 359(2)(a),(b) and (c)(i), 364, Schedule 3 sections 1(7), (8), (9) and 2 of the new ordinance)

 

 

 

 

Source: http://www.hkicpa.org.hk/en/standards-and-regulations/standards/sme-frf-frs/smefrfre/