Hong Kong
Hong Kong’s legal system is based on common law principles and statute, and closely resembles the law of England and Wales. There are just over 5,700 Hong Kong qualified solicitors for a population of just under 7 million inhabitants. This makes Hong Kong the best served Asian market for legal services, and its legal market is highly competitive.
Spotlight
Hong Kong plans new Companies Bill
Hong Kong is shaking up its Company Law. The government decided to rewrite the Companies Ordinance in Mid-2006 and in March 2007 the first consulation paper was drafted to obtain feedback on the proposals. It is planned that the new Companies Bill will be issued for consultation in mid-2009.
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Source: The Lawyer
Population of Hong Kong set to top 8.4 million by 2030
Lawmakers recently called on the government to set definite development parameters when planning how to accommodate a population totalling 8.4 million by 2030.
Hong Kong looking to become Islamic Finance Hub
In his first policy address since re-election in March, Hong Kong’s Chief Executive, Donald Tsang, said that the city would look to emulate Malaysia and Singapore as a centre for Islamic finance.