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Legal Framework of Business - Essay Example

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Legal Framework of Business

rities and Futures, Commission (SFC), the Office of the Commissioner of Insurance (OCI) and the Mandatory Provident Fund as the principal regulatory authorities and the legal bodies in Hong Kong to regulate banking, securities and futures, insurance and retirement schemes industries respectively and finally the Hong Kong's Prevention of Bribery Ordinance to check corruption in business transactions. There are, however, blames hurled on the legal systems not to prove adequate to support the image of Hong Kong to be the international center of commerce the major being the laws on labor that can't protect them from being exploited.
Hong Kong is Asia's main trading hub and one of the world's most open economies.. There are simple legal framework, soft taxation, almost no customs duties and no non-tariff barriers. ...
(Hong Kong Business) by Christine Genzberger - 1994
Legal Framework for e-commerce: Electronic Transactions Ordinance in 2000 was promulgated to provide legal framework to e-commerce in Hong Kong.1. This ordinance was aimed to promote the legal framework and trusted environment for the conduct of electronic transactions in the country.. (PP89 90AIC Research and Public Policy Series) Internet fraud is becoming a common problem today. Legal problem comes while tackling this issue because of multiplicity of rules present in various jurisdiction and also that these rules are complex contradictory and not clear to be interpreted easily. Hong Kong has its own criminal laws pertaining to misuse of computers under section 85 of the Crime Ordinance (cap.200).2 Offence of falsification of bank computer records carries a penalty of life imprisonment. 10 year sentence may be imposed for the offence committed for false accounting by falsifying computer records under section 19 of the Theft Ordinance (cap 210).3. There are other provisions of these laws to cover damage to computers and unlawful interference with computers ( Urbas 2001) PP89 90
AIC Research and Public Policy Series)
Voluntary recognition system: Hong Kong is the only country in Asia to have voluntary recognition system applicable on all Certification Authorities (CAs). Only those who have achieved certain objective standards are recognized. Activities of CAs and their relationship with their clients are, however, governed by common law. The director of Information Technology services has power to revoke or suspend the recognition of a CA if it fails to operate in accordance with the 'certification practice statement' or fail to ...Show more

Summary

Legal framework of Hong Kong is supportive of business and commerce. Global investors are still free to invest there and reap profits without worries. There are simple legal framework, soft taxation, almost no customs duties and no non-tariff barriers. There is emphasis on simple rule of law and fair market, without barriers of access to the markets by foreign business and capital flow in or out of Hong Kong…
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Legal Framework of Business essay example
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