CONFIDENTIAL
DEFINITION OF A BRITISH UNDERTAKING
ANNEX B
A British undertaking means:
(a)
(b)
(c)
(d)
(i)
(ii)
(iii)
(iv)
(e)
(£)
(i)
(ii)
a company or other body corporate incorporated under the law of the United Kingdom which carries on operations in Hong Kong;
a company [or other body corporate] incorporated in Hong Kong which is wholly owned by any such body corporate or bodies corporate as is referred to in item (a); or
a company incorporated in Hong Kong which the Governor is satisfied is wholly owned or owned as to 50% of its equity capital by British citizens; or
a company engaged in trade, commerce or industry, or the provision of services, in Hong Kong which, in the opinion of the Governor, satisfies two or more of the following conditions: -
the operations of the company in Hong Kong are managed by British citizens;
not less than 25% of the company's equity capital is owned by British citizens;
a significant volume of the company's activities in Hong Kong consists of trade in, or the import of, British goods or the provision of services by British citizens;
the company is engaged in a joint venture or joint ventures in Hong Kong with a British undertaking as here defined; or
an unincorporated association, firm or partnership engaged in trade, commerce or industry, or the provision of services, in Hong Kong, where the Governor is satisfied 50% of its equity is owned by British citizens; or
an unincorporated association, firm or partnership engaged in trade, commerce or industry, or the provision of services, in Hong Kong which, in the opinion of the Governor, satisfies two or more of the following conditions:-
its operations in Hong Kong are managed by British citizens
a significant volume of its activities in Hong Kong consist of trade in, or the import of, British goods, or the provision of services by British citizens;
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