Company: ILAG
Filing Date: 2025-04-28
Form Type: 20-F
Source: 0001641172-25-006445
Chunk: 181

Company: Intelligent Living Application Group Inc.
Filing Date: 2025-04-28
Form: 20-F
Item: Item 4
Chunk 181
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 by foreign-invested enterprises in the PRC include the PRC Company Law, as amended in 1999, 2004, 2005, 2013,2018 and 2024. The Company Law of the People’s Republic of China (Revised in 2023) has come into effect on July 1, 2024. According to regulations, the registered capital of a limited liability company is the amount of capital subscribed by all shareholders registered with the company registration authority. The capital subscribed by all shareholders shall be fully paid within five years from the date of establishment of the company in accordance with the provisions of the company’s articles of association. According to the “Provisions of the State Council on the Implementation of the Registration and Management System for Registered Capital of the Company Law of the People’s Republic of China”, for companies registered and established before June 30, 2024, if the remaining subscribed capital period of a limited liability company exceeds 5 years from July 1, 2027, the remaining subscribed capital period shall be adjusted to within 5 years before June 31, 2027, and shall be included in the company’s articles of association. Shareholders shall fully pay their subscribed capital within the adjusted subscribed capital period. The Company Law also stipulates that if a company fails to adjust its registered capital and subscription period during the transition period and makes actual payments according to the adjusted registered capital and subscription period, it may face penalties from administrative authorities, including fines, revocation of business license, etc. Enterprises may be included in the abnormal credit system list, and their legal representatives may also be subject to corresponding restrictions.
 
Hong Kong Regulations
 
As we conduct business in Hong Kong through our wholly subsidiaries Kambo Locksets, Kambo Hardware, Bamberg and Hing Fat, our business operations are subject to various regulations and rules promulgated by the Hong Kong government. The following is a brief summary of the Hong Kong laws and regulations that currently and materially affect our business. This section does not purport to be a comprehensive summary of all present and proposed regulations and legislation relating to the industries in which we operate.

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Hong Kong Laws and Regulations relating to Trade Description
 
Trade Descriptions Ordinance (Chapter 362 of the Laws of Hong Kong) (“TDO”), which came into full effect in Hong Kong on 1 April 1981 aims to prohibit false or misleading trade description and statements to goods and services provided to the customers during or after a commercial transaction. Purs