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The Companies Registry Trading Fund (CRTF) has completed a record-setting year.
In its 2005-06 annual report which was tabled at today's (October 18) Legislative Council meeting, the Registrar of Companies and General Manager of the CRTF, Mr Gordon Jones, pointed out that the Registry successfully hosted the Corporate Registers Forum 2006 in Hong Kong. This was the first time that the forum had been held in an Asian city.
The CRTF made a record surplus of $114.1 million, an increase of 34.1% over the previous year, following a record-breaking number of incorporations.
During the year, a total of 75,817 new companies were incorporated, an increase of 14.1% compared with the previous year. The number of company dissolutions during the year increased by 10.3% to 45,678.
Movements in volumes of other types of core services were mixed. The year saw increases of 3.5% and 8.0% in the number of documents received for registration and applications for changes of company name respectively, while the number of charges received for registration was about the same as the previous year.
"The implementation of new electronic search services under Phase I of the Integrated Companies Registry Information System (ICRIS) in late February, 2005, has marked a quite exponential leap forward in the manner in which the department delivers its services to the public," Mr Jones said.
Customers can now conduct company searches online concurrently on the current data of companies and directors and more than 80 million images of registered documents over the internet 24 hours a day throughout the year. About 95% of company searches are now conducted over the internet.
"In view of the changes in the department's operational procedures since the implementation of Phase I of the ICRIS, we have developed a new set of productivity targets and will continue to strive for improvements in efficiency and productivity wherever possible," Mr Jones said.
The CRTF plans to implement Phase II of ICRIS in 2009 which will see the provision of an electronic filing service for incorporation and document registration.
A Companies Bill Team (CBT) comprising staff from the Financial Services and the Treasury Bureau and the Companies Registry was established in mid-2006 to undertake a major exercise to rewrite the Companies Ordinance. The exercise aims to provide Hong Kong with a modernised legal infrastructure attuned to its needs in the 21st century as an international business and financial centre.
Mr Jones said the CBT would produce a White Bill for public consultation by mid-2009. It was expected that the new Companies Bill would be introduced into the Legislative Council in the third quarter of 2010.
On the regulatory front, the Government has made substantial progress in the reform of the accountancy profession's self-regulatory regime.
"The Financial Reporting Council Ordinance was enacted on July 13 this year, and the council will come into operation by early 2007," Mr Jones said.
The Registry, along with the Securities and Futures Commission, Hong Kong Exchanges and Clearing Limited, and the Hong Kong Institute of Certified Public Accountants, will provide funding for the Financial Reporting Council, while accommodation will be provided by the Registry.
The CRF was hosted by the Registry from March 21 to 24 this year and was the best attended forum held to date attracting delegates from 20 jurisdictions in five continents.
The forum provided an opportunity for corporate registers from all over the world to meet and review the latest developments in corporate business registers internationally and exchange experiences and information on the present and future operation of corporate business registration systems.
"Judging by the feedback of the overseas delegates, the forum has been a considerable success and the delegates left Hong Kong with very positive impressions," Mr Jones said.
The 2005-06 annual report is the registry's 13th report since it became a trading fund in August, 1993.
Ends/Wednesday, October 18, 2006
Issued at HKT 16:46
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