Page:HKFactSheet CompaniesReg 082015.pdf/1



COMPANIES REGISTRY

Main Services: The Companies Registry ("the Registry") is responsible for administering and enforcing the provisions of the Companies Ordinance and related legislation. Its primary functions include the registration of local and non-Hong Kong companies (i.e. companies incorporated outside Hong Kong which have established a place of business in Hong Kong); the registration of statutory returns and documents required by the various ordinances administered by the Registry; the provision of services for members of the public to inspect and obtain company information held on the various statutory registers; the deregistration of defunct solvent companies; and advising the Government on policy, regulatory and legislative issues regarding company law and related legislation, corporate governance and other matters affecting the commercial sector.

As at 30 June 2015, there were 1 279 819 local companies on the register comprising 611 public, 12 477 guarantee and 1 266 731 private companies. The time required for online registration of a new local company is less than one hour. It takes four working days for applications delivered in hard copy form. As at 30 June 2015, 9 850 non-Hong Kong companies from 83 countries were registered. The time required for the registration of a non-Hong Kong company is 13 working days.

From 1 January to 30 June 2015, a total of 1 323 914 documents were received for registration, of which the most common were annual returns and forms notifying changes of the address of registered office, directors and company secretaries.

Members of the public can conduct searches on the current data of registered companies and digitised images of all registered documents at the Registry's Cyber Search Centre (www.icris.cr.gov.hk), or at the Registry's Public Search Centre on the 13th floor of the Queensway Government Offices, 66 Queensway, Hong Kong. Searches on five computerised indices can be conducted in either English or Chinese: The company names index helps one with the incorporation of new companies or changing company names; the document index is a record of all documents companies delivered to the Registry for registration; the directors' index provides a list of all the directorships held by the directors and reserve directors of registered companies; the register of disqualification orders provides a record of all persons disqualified by the court to act as company directors or other office bearers, and the register of charges provides a list of the registered charges of a company and basic information on each charge.

Information available on the Registry's comprehensive computerised database includes basic company information such as the incorporation date and whether it is live or subject to winding up procedures together with additional information such as registered office address (for local companies), address of principal place of business in Hong Kong and particulars of authorized representatives (for registered non-Hong Kong companies), share capital, particulars of current director(s) and reserve director (if any), particulars of company secretary, particulars of receiver and manager and liquidators (if any), and a charges indicator.

Trading Fund Status: The Registry is a government department which operates on a trading fund basis; meaning that it is required to fund all its expenditure out of the revenue received.

The Registrar of Companies is the General Manager of the Companies Registry Trading Fund. She is accountable to the Permanent Secretary for Financial Services and the Treasury (Financial Services) for managing and operating the Registry's business and achieving its performance targets and financial objectives. The trading fund's annual report, containing the Director of Audit's report on the accounts, is tabled in the Legislative Council each year.

Enhancement of Services and Future Development: The Registry implemented an Integrated Companies Registry Information System (ICRIS) in two phases to fully computerise its core business activities and enable electronic delivery of services. Electronic search services developed under Phase I were launched on February 28, 2005. Phase II covered the development of a portal for electronic incorporation service. With the introduction of a one-stop electronic company incorporation and business registration service at the new "e-Registry" portal (www.eregistry.gov.hk) since March 2011, electronic Certificates of Incorporation and Business Registration Certificates can be issued in one go in less than 1 hour.

The Registry has launched a full scale electronic service for submission of annual returns and other specified forms reporting changes of company information (including registered office addresses, directors/company secretaries and their particulars and share capital) at its e-Registry in March 2015. An Annual Return e-Reminder Service has also been available since August 2012. By using the above-mentioned online submission services, the registration process can be completed in less than 24 hours.

Furthermore, a new company search mobile service (www.mobile-cr.gov.hk) was also launched in June 2012 to facilitate the doing of business in Hong Kong. Members of the public can conduct searches on company information anytime and anywhere using their smartphones and mobile devices.

New Companies Ordinance: In mid-2006, the Government embarked on a comprehensive rewrite of the Companies Ordinance with a view to enhancing Hong Kong's status as an international commercial and financial centre and its competitiveness. The objectives of the exercise are to enhance corporate governance, facilitate business, ensure better regulation and modernise the law. In January 2011, the Companies Bill was introduced into the Legislative Council and it was