Financial and Monetary Affairs | 91
Companies Registry
The Companies Registry (the Registry) administers and enforces most parts of the Companies Ordinance (CO). The Registry registers local and non-Hong Kong companies and documents required to be filed under the CO and related ordinances, de-registers defunct solvent private companies and provides the public with services and facilities for inspecting and obtaining company information kept by the Registry. It administers and enforces several other ordinances including the Trustee Ordinance (insofar as it relates to trust companies), the Registered Trustees Incorporation. Ordinance and the Limited Partnerships Ordinance. The Registry is also responsible for processing applications related to money lenders licences as well as maintaining a register of money lenders for inspection by members of the public.
The Registry has been operating as a trading fund department since 1993. Consequently, it can deploy its resources more flexibly to meet customers' demands and expectations. The department achieved a surplus of $141.3 million in 2009-10.
The Registry has continued to implement the Integrated Companies Registry Information System in phases to computerise its operations fully and enable electronic delivery of services in filing, processing, storing and providing company information. The electronic search services have been well received by customers and about 99 per cent of company searches are conducted online nowadays. Electronic services for company incorporation and a one-stop service for company incorporation and business registration are expected to be launched in the first quarter of 2011.
In 2010, a total of 139 530 local companies were incorporated. By the end of 2010, 863 762 local companies were on the register, compared with 772 253 in 2009.
Companies incorporated outside Hong Kong must register with the Registry within one month of establishing a place of business in Hong Kong. During the year, 737 non-Hong Kong companies were registered and, by year's end, there were 8 165 registered non-Hong Kong companies from 78 countries.
Bankruptcies, Individual Voluntary Arrangement and Compulsory Winding-up The Official Receiver (OR)'s Office ensures that service in personal and corporate insolvencies is of high quality on a par with international standards.
When acting as the trustee or liquidator, the OR or a private sector insolvency practitioner investigates the affairs of the bankrupt or the wound-up company, realises assets and distributes dividends to creditors. The OR also prosecutes insolvency related offences under the Bankruptcy Ordinance and the CO, applies for disqualification orders against unfit company directors of wound-up companies, and monitors the conduct of outside liquidators and trustees, and the liquidation monies.
Professional Accountancy
The Hong Kong Institute of Certified Public Accountants (HKICPA) is established under the Professional Accountants Ordinance to perform a wide range of functions, such as registering certified public accountants (CPA); setting and maintaining