- 12
WEDNESDAY, NOVEMBER 2, 1988
INCREASING NUMBER OF APPLICATIONS FOR NEW COMPANY NAMES
ABOUT
BY
APPLICATIONS 22,000
FOR NEW COMPANY NAMES ARE RECEIVED
THE COMPANIES REGISTRY EACH MONTH AND
A THIS IS YEARS, THE CONSIDERABLE INCREASE OVER EARLIER
FINANCIAL SECRETARY + THE HON PIERS JACOBS, SAID IN THE LEGISLATIVE
TODAY
(WEDNESDAY},
NOW
COUNCIL
HONG-YUEN,
MR
YEAR
IN REPLY TO A QUESTION FROM THE HON WONG
THE JACOBS SAID
NUMBER OF NEW COMPANIES INCORPORATED LAST INCREASED BY 60 PER CENT AND THE NUMBER OF SEARCHES BY 10 PER CENT.
SEVEN MR WONG ASKED WHY THE COMPANIES REGISTRY NEEDED TO TAKE
NAMES AND WHETHER WEEKS TO APPROVE NEW COMPANY
IT WOULD CONSIDER
REDUCING THE TIME REQUIRED.
**
"THE PROBLEM IS FURTHER COMPOUNDED BY A SIGNIFICANT INCREASE IN
DELAYS, WORKLOAD IN OTHER AREAS OF THE COMPANIES REGISTRY. HENCE THE MR JACOBS SAID.
IN DEALING WITH AN APPLICATION FOR A COMPANY NAME THE OF REGISTRAR HAD TO CONSIDER WHETHER IT SO CLOSELY RESEMBLED THE NAME AN EXISTING COMPANY AS TO CAUSE CONFUSION IN THE PUBLIC MIND.
OF
200,000 COMPANY
"THE DECISION IS NOT EASY SINCE THERE ARE NOW OVER
THAN REGISTERED COMPANIES AND MORE
50,000 RESERVATIONS NAMES, WHICH ALSO HAVE TO BE CHECKED, MR JACOBS NOTED.
HE SAID ADDITIONAL POSTS HAD BEEN CREATED REGISTRY TO HELP COPE WITH THE WORKLOAD.
IN
THE
COMPANY
BEEN FURTHERMORE, THE PROBLEM HAD COMMITTEE ON COMPANY LAW REFORM FOR REVIEW.
ΤΟ REFERRED
THE
STANDING
AFTER CONSIDERING THE SYSTEM OF REGISTRATION EMPLOYED IN JURISDICTIONS, THE STANDING COMMITTEE HAD RECOMMENDED THAT THE KINGDOM SYSTEM SHOULD BE ADOPTED.
OTHER UNITED
IT WAS
UNDER THE SYSTEM, A NAME WAS REGISTRABLE PROVIDED THAT
OF AN EXISTING NOT IDENTICAL TO THAT
COMPANY, AND THERE WAS NO RESERVATION SYSTEM.
"THE STANDING COMMITTEE'S RECOMMENDATION IS NOW UNDER ACTIVE CONSIDERATION BY THE GOVERNMENT.
"SUBJECT TO THE ADVICE OF THE EXECUTIVE COUNCIL, IT IS OUR INTENTION TO INTRODUCE INTO THIS COUNCIL AN
AMENDMENT TO THE COMPANIES ORDINANCE, HOPEFULLY IN
SESSION, MR JACOBS
SAID.
F
THE CURRENT
"AT THE SAME TIME, STEPS WILL BE TAKEN TO UPGRADE THE CAPACITY
ORDED OF THE PRESENT COMPUTER SYSTEM IN THE COMPANIES REGISTRY IN PROVIDE ADEQUATE PUBLIC SEARCH FACILITIES, HE ADDED.
ΤΟ
/13