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Registrar of Companies releases figures for 1996
Figures released by the Registrar of Companies, Mr Gordon Jones, today (Friday) indicated an increase of activity in most areas for the calendar year 1996 by comparison with 1995.
The Companies Registry figures showed that the total number of companies registered under the Companies Ordinance had reached 483,181, 2.4% more than 471,883 at the end of 1995. The number of new companies registered during the year was 49,734, 16,726 more than 1995.
The total number of overseas companies registered under Part XI of the Companies Ordinance stood at 4,604 at the end of the year, 287 more than 1995. The number of new oversea companies establishing a place of business in Hong Kong and registered under Part XI of the Companies Ordinance in 1996 was 665, an increase of 14% over 1995.
The number of charges on the assets of companies registered in 1996 increased by 16% from 29,046 to 33,788 compared with 1995 and the amount secured by those charges increased by 8% from $74,414 million to $80,009 million.
The number of certificates of satisfaction, issued when charges are repaid, amounted to 21,838 in 1996, a rise of 18% from 1995, while the amount of indebtedness released, showed an increase of 24% to $15,240 million.
During the year a total of 247 prospectuses of public companies, including 92 in respect of mutual funds, were registered compared with 182 prospectuses, including 86 in respect of mutual funds, during the previous year.
The total number of documents received for filing during the year increased by 23.4% from 1,261,267 to 1,556,838 and the number of searches made by the public during 1996 as compared with that in 1995 increased by 0.4 per cent from 1,870,112 to 1,878,431.
A total of 195 summonses were issued by the Registrar of Companies in 1996 against companies and their directors for breaches of the Companies Ordinance, mainly for late filing of returns of alteration made in the directors or secretary of an overseas company or in their particulars. Another 26 summonses were outstanding from 1995. Of this total of 221 summonses, 200 resulted in convictions and nine remain to be heard by the court.
The total amount of fines imposed for convictions in 1996 was $3,888,555 compared with $3,357,395 in 1995.
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