XN000022-1988-11-02 — Page 13

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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

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