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INDUSTRY AND TRADE

including 139 from the United States, 101 from the United Kingdom and 59 from Japan. Usually for tax reasons, many non-local companies incorporate a subsidiary in Hong Kong in preference to operating a branch office.

All insurance companies which wish to transact life or fire or marine insurance business in Hong Kong must comply with the provisions of the Life Insurance Companies Ordinance and the Fire and Marine Insurance Companies Deposit Ordinance respec- tively. In addition to the filing of annual accounts, these ordinances require deposits to be made with the Registrar of Companies unless the company qualifies for exemption by complying with the In- surance Companies Act 1958 in Great Britain, or in the case of fire and marine insurance by maintaining similar deposits else- where in the Commonwealth. There are altogether 209 insurance companies, including 49 local companies, transacting such business in Hong Kong. The approval of the Governor in Council must be obtained for transacting motor vehicle third party insurance business.

The Companies Registry also deals with the incorporation of trustees under the Registered Trustees Incorporation Ordinance 1958, and with the registration of limited partnerships, Chinese partnerships and money-lenders.