ENG-1984 — Page 115

INDUSTRY AND TRADE

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During 1984, 6 409 applications were received and 2915, including many made in previous years, were accepted and allowed to be advertised. A total of 2 700 marks were registered. The principal places of origin were: United States, 767; Hong Kong, 565; Japan, 365; United Kingdom, 233; France, 180; West Germany, 138; Switzerland, 89; Italy, 74; Netherlands, 51; Australia, 46. The total number of marks on the register at December 31, 1984, was 42 672.

Although there is no original grant of patents in Hong Kong, the Registration of Patents Ordinance provides that any grantee of a United Kingdom patent or European Patent (UK) may, within five years from the date of its grant, apply to have the patent registered in Hong Kong. Registration of a United Kingdom patent or European Patent (UK) in Hong Kong confers on the grantee the same privileges and rights as if the patent had been granted in the United Kingdom with an extension to Hong Kong. The privileges and rights run from the commencement of the term of the patent in the United Kingdom, and continue as long as the patent remains in force there. A total of 1,010 patents were registered during the year, compared with 740 in 1983.

Companies Registry

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The Companies Registry of the Registrar General's Department keeps records of all companies incorporated in Hong Kong and of all overseas companies that have established a place of business in Hong Kong.

Local companies are incorporated under the Companies Ordinance which until August 31, 1984, was based, to a large extent, on the Companies Act 1929 - formerly in force in Britain but now replaced by the Companies Acts of 1948 to 1981. However, following recommendations made by the Companies Law Revision Committee (June 1971 and April 1973), several parts of the Companies Ordinance - notably those dealing with prospectuses, accounts and audit – were amended and now incorporate most of the relevant provisions of the Companies Acts of 1948 and 1967. Most of the remainder of the recommendations in the committee's second report are given effect in the lengthy Companies (Amendment) Ordinance 1984 which was enacted in January and came into force on August 31.

On incorporation, a company pays a registration fee of $600 plus $6 for every $1,000 of nominal capital. In 1984, 13 434 new companies were incorporated - 1 876 more than in 1983. The nominal capital of new companies registered totalled $3,277 million. Of the new companies, 83 had a nominal share capital of $5 million or more. During the year, 4 079 companies increased their nominal capital by amounts totalling $13,141 million on which fees were paid at the same rate of $6 per $1,000. At the end of 1984, there were 130 712 local companies on the register, compared with 118 680 in 1983.

Companies incorporated overseas are required to register certain documents with the Companies Registry within one month of establishing a place of business in Hong Kong. A registration fee of $500 and some small filing fees are payable in such cases. During the year, 215 of these companies were registered and 82 ceased to operate. At the end of 1984, 2005 companies were registered from 58 countries, including 473 from the United States, 293 from the United Kingdom and 238 from Japan.

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

Insurance Division

The Insurance Companies Ordinance 1983, which came into operation on June 30 that year, restricts the transaction of all classes of insurance business in or from Hong Kong to a