ENG-1990 — Page 134

INDUSTRY AND TRADE

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.

Companies Registry

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 was largely based on the Companies Act 1929, formerly in force in Britain but now replaced by various statutes culminating in the Companies Act 1985. 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, 1984. The ordinance is subject to continual revision and improvement on the advice of the Standing Committee on Company Law Reform which was set up in 1984. The primary task of the committee is to ensure that Hong Kong's company law meets the most up-to-date needs of government and business. Further amendments to the ordinance were made by various Companies (Amendment) Ordinances between February 20, 1987 and July 27, 1990.

On incorporation, a company pays a registration fee of $1,000 plus $6 for every $1,000 of nominal capital. In 1990, 26 147 new companies were incorporated, 5 527 less than in 1989. The nominal capital of new companies registered totalled $3,163 million. Of the new companies, 89 had a nominal share capital of $5 million or more. During the year, 8 081 companies increased their nominal capital by amounts totalling $33,122 million on which fees were paid at the same rate of $6 per $1,000. At the end of 1990, there were 265 452 local companies on the register, compared with 242 709 in 1989.

Companies incorporated overseas are required to register certain documents with the registry within one month of establishing a place of business in Hong Kong.

A registration fee of $500 and some incidental filing fees are payable in such cases. During the year, 350 of these companies were registered and 179 ceased to operate. At the end of the year, 2 635 companies were registered from 68 countries, including 624 from the United States, 349 from the United Kingdom and 293 from Japan.

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

Money Lenders

Under the Money Lenders Ordinance, which came into force in December 1980 and was amended in July 1988, anyone wishing to carry on business as a money lender must apply to a Licensing Court for a licence.

Any application for a licence is in the first instance submitted to the Registrar General as Registrar of Money Lenders and a copy is sent to the Commissioner of Police, who may object to the application. The application is advertised, and any member of the public who has an interest in the matter also has the right to object. During the year, 483 applications

105