ENG-2004 — Page 137

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companies, deregisters defunct private companies, registers documents required to be submitted by registered companies and provides the public with facilities to inspect and obtain information held by the Registry on various statutory registers, microfilm and a computerised database. It also administers and enforces several other ordinances including the Trustee Ordinance, insofar as it relates to trust companies, the Registered Trustees Incorporation Ordinance and the Limited Partnerships. Ordinance. The Registry is also responsible for a wide range of legal, policy and regulatory matters related to the said ordinances and corporate governance.

Since 1993, the Companies Registry has operated as a trading fund department. Consequently, the Registry can keep most of its income and deploy it more flexibly, having regard to its needs, business turnover and customers' demands and expectations. The department achieved a surplus of $48.2 million in the 2003-04 financial year. The surplus generated over the previous years protected the Registry from the adverse impact of the economic downturn and built up a healthy reserve to finance the department's development projects.

The Registry has continued to implement the Strategic Change Plan (SCP) to fully computerise the department's operations and enable electronic delivery of services in filing, processing, storing and obtaining documents or information. Implementation of the SCP will lead to a significant reduction in the time taken to process documents, more timely updating and disclosure of company information, improved quality of information, enhanced data security and integrity and higher productivity at reduced operating costs. An integral part of the SCP is the development of an Integrated Companies Registry Information System (ICRIS) in two phases. The first phase includes the replacement of the existing computer systems, document imaging, conversion of microfilm records and online searches on current data and digitised images of registered company documents kept in the Registry's database. It is anticipated that Phase I of ICRIS will be implemented at the end of February 2005. The second phase, which includes the implementation of electronic document registration and company incorporation, will be developed soon after the completion of Phase 1.

In 2004, 65 558 new companies were incorporated. During the year, the total nominal capital of new companies registered was $117.95 billion, and 6 181 companies increased their nominal capital by $213.28 billion. At year-end, 518 980 local companies were on the register, compared with 497 406 in 2003.

Companies incorporated overseas must register certain documents with the Registry within one month of establishing a place of business in Hong Kong. During 2004, 735 overseas companies were registered. At year-end, 7 279 companies from 80 countries were registered.

Money Lenders

Under the Money Lenders Ordinance, anyone wishing to carry on business as a money lender must apply to a licensing court for a licence. The ordinance does not apply to Als under the Banking Ordinance.