ENG-2006 — Page 123

Financial and Monetary Affairs 95

reserve to finance the department's development projects and negated the need to raise fees since December 1997.

The registry has continued to implement the Strategic Change Plan 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 plan will lead to a significant reduction in the time taken to process documents, more timely updating and disclosure of company information, enhanced data security and integrity and higher productivity. The two-phase development of an Integrated Companies Registry Information System is an integral part of the plan. Phase I involving the provision of electronic search services was launched on February 28, 2005. The new services are well received by customers and over 97 per cent of company searches are now conducted online. Phase II, which includes the provision of electronic filing services for incorporation and document registration, is expected to be implemented in 2009-10.

In 2006, 81 974 new companies were incorporated. At year-end, 591 944 local companies were on the register, compared with 549 232 in 2005.

Companies incorporated overseas must register certain documents with the registry within one month of establishing a place of business in Hong Kong. During 2006, 608 overseas companies were registered and, by year-end, there were a total of 7 709 registered companies from 82 countries.

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.

Licence applications are submitted to the Registrar of Companies as Registrar of Money Lenders. During the year, 758 applications were received. Altogether, a total of 740 licences were granted or renewed, involving both new applications and outstanding applications brought forward from the previous year. At year-end, there were 734 licensed money lenders, including those whose applications for renewing their licences were being processed.

Bankruptcies, Individual Voluntary Arrangement and Compulsory Winding-up

The Official Receiver's Office ensures that the insolvency services in personal and corporate insolvencies is of a high quality on par with international standards, and that the legislation is commensurate with the objective of keeping Hong Kong at the forefront as a major international financial centre.

When acting as the trustee or liquidator, the Official Receiver or a private sector insolvency practitioner investigates the affairs of the bankrupt or the wound-up company, realises assets and distributes dividends to creditors. The Official Receiver also prosecutes certain offences set out in the Bankruptcy Ordinance and the Companies Ordinances, applies for disqualification orders against unfit company