ENG-2008 — Page 124

80 Financial and Monetary Affairs

responsible for a wide range of legal, policy and regulatory matters related to the relevant ordinances.

The Registry has been operating as a trading fund department since 1993. Consequently, it can deploy its resources as necessary and more flexibly to meet business turnover and customers' demands and expectations. The department achieved a surplus of $130.1 million in the 2007-08. The surplus generated over the past years has enabled the Registry to build up a healthy reserve to finance the department's development projects and avoided the need to raise fees since December 1997.

The Registry has continued to implement the Integrated Companies Registry Information System in phases to fully computerise its operations and enable electronic delivery of services in filing, processing, storing and obtaining information. The electronic search services developed under Phase I are well received by customers and over 98 per cent of company searches are conducted online nowadays. Phase II, which includes the provision of electronic filing services for incorporation and document registration, is expected to be implemented in 2010-11.

In 2008, a total of 98 645 local companies were incorporated. By the end of 2008, 710 766 local companies were on the register, compared with 655 038 in 2007.

Companies incorporated outside Hong Kong must register with the Registry within one month of establishing a place of business in Hong Kong. During the year, 872 non-Hong Kong companies were registered and, by year-end, there were 8 487 registered non-Hong Kong companies from 83 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 within the meaning of the Banking Ordinance.

Licence applications are submitted to the Registrar of Companies as Registrar of Money Lenders. During the year, 779 applications were received. A total of 748 licences were granted or renewed. At the end of 2008, there were 760 licensed money lenders.

Bankruptcies, Individual Voluntary Arrangement and Compulsory Winding-up The Official Receiver's Office ensures that service in personal and corporate insolvencies is of a high quality on a 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