ENG-2011 — Page 134

98 Financial and Monetary Affairs

In addition to the above initiatives, the MPFA launched a public consultation in December 2011 on proposals to allow early withdrawal from the scheme by members with terminal illness and to allow members reaching the age of 65 to get their money in instalments instead of in a lump sum. The consultation period ends in March 2012, and the MPFA aims to submit its recommendations to the Government in the third quarter of 2012.

Companies Registry

The Companies Registry administers and enforces most parts of the CO. The registry records local and non-Hong Kong companies and documents required to be filed under the CO and related ordinances, de-registers defunct solvent private companies and provides the public with services and facilities for inspecting and obtaining company information kept by the registry. It 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 processing applications related to money lenders licences as well as maintaining a register of money lenders for inspection by the public.

The registry has been operating as a trading fund department since 1993. Consequently, it can deploy its resources more flexibly to meet customers' demands and expectations. The department achieved a surplus of $226.8 million in 2010-11.

The registry has continued to implement the Integrated Companies Registry Information System in phases to computerise its operations fully and provide electronic services in filing, processing, storing and providing company information. The electronic search services have been well received by customers and about 99 per cent of company searches are conducted online nowadays. With the introduction of the new electronic services in March 2011, electronic Certificates of Incorporation and Business Registration Certificates can be issued in one go in less than 24 hours after receipt of the applications. The new services facilitate the setting up of business in Hong Kong and boosted Hong Kong's world ranking as a place to start business from sixth to fifth place in the Doing Business Report published by the World Bank.

Companies Registry statistics (year-end)

Local companies incorporated

Local companies on the register

Non-Hong Kong companies registered

Non-Hong Kong companies on the register

2009

2010

2011

109 424

139 530

148 329

772 253

863 762

956 392

683

737

798

7912

8 165

8 554