ENG-2014 — Page 114

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Financial and Monetary Affairs

provide greater scope for MPF fee reduction and enabling more effective enforcement to protect scheme members' interests.

During 2014, the government and the MPFA consulted the public on a proposal for a 'core fund' The 'core fund' will become the default investment strategy of each MPF scheme. It is subject to fee control and adopts an investment strategy which decreases the level of risk according to a scheme member's age. The government and the MPFA are finalising the proposal and plan to launch the 'core fund' in 2016.

Companies Registry

The Companies Registry administers and enforces most parts of the Companies Ordinance. The registry registers local and non-Hong Kong companies and statutorily required documents, de- registers defunct solvent companies and provides the public with services and facilities for inspecting and obtaining company information kept by the registry. The registry is also responsible for processing applications relating to money lenders licences and maintaining a register of money lenders for inspection by the public.

The registry operates as a trading fund department, allowing it to deploy its resources more flexibly to meet public demands and expectations.

The Integrated Companies Registry Information System provides electronic search services and over 99 per cent of company searches are now conducted online. The public may also retrieve company information through the Company Search Mobile Service. Electronic Certificates of Incorporation and Business Registration Certificates can normally be issued together in less than one hour after receipt of the applications through the e-Registry portal. The electronic filing service at the e-Registry portal also covers submission of annual returns for private companies as well as the more commonly filed specified forms for reporting changes of company information.

Companies Registry Statistics

Local companies incorporated

Local companies on the register

Non-Hong Kong companies registered

Non-Hong Kong companies on the register

2012

150,165

1,044,644

2013

174,031

1,162,931

2014

167,280

1,272,693

686

780

811

8,848

9,258

9,624

Bankruptcies, Individual Voluntary Arrangement and Compulsory Winding-up

The Official Receiver's (OR's) Office ensures that service in personal and corporate insolvencies is of high quality on a par with international standards.

When acting as the trustee-in-bankruptcy or liquidator, the OR 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 OR also prosecutes insolvency related offences under the Bankruptcy Ordinance and the Companies (Winding Up and Miscellaneous Provisions)

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