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Financial and Monetary Affairs

Management fees and recurrent out-of-pocket expenses are capped at 0.75 per cent and 0.2 per cent of the NAV of the constituent funds respectively. The launch of the strategy on 1 April 2017 would be another milestone and a major reform of the MPF System to provide scheme members with better retirement protection.

Company Registration

The Companies Registry administers and enforces most parts of the Companies Ordinance. It registers local and non-Hong Kong companies and statutory returns, de-registers defunct solvent companies and provides the public with services and facilities for inspecting and obtaining company information kept by the registry. It also processes applications for money lenders' licences and maintains a register of money lenders for inspection by the public.

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

The registry provides electronic search services through the Cyber Search Centre. More than 99 per cent of company searches are conducted online. The public may also retrieve company information through the Company Search Mobile Service, which was enhanced in May to cover all types of company searches.

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. A full-scale electronic filing service covering all specified forms is also available. Electronic forms can be filed and made available for searching within 24 hours to facilitate business.

Companies Registry Statistics

New local companies

Local companies on the register

2014

167,280

2015

2016

139,209

144,883

1,272,693

1,288,666

1,341,223

New non-Hong Kong companies

811

894

874

Non-Hong Kong companies on the register

9,624

10,029

9,983

Individual and Corporate Insolvencies

The Official Receiver's Office ensures 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 Official Receiver or a private-sector insolvency practitioner investigates the affairs of the bankrupt or wound-up company, realises assets and distributes dividends to creditors. The Official Receiver also prosecutes insolvency- related offences under the Bankruptcy Ordinance and Companies (Winding Up and Miscellaneous Provisions) Ordinance, applies for disqualification orders against unfit company directors of wound-up companies, and monitors the conduct of outside liquidators and trustees, and the liquidation monies.

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