ENG-2018 — Page 116

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Financial and Monetary Affairs

Company Registration

The Companies Registry administers and enforces 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. On 1 March, the registry assumed a new role as the licensing authority for trust and company service providers.

The registry provides electronic filing and search services round the clock. Electronic Certificates of Incorporation and Business Registration Certificates are normally issued together in less than one hour after receipt of the applications for company incorporation through the e-Registry portal.

Companies Registry Statistics

2016

2017

2018

New local companies

144,883

160,229

151,739

Local companies on the register

1,341,223

1,383,946

1,400,950

New non-Hong Kong companies

874

1,028

1,193

Non-Hong Kong companies on the register

9,983

10,434

11,061

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.

Statistics on Bankruptcy Orders, Interim Orders in Individual Voluntary Arrangements (IVAs) and Winding-up Orders

Bankruptcy Orders

Interim Orders in IVAs

Winding-up Orders

2016

2017

2018

8,919

7,627

7,146

501

529

555

325

296

255

Professional Accountancy

The Hong Kong Institute of Certified Public Accountants, established under the Professional Accountants Ordinance, registers certified public accountants (CPAs); carries out practice

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