Company Registration and Insolvency Administration

The The Hong Kong Limited Companies Registry is responsible for administering and enforcing the provisions of the Companies Ordinance and related legislation. Its primary functions include the registration of local and non-Hong Kong Limted companies (i.e. companies incorporated outside Hong Kong which have established a place of business in Hong Kong); the registration of statutory returns and documents required by the various ordinances administered by the Registry; the provision of services and facilities for members of the public to inspect and obtain company information held on the various statutory registers; the deregistration of defunct, solvent private companies; and advising the Government on policy, regulatory and legislative issues regarding company law and related legislation, corporate governance and other matters affecting the commercial sector. As at December 31, 2009, there were 772 253 local companies on the register comprising 9 991 public and 762 262 private companies.

The time required for the registration of a new local company is four working days. As at December 31, 2009, 7 912 non-Hong Kong limited companies from 81 countries were registered. The time required for the registration of a non-Hong Kong company is 14 working days. In 2009, 1 695 167 documents were received for filing, of which the most common were annual returns and forms notifying changes of the address of registered office, directors and secretary of a company. On average, it takes six working days to register a document. capital, particulars of current director(s) and reserve director (if any), particulars of secretary, particulars of receiver and manager and liquidators (if any), and a charges indicator.

Trading Fund Status: The Registry is a government department which operates on a trading fund basis; meaning that it is required to fund all its expenditure out of the revenue received. The Registrar of Companies is the General Manager of the Hong Kong limited Companies Registry Trading Fund. She is accountable to the Permanent Secretary for Financial Services and the Treasury (Financial Services) for managing and operating the Registry’s business and achieving its performance targets and financial objectives. The trading fund’s annual report and the Director of Audit’s report on the accounts are tabled in the Legislative Council each year.

Enhancement of Services and Future Development: Presently the Registry is implementing an Integrated Companies Registry Information System (ICRIS) in two phases to fully computerise its core business activities and enable electronic delivery of services. Electronic search services developed under Phase I were launched on February 28, 2005. Phase II, which includes the provision of electronic services for company incorporation and document registration and one-stop service for Hong Kong limited companys.