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The number of new companies recorded an increase of 7.8% in 2008-09, according to the Companies Registry's 2008-09 Annual Report tabled at the Legislative Council meeting today (October 21).
In 2008-09, 109,416 new companies were incorporated, recording an increase of 7.8% from the previous year. The increase was mainly due to an upsurge in the number of applications received in March 2009, when applicants were believed to have rushed for incorporation of companies before the end of March to take advantage of the waiver of business registration fee for companies incorporated in 2008-09. However, owing to the economic downturn, the number of charges received for registration decreased by 24.9% compared to the figure for 2007-08.
"Despite the global economic downturn in the second half of 2008-09, we achieved very fruitful results in the year. We have exceeded the performance pledge of all of our 13 core services and made a record surplus of $134.7 million," said Ms Ada Chung, the Registrar of Companies and also the General Manager of the Companies Registry Trading Fund.
"A Receipt and Despatch Centre of the Business Registration Office was also set up in the Registry's premises to provide a one-stop service for company incorporation and business registration," Ms Chung added.
To further enhance its services for the business community, major enhancements were made to the Integrated Companies Registry Information System (ICRIS). In June 2009, the Registry awarded the contract for developing Phase II of ICRIS with a view to launching electronic incorporation of companies and filing of documents. The Registry will also collaborate with the Inland Revenue Department to implement a one-stop service for electronic company incorporation and business registration in 2010-11. All these new electronic services will be provided after necessary amendments to the Companies Ordinance and the Business Registration Ordinance have been enacted.
"With the new electronic service in place, the time required to incorporate a company will be significantly reduced from four working days to less than one day," Ms Chung said.
The Registry also won the "2009 Best SME's Partner" Award in the year. The award recognises the efforts made by the Registry in facilitating a conducive business environment for the growth and development of SMEs in Hong Kong.
Meanwhile, the rewrite of the Companies Ordinance is in full swing. The Administration aims to carry out two rounds of public consultation on provisions of the new Companies Bill in late 2009 and early 2010.
"Faced with an ever-changing business environment, we are committed to building a Companies Registry of the future. We are committed, as a team, to embracing the challenges ahead," Ms Chung added.
The 2008-09 Annual Report is the Registry's 16th report since it became a trading fund department in August 1993.
Members of the public can read or download the annual report at the Companies Registry's website: (www.cr.gov.hk).
Ends/Wednesday, October 21, 2009
Issued at HKT 16:30
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