Companies Registry (Hong Kong) Presentation CRF 2009
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Transcript of Companies Registry (Hong Kong) Presentation CRF 2009
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Hong Kong Experience Hong Kong Experience in Corporate Law in Corporate Law
AdministrationAdministration
Ms Ada ChungMs Ada ChungRegistrar of CompaniesRegistrar of Companies
1 April 20091 April 2009
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The Companies Registry of Hong Kong
Number of companies on register (as at 28.2.2009):
Hong Kong companies – 716,058
Non-Hong Kong companies – 8,504
Staff – 278 permanent staff
& 61 contract staff
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The Companies Registry of Hong Kong (2)
Operating Revenue Profile in 2007-08(Total revenue - HK$366 Million)
AnnualRegistration
($89M)
Incorporation($174M)
Searches andCopying ($49M)
Others ($35M)
ChargesRegistration
($19M)
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Financial Tsunami (1)
Some measures to alleviate the impact of the financial tsunami
Review of prosecution policy
Compound offences
Redeployment of staff
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Financial Tsunami (2) – Review of Prosecution Policy
Prosecution policy reviewed in late 2008.
A pilot scheme on issuing ‘Notices to File’ was implemented to encourage filing of annual returns before prosecution.
Defaulting companies are allowed 28 days from the dates of the Notices to remedy their defaults.
Summonses will only be issued for prosecution if annual returns still remain outstanding.
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Financial Tsunami (3) – Compound Offences
Consideration is now being given to amend the Companies Ordinance to enable the Registrar of Companies to compound offences to:
Encourage companies to file outstanding returns
Reduce compliance costs
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Financial Tsunami (4) – Redeployment of Staff
A trading fund department being a considerate employer
Striving to retain staff by:
initiating special projects to enhance integrity of the register
flexibly redeploying staff across different operation sections to optimise the productivity of all operation sections
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Recent Major Improvement Initiatives (1)
Implementation of Phase I of the Integrated Companies Registry Information System (ICRIS)
New filing requirements for non-Hong Kong companies
Shortening the time for processing incorporation documents
Streamlining incorporation requirements
One-stop service for company incorporation and business registration
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Recent Major Improvement Initiatives (2) - Implementation of ICRIS
Phase I of ICRIS was implemented on 28 February 2005:
Paperless document processing workflow
Online search services
Improved efficiency and staff productivity
Shorter document processing time
Higher customer satisfaction
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Recent Major Improvement Initiatives (3) – New Filing Requirements for Non-Hong Kong Companies
Annual returns of non-Hong Kong companies
Relevant provision – section 334 of the Companies Ordinance
Deliver an annual return for registration within 42 days after each anniversary of the date of registration of the company
Escalating registration fee - HK$180 up to HK$4,800
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Recent Major Improvement Initiatives (4) – New Filing Requirements for Non-Hong Kong Companies
Compliance rate on filing of annual returns by non-Hong Kong companies
64.96%71.23%
87.12%
0%
20%
40%
60%
80%
100%
2006 2007 2008
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Recent Major Improvement Initiatives (5) – Shortening the Time for Processing Incorporation Documents Position mentioned in the Doing Business Report 2009 -
7days for incorporation at the Companies Registry
The time for processing incorporation documents of Hong Kong companies was shortened with effect from 2 January 2008 as a result of streamlining of operation procedures and redeployment of resources:
6 working days
4 working days4 working days
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Recent Major Improvement Initiatives (6) – Streamlining Incorporation Requirements
After the introduction of a new incorporation form, newly incorporated companies are no longer required to file separate notifications on essential company particulars after incorporation since 11 July 2008
Impact on “Starting a Business” in the Doing Business Report
The number of steps has been reduced from 5 to 4
With the removal of the step, the overall time for “Starting a Business” has also been reduced by 1 day
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Recent Major Improvement Initiatives (7) – One-stop Service for Company Incorporation and Business Registration
Establishment of a Receipt and Despatch Counter of the Business Registration Office in the Companies Registry on 1 December 2008
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The Path Ahead
Phase II of ICRIS – online incorporation and document filing
Further integration of company incorporation and business registration processes online
Rewrite of Companies Ordinance
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Rewrite of the Companies Ordinance (“CO”)
Some major proposals
Codification of directors’ duties – No!
Retain corporate directors for private companies
New business review for directors’ report
Abolition of par value
Simplified accounts
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Website
Companies Registry
http://www.cr.gov.hk
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Thank you !Thank you !