Companies Registry (Hong Kong) Presentation CRF 2009

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Presentation from Companies Registry (Hong Kong)

Presentation from Companies Registry (Hong Kong)

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  • 1. Reforming Business Registration in Hong Kong Ms Ada Chung Registrar of Companies 30 March 2009
  • 2. Why is Hong Kong so special ? Gateway to China HK
  • 3. Why is Hong Kong so special ? (2)
    • Freest economy of the world for the 15 th consecutive year (the Heritage Foundation)
    • Ranked 1 st in the 2007 Survey of Corporate Governance in Asia (the Asian Corporate Governance Association)
    • Ranked 1 st in the Inward Foreign Investment Performance Index of the World Investment Report 2008 (the United Nations Conference on Trade & Development)
  • 4. The Companies Registry
  • 5. Incorporating a Hong Kong Company
    • Section 4 of the Companies Ordinance:
    • Any one or more person may, for any lawful purpose, incorporate a company
    • Any one, whether a Hong Kong citizen or not, can incorporate a company on his own. No agency system.
    • There is no resident requirement on directors of a company
  • 6. 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
  • 7. 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
  • 8. 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 filing fee - HK$180 up to HK$4,800
  • 9. 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
  • 10. Recent Major Improvement Initiatives (5) – Shortening the Time for Processing Incorporation Documents
    • Position mentioned in the Doing Business Report 2009 - 7days for incorporation
    • The time for processing incorporation 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 days
  • 11. 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
  • 12. 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
  • 13. 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
    • Companies Registry: http://www.cr.gov.hk
    • Inland Revenue Department: http://www.ird.gov.hk
  • 14.
    • Thank you !