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Companies Registry (Hong Kong) Presentation CRF 2009


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Presentation from Companies Registry (Hong Kong)

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Companies Registry (Hong Kong) Presentation CRF 2009

  1. 1. Reforming Business Registration in Hong Kong Ms Ada Chung Registrar of Companies 30 March 2009
  2. 2. Why is Hong Kong so special ? Gateway to China HK
  3. 3. Why is Hong Kong so special ? (2) <ul><li>Freest economy of the world for the 15 th consecutive year (the Heritage Foundation) </li></ul><ul><li>Ranked 1 st in the 2007 Survey of Corporate Governance in Asia (the Asian Corporate Governance Association) </li></ul><ul><li>Ranked 1 st in the Inward Foreign Investment Performance Index of the World Investment Report 2008 (the United Nations Conference on Trade & Development) </li></ul>
  4. 4. The Companies Registry
  5. 5. Incorporating a Hong Kong Company <ul><li>Section 4 of the Companies Ordinance: </li></ul><ul><li>Any one or more person may, for any lawful purpose, incorporate a company </li></ul><ul><li>Any one, whether a Hong Kong citizen or not, can incorporate a company on his own. No agency system. </li></ul><ul><li>There is no resident requirement on directors of a company </li></ul>
  6. 6. Recent Major Improvement Initiatives (1) <ul><li>Implementation of Phase I of the Integrated Companies Registry Information System (ICRIS) </li></ul><ul><li>New filing requirements for non-Hong Kong companies </li></ul><ul><li>Shortening the time for processing incorporation documents </li></ul><ul><li>Streamlining incorporation requirements </li></ul><ul><li>One-stop service for company incorporation and business registration </li></ul>
  7. 7. Recent Major Improvement Initiatives (2) - Implementation of ICRIS <ul><li>Phase I of ICRIS was implemented on 28 February 2005: </li></ul><ul><ul><li>Paperless document processing workflow </li></ul></ul><ul><ul><li>Online search services </li></ul></ul>
  8. 8. Recent Major Improvement Initiatives (3) – New Filing Requirements for Non-Hong Kong Companies <ul><li>Annual returns of non-Hong Kong companies </li></ul><ul><ul><li>Relevant provision – section 334 of the Companies Ordinance </li></ul></ul><ul><ul><ul><li>Deliver an annual return for registration within 42 days after each anniversary of the date of registration of the company </li></ul></ul></ul><ul><ul><li>Escalating filing fee - HK$180 up to HK$4,800 </li></ul></ul>
  9. 9. Recent Major Improvement Initiatives (4) – New Filing Requirements for Non-Hong Kong Companies <ul><li>Compliance rate on filing of annual returns by non-Hong Kong companies </li></ul>
  10. 10. Recent Major Improvement Initiatives (5) – Shortening the Time for Processing Incorporation Documents <ul><li>Position mentioned in the Doing Business Report 2009 - 7days for incorporation </li></ul><ul><li>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: </li></ul><ul><li>6 working days </li></ul><ul><li>4 working days </li></ul>
  11. 11. Recent Major Improvement Initiatives (6) – Streamlining Incorporation Requirements <ul><li>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 </li></ul><ul><li>Impact on “Starting a Business” in the Doing Business Report </li></ul><ul><ul><li>The number of steps has been reduced from 5 to 4 </li></ul></ul><ul><ul><li>With the removal of the step, the overall time for “Starting a Business” has also been reduced by 1 day </li></ul></ul>
  12. 12. Recent Major Improvement Initiatives (7) – One-stop Service for Company Incorporation and Business Registration <ul><li>Establishment of a Receipt and Despatch Counter of the Business Registration Office in the Companies Registry on 1 December 2008 </li></ul>
  13. 13. The Path Ahead <ul><li>Phase II of ICRIS – online incorporation and document filing </li></ul><ul><li>Further integration of company incorporation and business registration processes online </li></ul><ul><li>Rewrite of Companies Ordinance </li></ul><ul><li>Companies Registry: </li></ul><ul><li>Inland Revenue Department: </li></ul>
  14. 14. <ul><li>Thank you ! </li></ul>