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Presentation from Companies Registry (Hong Kong)
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1
ReformingReformingBusiness Registration in Business Registration in
Hong KongHong Kong
Ms Ada ChungMs Ada ChungRegistrar of CompaniesRegistrar of Companies
30 March 200930 March 2009
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Why is Hong Kong so special ?
HK
Gateway to China
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Why is Hong Kong so special ? (2)
Freest economy of the world for the 15th consecutive year (the Heritage Foundation)
Ranked 1st in the 2007 Survey of Corporate Governance in Asia (the Asian Corporate Governance Association)
Ranked 1st in the Inward Foreign Investment Performance Index of the World Investment Report 2008 (the United Nations Conference on Trade & Development)
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The Companies Registry
Operational Revenue of the Companies Registry
050
100150200250300350400
2003-04
2004-05
2005-06
2006-07
2007-08
(Mill
ion
HK
$) Others
Searches and Copying
Annual Return
Incorporation
Charges Registration
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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
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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
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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 filing 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
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 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
Companies Registry: http://www.cr.gov.hk
Inland Revenue Department: http://www.ird.gov.hk
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Thank you !Thank you !