The Companies Registry Trading Fund has made a record surplus of $85.1 million for the year ending March 31, up 76.6% on the previous year, according to its 2004-05 annual report tabled at the Legislative Council today.

Registrar of Companies and the fund's general manager Gordon Jones said the surplus is a result of tight control over costs, and a rise of 15.2% in business turnover, attributable largely to revenue growth from incorporations.

During the year 66,466 new companies were incorporated, up 37.1% over the previous year while the number of company dissolutions fell 20.2% to 41,394.

The year also saw growth of 6.7% in the number of general documents and 45.4% in charges received for registration, while company name change applications fell 3.6%.

Mr Jones said the registry has exceeded all 13 core service performance pledges with overall productivity up 12% on the previous year.

24-hour e-search

The registry has implemented new electronic search services under Phase I of the Integrated Companies Registry Information System. Customers can conduct company searches online for data on companies and directors and over 80 million pages of images of registered documents.

Mr Jones said the registry plans to implement Phase II of the system in 2008-09 which will see the provision of an electronic filing service for incorporation and document registration.

Mr Jones said the Government has started detailed planning and preparatory work to take forward the company law rewrite, including the design of the modus operandi and the organisational framework, as well as assessing the financial and resource implications.

"The plan is to seek approval for the resource requirements later this year and start the rewrite in mid-2006. I hope the Legislative Council will support our proposals so work can start as scheduled," he said.