The Companies Registry Trading Fund has made a record surplus of $114.1 million in the 2005-06 financial year, up 34.1% on the previous year, following a record-breaking number of incorporations.

During the year 75,817 new companies were incorporated, up 14.1%. The number of company dissolutions rose 10.3% to 45,678.

Movements in volumes of other types of core services were mixed. The year saw increases of 3.5% and 8% in the number of documents received for registration and applications for changes of company name, while the number of charges received for registration was about the same as the previous year.

Electronic search services

Registrar of Companies Gordon Jones said the implementation of new electronic search services under Phase I of the Integrated Companies Registry Information System in February 2005 marked an exponential leap forward in the manner in which the department delivers its services to the public.

Customers can now conduct company searches online concurrently on the current data of companies and directors and more than 80 million images of registered documents over the Internet 24 hours a day throughout the year. About 95% of company searches are now conducted over the Internet.

The fund plans to implement Phase II in 2009, which will see the provision of an electronic filing service for incorporation and document registration.

Companies Ordinance

A Companies Bill Team was established recently to rewrite the Companies Ordinance.

The exercise will provide Hong Kong with a modernised legal infrastructure attuned to its needs in the 21st Century as an international business and financial centre.

The team will produce a white bill for public consultation by mid-2009. It is expected the new Companies Bill will be tabled at the Legislative Council in the third quarter of 2010.