Companies Registry produces $141m surplus

107,416 new companies were incorporated during the year as technology shortened the process of starting a business.

The Companies Registry generated a $141.3 million surplus in 2009-10 financial year.

Its annual report delivered to the Legislative Council on Thursday said 107,416 new companies were incorporated during the year.

The registry launched Phase II of the Integrated Companies Registry Information System in June last year with a view to launching electronic incorporation of companies in early 2011. It has also collaborated with the Inland Revenue Department to develop a one-stop electronic service for company incorporation and business registration.
Registrar of Companies Ada Chung said with the one-stop electronic service in place, the process of starting a business in Hong Kong will be significantly shortened from four working days to less than one day, according to a Companies Registry report.

"Apart from the new electronic services, the efforts of the Companies Bill Team have finally crystallised in the form of a draft Companies Bill. Two rounds of public consultation on the draft have been conducted and the administration aims to introduce the Companies Bill to the Legislative Council in early 2011."