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| No.6 September, 2009 |
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Electronic incorporation in the pipeline to facilitate company registration |
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 The Companies Registry is working at full speed to enhance its computer system with a view to launching an electronic one-stop company incorporation and business registration service in 2010-11.
This was revealed by the Registrar of Companies, Ms Ada Chung, at a press briefing on September 21. |
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"We are moving full steam ahead in developing Phase II of the Integrated Companies Registry Information System (ICRIS II) to launch electronic incorporation," Ms Chung said.
"With the new electronic services in place, the time required to incorporate a company online will be significantly reduced from four working days to less than one day."
Ms Chung also outlined a streamlined system and greater powers for the Registrar of Companies to ensure compliance with the company registration numbering system.
"In collaboration with the Inland Revenue Department, we will also take the opportunity to implement a one-stop service for company incorporation and business registration," Ms Chung said.
"This will allow applicants to incorporate companies and obtain business registration certificates at the same time. The whole process will be completed within the same day for online applications.
"Legislative amendments to the Companies Ordinance and the Business Registration Ordinance are required before the new initiatives can be implemented.
"We hope the amendments can be enacted next year," Ms Chung said.
She said legislative amendments to the Companies Ordinance would also cover other initiatives including allowing local companies to communicate with their members via websites and online; providing a statutory basis for multiple statutory derivative actions and removing statutory restrictions to pave way for scripless shareholding and paperless transfers.
As at August 31, a total of 751,159 live local companies were registered under the Companies Ordinance. A record high of 20,251 companies were incorporated in March this year and another record of 12,594 companies were incorporated in August.
"We believe this is mainly due to the effect of waiver of business registration fees for new companies," Ms Chung said. |
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