The needs of companies and the community are changing in Hong Kong rapidly. Moreover, the Companies Registry (CR) continued to update the policies, regulations and processes. It not only invested in the information technology systems to increase the efficiency of starting a business. But also on-going invest in innovative ideas, digitalisation and new technology.
Implementation of the Companies (Amendment)(No. 2) Ordinance 2019
This ordinance came into effect on 1 February 2019. It improves the clarity and operation of the new Company Ordinance (CO) and further facilitate businesses. The amendment help to reduce compliance costs and better address the needs of small and medium-sized enterprises. As a result, it strengthens Hong Kong’s position as an international commercial and business centre.
New Open-ended Fund Companies Regime
CR introduced the open-ended fund companies (OFCs) in 2018. It allows investment funds to be set up in the form of a company, coupled with the flexibility for investors to trade the funds through the creation and cancellation of shares. It also diversifies Hong Kong’s fund domiciliation platform and expands the fund distribution network while promoting fund origination and facilitating the development of Hong Kong’s asset management industry. So, this will help Hong Kong enhance its competitiveness as a business hub.
The Next Generation of the Integrated Companies Registry Information System (ICRIS)
In 2018, CR launched a project entitled “The Next Generation of Integrated Companies Registry Information System for the Companies Registry) (Revamped ICRIS). It is a one-stop website for all electronic services – a single platform for all relevant information, applications and interaction between the Registry and its stakeholders. Through the centralized access to business applications such as company searches filing of documents and other electronic services, customers will be able to submit company information for registration more efficiently.
Development of New Website
CR new website has been launched in early July 2019. The responsive web design is good for both desktop and mobile devices. It provides a more effective and efficient channel for communication. Furthermore, the new website is facilitating consistent branding across all websites of the Revamped ICRIS in terms of the provision of electronic services as well as information dissemination.
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You may also read: http://centreo.hk/company-registry-failure-deliver-annual-return/