The Companies Registry saw the number of new companies registered in 2002 swell by 21.7% over 2001. In all, 46,554 new companies registered in 2002 compared with 38,258 a year earlier.

The Registry's latest annual statistics show that there were 7,269 fewer registered companies overall in 2002 than in 2001, bringing the tally to 503,111.

The total number of oversea companies registered under Part XI of the Companies Ordinance stood at 6,710 at the end of the year, 253 more than 2001.

The number of new overseas companies establishing a place of business in Hong Kong and registered under Part XI of the Companies Ordinance in 2002 was 700, a 13.8% decrease when compared with 812 in 2001.

The number of charges on the assets of companies received in 2002 decreased by 8.1% from 22,576 to 20,741 compared with 2001. The number of satisfactions and releases received decreased by 12.7% to 16,763 in 2002.

A total of 354 prospectuses, including 141 mutual funds, were registered in 2002, when compared with 316 prospectuses, including 130 mutual funds, during the previous year.

The number of documents received for filing during the year increased by 5.8% from 1,416,161 to 1,498,231. The number of searches on records in microfiche and paper files made by the public during 2002 decreased by 6.8% from 1,690,984 to 1,575,561 when compared with those in 2001.

The Registry's computerised database is becoming increasingly popular: In 2002, the number of searches on the computerised Index of Directors increased by 54% to 103,554 from 67,249 and the number of Company Particulars Reports issued increased by 28.5% to 60,887 from 47,379.

The Registrar of Companies issued only 139 summonses against companies and their directors for breaches of the Companies Ordinance - mainly for failure to file annual returns - in 2002, compared with 238 in 2001.

The year 2002 saw 88 convictions obtained, compared with 59 in 2001; 54 summonses remain to be heard by the court (47 in 2001). The total amount of fines imposed for convictions in 2002 was $861,785 compared with $254,271 in 2001.