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There were 81,974 new local firms registered under the Companies Ordinance in 2006, up 11.74% on 2005. However, the number of new overseas companies establishing a place of business in Hong Kong fell 1.94% to 608.
The total number of live companies and overseas companies registered were 591,944 and 7,709, up 42,712 and 221 from the end of 2005.
The Companies Registry has strengthened its efforts in enforcing compliance with the provisions of the Companies Ordinance and has further increased the number of summonses issued during the year.
Summonses rise
The total number of summonses issued last year against companies for breaches of the Companies Ordinance, mainly for failure to file annual returns, was 6,028, a rise of 74.12% from 3,462 in 2005.
The year also saw 2,294 convictions, compared with 1,467 in 2005. The total amount of fines imposed for convictions in 2006 was $13 million, compared with $9.5 million in 2005.
The number of charges on the assets of companies received in 2006 fell 9.32%, from 33,470 to 30,349. The number of satisfactions and releases received also fell 19.64% to 21,653.
During the period, 234 prospectuses, including 93 mutual funds, were registered, compared with 269 prospectuses, including 96 mutual funds, in 2005.
The total number of documents received for filing during the year fell 4.88%, to 1,730,040.
Public searches
About 2.7 million public searches on document image records were made during the year through the Companies Registry's Electronic Search Services, compared with 2.19 million made between February 28 and December 31 in 2005.
The number of searches on the computerised Index of Directors rose 13.52% to 152,114. The number of Company Particulars Reports issued also rose 13.75% to 122,705.
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