In a bid to provide more efficient services to Hong Kong's business community and reinforce the city's status as an international financial centre, the Hong Kong Companies Registry has announced that it plans to implement a Strategic Change Plan (SCP) providing for a paperless electronic operation.
Registrar of Companies, Mr Gordon Jones, said: 'The aim is to set up a fully computerized operation by late 2004 for receiving, processing, storing and disseminating information electronically; providing fast, inexpensive, user-friendly and high quality services to customers and promoting a paperless electronic business environment.'
He continued: 'Operational procedures will be streamlined and automated to shorten processing time of company incorporation and document registration. As a result, there will be more timely updating and disclosure of company information, improved quality of information and enhanced data security and integrity. Companies can also enjoy reduced compliance costs and lower operating costs.'
At a cost of around HK$131 million, the SCP will be introduced in two phases over a four-year period. Phase I, estimated to take 15 months, involves replacing the existing computer systems, infrastructure enhancement, data management enhancement, document imaging, conversion of microfilm records into electronic images, implementation of workflow management and online search.
On the completion of this phase in July 2003, the Companies Registry confirms that documents can then be scanned to enable data entry or scrutiny online by registry staff. Customers will be able to conduct online searches concurrently on current data or electronic document images of registered companies kept in the registry's database.
Phase II will entail the implementation of electronic document registration and incorporation, a customer service support system and a business knowledge repository. This is expected to be completed by August 2004 when companies will be able to be incorporated electronically and submit forms to the registry online to facilitate more efficient automated processing and data capture.
'The new integrated information system,' said Mr Jones, 'will be fully compatible with information systems in other organisations to facilitate electronic transactions and data exchange.' A feasibility study of the new system is currently underway and will be completed by the middle of this year.
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