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NEWS

Hong Kong Company Registrations Hit New Record In 2013


22/01/2014

The number of local companies newly registered with the Hong Kong Companies Registry in 2013 hit a record high of 174,031, up from 150,165 in 2012, and an increase of 15.9 percent.

"By the end of 2013, the total number of live local companies registered under the Companies Ordinance (CO) reached 1,162,931, up 118,287 from 1,044,644 in 2012," said the Registrar of Companies, Ada Chung.

The 780 non-Hong Kong companies establishing a new place of business in Hong Kong that were registered under the CO in 2013 represent an increase of 13.7 percent from the 686 companies established in 2012. The total number of registered non-Hong Kong companies had reached 9,258 by the end of 2013.

In addition, in 2013, almost 36,000 companies were incorporated online using the electronic company incorporation service at the e-Registry, a significant increase of 31.7 percent when compared to 2012. "Electronic incorporation service facilitates the starting of a business in Hong Kong by shortening processing time significantly to less than an hour," Chung added.

She also disclosed that "the new CO will commence operation on March 3 this year to achieve four major objectives, namely enhancing corporate governance, ensuring better regulation, facilitating business and modernizing the law." In the run-up to its implementation, the Companies Registry is conducting a publicity campaign to enhance relevant stakeholders' awareness of the major changes in requirements.

The registration fees for a one-year certificate normally total HKD2,250 (USD290), made up of a HKD2,000 fee and a HKD250 levy (reduced from HKD450 in July 2013), but a special concession waiving the business registration fee was re-introduced on April 1, 2012, and has been continued since.

www.tax-news.com

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