Wednesday, 17 July 2013

Hong Kong Company Registrations Continue To Rise

Hong Kong Company Registrations Continue To Rise

Almost 85,000 local companies were newly registered with the Hong Kong Companies Registry in the first half of 2013, an increase of 9.3 percent from the 77,700 in the second half of 2012.

As at the end of June 2013, the total number of live local companies registered were 1,100,778, up 56,134 from the figure at end-2012. "The number of newly-registered local companies continued to rise in the first six months of this year, with 16,187 companies incorporated online at our e-Registry," said the Registrar of Companies, Ada Chung.

However, the 352 non-Hong Kong companies establishing a new place of business in Hong Kong that were registered under the CO in the first half of 2013, were down almost 4.1 percent from the 367 registered in the second half of 2012. The total number of non-Hong Kong companies registered reached 9,014 by the end of June 2013, compared to 8,848 at the end of last year.

The registration fees for a one-year certificate normally total HKD2,450 (USD316), made up of a HKD2,000 fee and a HKD450 levy, but a special concession waiving the business registration fee was re-introduced on April 1, 2012, and has been continued since.

Cheung added that Hong Kong's re-written CO, which was passed by the Legislative Council in July last year, should be brought into operation in the first quarter of 2014. It aims to enhance corporate governance and ensure better regulation, by, for example, improving the accountability of directors and clarifying their duty of care, skill and diligence; emphasizing shareholder engagement in the decision-making process, improving the disclosure of company information, and strengthening auditors' rights.



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