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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