56k Local Companies Registered

The total number of local companies registered was 1,384,504 at the end of June, while 56,253 local companies were newly registered during the first half of the year, the Companies Registry announced today.

The number of newly registered local companies shows an increase of 11.07% over the figure in the second half of 2020.

For non-Hong Kong companies that have established a place of business in Hong Kong, 662 companies were newly registered in the first half of this year.

The total number of registered non-Hong Kong companies reached 14,044 by the end of June.

Registrar of Companies Kitty Tsui pointed out that more applicants applying for local company incorporation choose to submit applications online since the fee reduction.

Fees payable for online incorporation of companies and registration of non-Hong Kong companies have been reduced pursuant to the Companies (Fees) (Amendment) Regulation 2020.

Ms Tsui said the Securities & Futures & Companies Legislation (Amendment) Ordinance 2021 was enacted in June to establish a legal framework for implementing a complete uncertificated securities market regime in Hong Kong, adding that the registry has been assisting with the implementation of the legislative proposals.