1.4m Local Companies Are Registered In Hong Kong

In total, the number of local businesses registered reach 1,407,743 at the end of June. This is apparently 23,797 more than the end of 2017 according to the Companies Registry.

In total, the number of local businesses registered reach 1,407,743 at the end of June. This is apparently 23,797 more than the end of 2017 according to the Companies Registry.

In the first half of 2018, a total of 85,449 local companies were newly registered in the first 6 months of 2018, amongst which over 30,000 were incorporated online using the e-Registry service.

From the 1st of March, all firms incorporated in Hong Kong, excluding listed companies, are required to keep up-to-date beneficial ownership information by keeping a Significant Controllers Register.

In addition, a new licensing regime has also been introduced to request company or trust service providers to apply for a licence from the Registrar of Companies before they are able to offer company or trust services as a business in Hong Kong.

Ada Chung from the Registrar of Companies stated that, “The new initiatives have enhanced Hong Kong's regulatory regime for combating money laundering and terrorist financing.” Chung went on to say that the registry currently carries out inspections on sit in order to ensure compliance with the new obligations.

For non-Hong Kong companies which have set up a place of business in Hong Kong, 592 companies were newly registered within the first 6 months of the year, compared to 566 in the second half of 2017.  By the end of June, the total number of registered non-Hong Kong companies went as high as 10,755.

 


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