Hong Kong Companies Registry: the number of newly incorporated companies is increasing

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hong-kong-343501_640The number of newly incorporated Hong Kong companies is increasing
According to the statistics released by the Hong Kong Companies Registry, the number of the newly incorporated Hong Kong companies in the first half of 2014 hit a record high of 95,408. 89,035 companies were registered in the first six months of last year, thus showing an increase of 7.16 percent. ‘The number of newly registered local companies hit a record high in the first six months of this year, with 21,978 companies incorporated online through our e-Registry,’ said the Registrar of Companies, Ada Chung. By the end of June 2014, the total number of live local companies registered was 1,233,780, up 70,849 from 1,162,931 as at the end of 2013. 393 non-Hong Kong companies establishing a place of business in Hong Kong were newly registered under the Companies Ordinance in the first half of 2014, so there was a decrease of 8.18 per cent from 428 in the second half of 2013. However, the total number of registered non-Hong Kong companies reached 9,432 by the end of June 2014, as against 9,258 by the end of last year.
The new Companies Ordinance
The new Companies Ordinance was launched in Hong Kong on March 3, 2014. Ms Chung said that it ‘provides a modernized legal framework for the incorporation and operation of companies in Hong Kong. It has four major objectives, namely enhancing corporate governance, facilitating business, ensuring better regulation and modernizing the law, with a view to strengthening Hong Kong’s position as an international business and financial center’. More than 70 seminars have been conducted by the Hong Kong Companies Registry to enhance public awareness of the major changes introduced by the new Ordinance. The Registry was ‘pleased that its efforts to promote the new Ordinance have been well received by the business community and members of the public’.
How can we help you?
If you are planning to incorporate a company in Hong Kong, and would like some advice from an experienced service provider, Eltoma Corporate Services can provide a free consultation – give a call or send an email to one of our experts, alternatively take a look at our website.