The Hong Kong Companies Registry announced the figures for company incorporation’s for the 2018 financial year. Company data is a key indicator (inter alia) of a country’s economic health and allows experts to predict growth or retraction more accurately.
The total number of registered local companies increased by 17,014 from 2017, bringing the total number of operating companies in Hong Kong to 1,400,960 in 2018; with the number of registered non-Hong Kong companies reaching 11,081, and 151,739 local companies by the end of the financial year respectively.
The technology sector is encouraged by the data that out of these incorporations, 54,962 were carried out online using with e-Registry or the CR e-Filing mobile apps.
At of the end of 2017, Hong Kong’s total assets under management reached USD $3.2 trillion, with two-thirds coming from foreign investors, with the Financial Secretary noting that the continuous growing wealth in the mainland throughout 2019 will support the asset and wealth management market development in Hong Kong.
At of the end of 2018, Hong Kong private equity held a total of HKD $1.20 trillion (USD $158 billion) in assets, making up for 15% of the market in Asia. Also, local private equity firms received USD $12 billion in investment during Q1 and Q2 of 2018; making Hong Kong the second largest private equity market in Asia.
Since March of last year, the Hong Kong Registrar of Companies received a total of 6,470 applications, and of the total figure, 323 licenses were rejected or withdrawn throughout 2018.
The Hong Kong government have suggested that the during 2019, a profit tax exemption will be expanded to apply to onshore private equities which will further stimulate the Hong Kong market further.
Statistical data used.