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| No.7 July, 2010 |
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Registered companies hit record high |
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The number of new companies registered in Hong Kong continued to rise in the first half of 2010, with a record monthly average of 11,300, according to new statistics.
Latest Hong Kong’s Companies Registry figures showed the total number of live local companies registered was 815,762, up 43,509 on last year. A total of 67,669 new local companies were registered, up 17.77% on the second half of last year.
In the first half this year, 350 new non-Hong Kong companies were registered, up 24.56% on the corresponding period in 2009 while the total number stood at 7,959 by the end of June.
Registrar of Companies Ada Chung said the development of the Integrated Companies Registry Information System Phase II was in full swing.
"We anticipate the launching of the electronic incorporation of companies and a one-stop service for company incorporation and business registration in early 2011," she said.
The time required for incorporation of a company and business registration will be significantly reduced from four working days to less than one day.
The Companies (Amendment) Bill 2010 was passed by the Legislative Council on July 7. It enables the Companies Registry to expedite the company name approval process and facilitates electronic and website communications between a company and its members.
The Government is consulting the public on the draft provisions of the new Companies Bill until August 6. It aims to table the new Companies Bill at the Legislative Council by year's-end.
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