48K Local Companies Registered

The total number of local companies registered was 1,381,355 at the end of June, while 48,760 local companies were newly registered during the first half of the year, the Companies Registry announced today.

For non-Hong Kong companies that have established a place of business in Hong Kong, 876 companies were newly registered in the first half of this year, compared to 1,093 in the second half of 2019.

The total number of registered non-Hong Kong companies reached 13,117 by the end of June.

To implement one of the relief measures to support enterprises as announced by the Financial Secretary in the 2020-21 Budget, the Companies (Fees) (Amendment) Regulation 2020 will take effect on October 1 to waive the registration fees of annual returns delivered on time for two years.

The fees payable for the incorporation of companies and registration of non-Hong Kong companies through electronic means will also be reduced by 10% from October 1 to encourage wider use of the registry's electronic services.

Noting that the Limited Partnership Fund Bill was passed by the Legislative Council on July 9, Registrar of Companies Ada Chung said the new regime would help attract private equity and venture capital funds to set up and operate in Hong Kong so as to facilitate the channelling of capital into corporates, especially start-ups in the innovation and technology field in the Guangdong-Hong Kong-Macao Greater Bay Area.