Hong Kong’s Business Landscape Soars as the city is experiencing a substantial increase in new company registrations.
Hong Kong’s business landscape is experiencing a remarkable period of prosperity, exemplified by the substantial increase in new company registrations this year.
The city’s dynamic economy, strategic location, robust infrastructure, and favorable business environment have attracted entrepreneurs and investors from around the world.
The influx of new companies signifies not only the city’s economic resilience but also its ability to adapt and capitalize on emerging opportunities. With its cosmopolitan atmosphere and access to a skilled workforce, Hong Kong remains an attractive destination for businesses looking to prosper and make a significant impact on the global stage.
As the year unfolds, the outlook for Hong Kong’s business community continues to be bright, setting the stage for even more success and growth in the future.
Year-to-date there are 1.42 million local businesses registered.
The Companies Registry of Hong Kong said 72,588 local companies were newly registered during the first half of 2023.
This brings the total number of local companies registered under the Companies Ordinance to 1.42 million year-to-date.
The Companies (Amendment) Ordinance 2023, which allows flexibility for companies to hold general meetings in various ways, came into effect on April 28, 2023.
It specifically permits fully virtual or hybrid general meetings, enabling companies to conduct their corporate affairs smoothly and effectively based on their specific circumstances and requirements.
Likewise, 422 non-Hong Kong companies established a place of business in Hong Kong and were registered under the Companies Ordinance.
The total number of registered non-Hong Kong companies reached 14,621 by the end of June 2023.
If the number of registered companies hit 1.3 million in 2022, during the first six months of 2023, 6,500 charges on company properties were received for registration, whilst 8,314 notifications of payments and releases were received for registration within the same period.
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The Companies Registry also received a total of 1.52 million documents for registration during the first six months of 2023.
In the first half of 2023, there were 2.53 million searches of document image records conducted using the Registry’s electronic search services.
Regarding the licensing of trust or company service providers, 182 licenses were granted during the first half of 2023.
As of the end of June, the total number of licensees stood at 6,854.
Source: Hong Kong Business