More than 70,000 Local Companies Registered in the First Six Months of 2022
In the first six months of 2023, the Companies Registry reported that 72,588 local companies had registered. Bringing the overall count of local companies to a whopping 1,416,643, this number showed positive signs for Hong Kong’s local business scene. Additionally, 422 non-Hong Kong companies registered under the Companies Ordinance. This resulted in a total of 14,621 registered non-Hong Kong companies at June’s end.
This year, the Companies Registry put out several new initiatives and services to enhance its operations. Among those was the implementation of a new online portal for company registration and a new licensing regime for virtual asset service providers. The registry issued a new guideline on the holding of virtual or hybrid general meetings, providing companies with clear guidelines for efficiency. To further facilitate accessibility, the registry launched a new website, featuring information on company laws and regulations.
This initiative ensures users have access to the most relevant and accurate resources. initiatives collectively aim to improve efficiency, compliance, and accessibility within the Companies Registry. During the same period, 6,500 charges on properties of companies were received for registration, with 8314 notifications of payments and releases. The registry received 1,518,638 documents for registration.
Fostering Activity in the Corporate Sector
Additionally, it conducted 2,527,281 searches of document image records for electronic search services. These high number of charges on company properties, payments, and release notifications, along with other registration and document records searches, further suggest the high activity level in the corporate sector in Hong Kong during mid-2023. Regarding licensing, a total of 182 licences were granted for trust or company service providers, resulting in a noteworthy count of 6 854 licensees by mid-2023. The Companies (Amendment) Ordinance 2023 introduces a pivotal change by permitting fully virtual or hybrid general meetings.
This amendment proved to be crucial as it enabled companies a better level of flexibility in carrying out their corporate affairs. Hence, this flexibility allows them to seamlessly adapt to their unique circumstances and needs. With the newfound ability to hold virtual or hybrid meetings, businesses can enhance their efficiency and engagement. Businesses can now be streamlining various processes and ensure effective communication with stakeholders.