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Hong Kong Registers Its 1.5-millionth Company

Monday, September 6, 2010

The Companies Registry has announced that it has incorporated Hong Kong's one-and-a-half millionth local company.

"The first company in the history of Hong Kong was incorporated in 1865 and the number of company incorporations has been increasing rapidly. The five-hundred-thousandth company was incorporated in 1994. It was only five years ago when the millionth company was incorporated," the Registrar of Companies Ada Chung said.

"Despite the significant increase in the number of new incorporations, the Companies Registry has shortened the processing time for incorporating a local company from six to four working days since 2008, she added. We anticipate with the launching of electronic incorporation of companies and a one-stop service for company incorporation and business registration early next year, the processing time will be significantly reduced from four working days to less than one."

The number of local companies incorporated during the first eight months of this year was almost 92,500, up 31% on the corresponding period last year. The total number of local companies on the register stood at some 834,000 last month.