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Hong Kong Registry Hits New Record

Wednesday, July 14, 2010

815,762 local companies are now registered in Hong Kong – a record number – according to statistics released on July 9 by Hong Kong’s Register of Companies. A record average number of 11,300 new registrations per month was recorded in the first half of 2010. The total of new company registrations was up by 43,509 on 2009.

The number of foreign companies registered was also up on last year, with 350 new foreign companies registered in the first half of 2010 – an increase of nearly 25% on the same period in 2009.

A spokesman for the Registrar of Companies said the development of the Integrated Companies Registry Information System Phase II is in full swing. She added: "We anticipate the launching of the electronic incorporation of companies and a one-stop service for company incorporation and business registration in early 2011.”

”The time required for incorporation of a company and business registration will be significantly reduced from four working days to less than one day,” she explained.

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. The number of charges on assets of companies received for registration in the first half of this year was 19,448, up 10.47% on the second half of 2009.

The number of memoranda of satisfaction and releases received for registration in the first half of this year increased by 0.3% to 14,625. There were 920,987 documents received for filing, up 4.75% on the second half of last year.

A total of 1,509,286 searches of document image records were conducted through the Registry's Electronic Search Services, up 0.61% on the second half of last year.