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Hong Kong's number of companies registered hits record high of 815,762

07-11-2010 17:30 BJT

HONG KONG, July 11 (Xinhua) -- Hong Kong's total number of live local companies registered hit a record high of 815,762 at the end of June this year, up 43,509 from that at the end of 2009, the city's Companies Registry said Sunday.

"The number of new companies incorporated continued to rise in the first six months this year, with a monthly record averaging around 11,300," said the Registrar of Companies Ada Chung.

A total of 67,669 new local companies were registered in Hong Kong during the first half of 2010, representing an increase of 17. 77 percent from 57,459 in the second half of 2009 and a surge of 30.22 percent from 51,965 in the first half of 2009, she said.

As regards new non-Hong Kong companies that had established a place of business in Hong Kong and registered under Part XI of the Companies Ordinance, 350 were registered in the first half this year, up 24.56 percent from 281 in the corresponding period of 2009.

The total number of non-Hong Kong companies registered stood at 7,959 by the end of June this year, according to the government agency.

On the progress of the development of electronic incorporation of companies, Chung said development of Phase II of the Integrated Companies Registry Information System was now in full swing, and electronic incorporation of companies and a one-stop service for company incorporation and business registration were expected to be available in early 2011.

"With the new electronic services, the time required for incorporation of a company and business registration will be significantly reduced from four working days to less than one day. This improvement not only facilitates business, but also puts Hong Kong on a par with comparable jurisdictions like the UK and Singapore," she said.

To tie in with the introduction of electronic incorporation of companies, the Companies (Amendment) Bill 2010 was passed by Hong Kong's Legislative Council on July 7, she said.

The number of charges on assets of companies received for registration in the first half of this year was 19,448, up 10.47 percent from 17,604 in the second half of 2009.

The number of memoranda of satisfaction and releases received for registration in the first half of this year also increased by 0.3 percent to 14,625, compared with 14,581 in the second half of 2009.

The number of documents received for filing during the first six months of 2010 increased by 4.75 percent to 920,987, from 879, 247 received in the second half of 2009.

A total of 1,509,286 searches of document image records were conducted through the Registry's Electronic Search Services in the first half of 2010, an increase of 0.61 percent compared with 1, 500,085 searches during the second half of 2009.

Editor:Zheng Limin |Source:

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