Hong Kong sees over 56,000 new local firms in H1

The number of new local companies in the city is 11% higher than the last six months.

Some 56,253 local companies have registered during the first half (H1) of 2021, up 11.07% when compared to the second half (H2) of 2020. 

This brings the total number of local companies is 1.38 million as of the end of June, the Companies Registry reported. 

“It is delightful to note that more applicants applying for incorporation of local companies choose to submit applications online after the reduction of fees payable for online incorporation of companies and registration of non-Hong Kong companies pursuant to the Companies (Fees) (Amendment) Regulation 2020,” Kitty Tsui of the Registrar of Companies said. 

Moreover, the registry reported there are 662 non-Hong Kong companies that have set up shop in Hong Kong over the same period. This brings the total to 14,044. 

The number of charges on properties of companies received for registration in H1 2021 was 8,376, compared to 7,969 in H2 2020; whilst the number of notifications of payments and releases received for registration in H1 2021 was 9,599, compared to 9,234 in H2 2020.

The number of documents delivered for registration during the first six months of 2021 increased by 1.67% to 1.44 million, compared to 1.41 million in H2 2020.

A total of 2.46 million searches of document image records were conducted using the Registry's electronic search services in the first half of 2021, representing an increase of 2.61% compared to the figure of 2.40 million in H2 2020.

As for the licensing of trust or company service providers, during H1 2021, a total of 216 licences were granted. The number of licensees reached 7,194 as of the end of June.