Number of registered local companies hits 1.38m in 2017

A total 160,229 local companies were newly registered last year.

The total number of registered local companies reached 1.38 million in 2017, up by 42,723 from the previous year, according to a government press release.

A total of 160,229 were newly-registered local companies, 31% of which were incorporated online using the government’s e-Registry.

Non-Hong Kong companies reached 10,434 by the end of 2017 where the number of newly-registered companies rose 17.6% YoY to 1,028.

The Companies Registry has similarly announced that a new licensing regime for trust and company service providers will be implemented in March in an effort to combat money laundering and terrorist financing.

All companies will also be required to maintain significant controllers register for inspection of law enforcement agencies.