Registered local companies hit 1.41 million in June

There were a total of 85,449 new company registrations in the first half of the year.

The total number of registered local companies in Hong Kong rose 23,797 to hit 1.41 million as of end-June, according to a government release.

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A total of 85,449 local companies were newly registered during the first half of the year, amongst which 30,447 were incorporated online via the one-stop electronic company incorporation and business registration service at the e-Registry.

The total number of registered non-Hong Kong companies reached 10,755 as of end-June, with around 592 new companies registering under the Companies Ordinance in H1 2018.

Hong Kong’s regulatory regime has earlier been enhanced by a slew of initiatives in an effort to combat money laundering and terrorist financing.

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This includes a new licensing regime requiring trust or company service providers to apply for a licence from the Registrar of Companies before providing trust or company services as a business in Hong Kong.

All Hong Kong incorporated companies are also required to maintain up-to-date beneficial ownership information through a Significant Controllers Register, which should be open for inspection at any time by law enforcement officers.