Press Releases

171 per cent increase in companies incorporated, shows Companies Registry's annual report

Since the Companies Registry became a trading fund department in August 1993, the number of companies incorporated has surged by 171 per cent over the past 20 years, according to the Registry's 20th Annual Report tabled at the Legislative Council today (October 30).

The Registrar of Companies cum General Manager of the Companies Registry Trading Fund, Ms Ada Chung, said that company incorporation increased from about 60,000 in 1993-94 to over 160,000 in 2012-13.

Ms Chung noted that, during the period, the number of companies on the Companies Register has grown from 429,070 to 1,067,434, and 162,277 new companies were incorporated in 2012-13.

Ms Chung pointed out that the incorporation timeframe for electronic applications had also been reduced to less than one hour.

While celebrating the 20th anniversary of its establishment as a trading fund department, Ms Chung noted that the Registry achieved two milestones in the year 2012-13, namely the passage of the new Companies Ordinance, and the completion of development of Phase II of the Integrated Companies Registry Information System.

Following the passage of the new Companies Ordinance by the Legislative Council in July 2012, 12 pieces of subsidiary legislation on technical and procedural matters were passed this July.

The successful completion of the rewrite project ensures that the infrastructure of Hong Kong's company law will continue to best serve the needs of Hong Kong as an international business and financial centre. It also reinforces Hong Kong's competitiveness as a world-class place to do business.

Anticipating the implementation of the new Ordinance in the first quarter of 2014, a dedicated thematic section entitled "New Companies Ordinance" has been set up on the Registry's website (www.cr.gov.hk) to provide members of the public with comprehensive information on changes to be brought about by the new Ordinance and the latest updates on its implementation.

The Registry's E-Incorporation and One-stop Service for Company Incorporation and Business Registration was awarded the Best Public Service Application (Transformation) Gold Award in the Hong Kong ICT Awards 2012.

The Registry also received the Best SME's Partner Award for the fifth year running.

Members of the public can read or download the annual report at the Registry's website: www.cr.gov.hk.