Hong Kong Hits Record in Local Company Registrations

The Hong Kong Special Administrative Region (HKSAR) saw a record high in new company registrations in the first half (H1) of 2024, according to the Companies Registry of the HKSAR.

In H1 2024, 66,734 new local companies were registered, bringing the total number of local companies under the Companies Ordinance to a historical high of 1,440,935 by the end of June.

Additionally, 501 non-Hong Kong companies established a place of business in Hong Kong during the same period, increasing the total to an all-time high of 14,959 registered non-Hong Kong companies by June 2024.

These figures indicate a steady improvement in Hong Kong’s economic environment and sustained development across various sectors. The number of open-ended fund companies and limited partnership funds is also on the rise, according to the bureau.

Furthermore, 324 licenses were issued to trust or company service providers in H1 2024, with a total of 6,974 licensees recorded by mid-year. The registry also processed over 2.5 million searches of document image records and registered over 1.52 million documents during this period.

Hong Kong is increasingly recognized as a prime location for local businesses and a gateway for expansion into the Asia-Pacific region and beyond.

Mayon Solutions Limited is here to assist you in establishing and supporting your business in Hong Kong!