On January 10, 2021, Hong Kong Companies Registry released key company registration related statistics for the year 2020. One may observe that, despite the economic turbulence amid Covid-19, the statistics of company registration in Hong Kong exhibit some exciting trends.
Here are some key conclusions of interest:
- 99,405 local companies were newly registered in 2020;
- 1,757 non-Hong Kong companies were newly registered in 2020, adding up to a total number of 13,752 non-Hong Kong companies registered in Hong Kong by the end of 2020;
- The Limited Partnership Fund Ordinance took effect from August 31, 2020, which permits investment funds to be registered in the form of limited partnership in Hong Kong thereafter;
- In accordance with the Companies (Fees) Amendment Regulation 2020, the registration fees for annual returns have been waived from October 1, 2020, to September 30, 2022 (both dates inclusive);
- The fees payable concerning the incorporation of companies and registration of non-Hong Kong companies through electronic means have been reduced by 10 per cent.
For many, the year 2020 has been an emotional and financial roller coaster; nevertheless, there are still uplifting statistics hinting to economic recovery as well as a more prosperous and promising 2021!
For more detailed information on company registration statistics, check out the full-version release by the Hong Kong CR here (click).