Hong Kong business registrations reach record highs in first half of 2024

19th July 2024 – (Hong Kong)  Hong Kong has witnessed an unprecedented rise in business registrations, with local companies and foreign entities reaching all-time highs in the first half of 2024.

According to the latest statistics from the Companies Registry, a remarkable 66,734 local companies were registered during this period, pushing the total to an impressive 1,440,935. Additionally, the city welcomed 501 non-Hong Kong companies, elevating the total count of registered foreign companies to 14,959.

This surge in registrations not only reflects Hong Kong’s enduring appeal as a global business hub but also highlights the effective adaptation of businesses to the evolving economic landscape. The launch of the new e-Services Portal on December 27, 2023, has been pivotal in this growth. By integrating various services under a single platform, the revamped Integrated Companies Registry Information System has significantly streamlined administrative processes, making it easier for companies to establish and expand their operations in Hong Kong.

The first half of 2024 also saw a notable activity in other areas of business engagement. The registry received 5,721 charges on properties for registration and processed 8,808 notifications of payments and releases. Moreover, an overwhelming 1,520,759 documents were delivered to the Registry for registration, underscoring the dynamic nature of business transactions during this period.

In terms of digital engagement, the Registry’s electronic search services were extensively utilised, with 2,564,604 searches of document image records conducted. This high level of activity reflects the sector’s increasing reliance on digital tools to facilitate business operations and compliance.

The investment vehicle sector also showed promising growth. The number of new registrations for limited partnership funds (LPFs) stood at 113, bringing the total to 844. Similarly, open-ended fund companies (OFCs) saw 129 new incorporations, with the total reaching 371 by the end of June 2024. These figures indicate a growing confidence among investors in Hong Kong’s regulatory and economic environment.

Moreover, the regulatory landscape for financial and professional services continues to evolve. The first half of the year saw the granting of 324 new licenses to trust or company service providers, with the total rising to 6,974. The licensing court also issued 75 new licences to money lenders, increasing the total to 2,193. These developments reflect Hong Kong’s commitment to maintaining a robust regulatory framework that supports business growth while ensuring transparency and compliance.