Hong Kong’s startup-friendly status continues to grow, with the total number of local companies registered in Hong Kong now standing at 1,319, 267.
This growth can be attributed in part to the continued success of the e-Registry service. The 24-hour portal acts as a one-stop platform for company incorporation and registration, allowing users to both register and incorporate their companies online, in the space of less than an hour. Launched in 2011, the 24-hour portal has played a key role in Hong Kong’s rise through the World Bank’s Ease of Doing Business rankings: 17,452 of the 71,769 companies registered between January and June were registered using the e-Registry service.
One feature of the e-Registry process which has proved especially popular with users is the sample articles of association feature, which was used by approximately 60% of companies incorporated electronically in the first half of 2016.
In addition to the ease of setting up a company in Hong Kong, Companies Registry have made it easier than ever to maintain transparency: with the new Company Mobile Search service, company information can be easily accessed via smartphone or tablet.
Alongside the streamlined electronic services, the ease of starting a business in Hong Kong has been significantly increased by the abolition of capital duty levied on local companies and the elimination of the requirement for a company seal, when registering a company.
Registrar of Companies Ms Ada Chung said, In addition, [to the new Company Mobile Search service] the business community widely adopted the new initiatives introduced by the new Companies Ordinance that facilitate business and save costs, such as the alternative court-free procedure for reduction of capital and the new administrative restoration procedure.
Hong Kong now ranks as 4th internationally for ease of starting a business, according to statistics from the World Bank Group.