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The Companies Registry incorporated the 1,500,000th local company in early September.
Welcoming the incorporation of the 1,500,000th company, the Registrar of Companies, Ms Ada Chung, presented the certificate of incorporation at a presentation ceremony today (September 3) to Mr Daniel Kwok, one of the founder members and directors of the company, Youth Elderly Care Movement Limited.
"The first company in the history of Hong Kong was incorporated in 1865 and the number of company incorporations has been increasing rapidly. The 500,000th company was incorporated in 1994. It was only five years ago that the one-millionth company was incorporated in 2005," Ms Chung said.
"Despite the significant increase in the number of new incorporations, the Companies Registry has shortened the processing time for incorporating a local company from six to four working days since 2008.
"We anticipate that with the launching of electronic incorporation of companies and a one-stop service for company incorporation and business registration early next year, the processing time will be significantly reduced from four working days to less than one day," Ms Chung said.
Ms Chung noted that the simple, user-friendly and efficient company registration system in Hong Kong not only facilitated the conduct of business, but also enhanced Hong Kongˇ¦s competitiveness and attractiveness as a major international business and financial centre.
The Companies Registry's figures show that the number of local companies incorporated during the first eight months of 2010 were 92,466, an increase of 31% over the corresponding period in 2009. The total number of local companies on the register stood at 834,214 at end of August 2010.
Youth Elderly Care Movement Limited was formed to promote the welfare of elderly people and cultivate respect for elders among the younger generation as well as the whole community in Hong Kong.
Ends/Friday, September 3, 2010
Issued at HKT 15:06
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