Local company registration reaches new high at 1.46m

According to the latest statistics from the Companies Registry on Friday, 145,053 local companies were newly registered in 2024. By the end of the year, the total number of local companies registered under the Companies Ordinance stood at 1,460,494, an increase of 29,736 from 2023, achieving a new record high.

In 2024, 1,079 non-Hong Kong companies established new places of business in Hong Kong, also registering under the Companies Ordinance. By year's end, the total number of registered non-Hong Kong companies reached 15,126, marking a 2 percent increase from the previous year and setting another record.

Throughout the year, the government made significant progress in two legislative amendment exercises aimed at enhancing the Companies Ordinance. The first amendment, passed by the Legislative Council on January 8, 2025, allows listed companies incorporated in Hong Kong to retain shares bought back in treasury and promotes paperless corporate communications for both listed and unlisted companies. This new arrangement is set to take effect three months after the amendment ordinance is published in the Gazette.

The second legislative initiative introduces a company re-domiciliation regime, allowing non-Hong Kong-incorporated companies to relocate to Hong Kong while maintaining their legal identities and ensuring business continuity without the need for complex and costly judicial procedures. This bill was introduced to the Legislative Council for its First Reading on January 8, 2025.

Christopher Hui Ching-yu, Secretary for Financial Services and the Treasury, emphasized that the increasing numbers reflect Hong Kong's attractive business environment, which serves as an ideal platform for both local and international enterprises. He noted that the growth in both local and non-Hong Kong companies is a positive trend.

Hui also highlighted that the introduction of the re-domiciliation regime is expected to attract more overseas enterprises to Hong Kong, boosting demand for professional services, investment, and employment opportunities, and injecting new momentum into the local market. This initiative positions Hong Kong as a prime location for corporate development.

Detail of the statistics can be found here.