The total number of registered local companies reached 1,383,946 at the end of last year, up by 42,723 on 2016, the Companies Registry announced today.
The total number of local companies newly registered in 2017 was 160,229, among which 51,002 were incorporated online using the e-Registry.
The Companies Registry said it will implement a new licensing regime for trust and company service providers to combat money laundering and terrorist financing.
All companies incorporated in Hong Kong, except listed companies, will also be required to maintain a significant controllers register for inspection by law enforcement agencies.
Registrar of Companies Ada Chung said the registry plans to implement the new initiatives in March subject to the passage of amendment bills by the Legislative Council.
For non-Hong Kong companies establishing a place of business in Hong Kong, 1,028 were newly registered last year, up 17.6% on 2016.
The total number of registered non-Hong Kong companies reached 10,434 by the end of 2017.
