The total number of local companies registered reached 1,407,743 at the end of June, up 23,797 from the end of 2017, the Companies Registry announced today.

A total of 85,449 local companies were newly registered in the first half of 2018, among which 30,447 were incorporated online using the e-Registry.

From March 1, all companies incorporated in Hong Kong, except listed companies, are required to maintain up-to-date beneficial ownership information by keeping a Significant Controllers Register.

A new licensing regime has also been introduced to require trust or company service providers to apply for a licence from the Registrar of Companies before they can provide trust or company services as a business in Hong Kong.

Registrar of Companies Ada Chung said: "The new initiatives have enhanced Hong Kong's regulatory regime for combating money laundering and terrorist financing.

“The registry currently conducts site inspections to ensure proper compliance with the new requirements." 

For non-Hong Kong companies that have established a place of business in Hong Kong, 592 companies were newly registered in the first half of the year, compared to 566 in the second half of 2017.

The total number of registered non-Hong Kong companies reached 10,755 by the end of June.