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Olga Wong

William Yiu

Registrations of local and non-Hong Kong companies in the city reached all-time highs in 2024.
While the Companies Registry said on Friday that it had made the process easier, a lawmaker attributed the increase to the government’s recent aggressive efforts in attracting overseas firms.
Last year, 145,053 local businesses were established, bringing the number of firms registered under the Companies Ordinance to 1.46 million.
The registry said the overall number of local firms increased by 29,736 compared with 2023, calling it an all-time high figure.
A total of 1,079 non-Hong Kong companies set up offices in the city last year.
By the end of 2024, the total number of registered non-local companies had increased by 2 per cent over the previous year to 15,126, which was also a record high, according to the registry.
It also said authorities made registering companies in the city more attractive after introducing two amendments to the ordinance. The first change would allow listed companies incorporated in Hong Kong to hold and dispose of treasury shares.
The second amendment, passed by the Legislative Council earlier this month, enables non-local companies to redomicile to Hong Kong while maintaining their legal identities and ensuring business continuity without going through complicated and costly judicial procedures.

Secretary for Financial Services and the Treasury Christopher Hui Ching-yu said the figures clearly showed Hong Kong’s superior business environment was an ideal development platform for local and overseas companies.
He said his bureau would promote the implementation of the company domiciliation regime to attract overseas firms to transfer to Hong Kong.
The Financial Services and the Treasury Bureau said the number of open-ended fund companies and limited partnership funds also recorded strong growth, adding this could further consolidate Hong Kong’s position as an international asset and wealth management centre.
“As of the end of 2024, there were around 1,000 limited partnership funds and more than 470 open-ended fund companies in Hong Kong, an increase of 35 per cent and 93 per cent respectively over the same period last year,” the bureau said.
Rock Chen Chung-nin, a member of the Legislative Council’s financial affairs panel, attributed the increase to the effectiveness of government measures in attracting talent and companies from overseas.
“Both records are invaluable and it is fair to say they are the results of different initiatives by the government to trawl overseas companies and talent to Hong Kong,” the lawmaker said.
He said the government had put great effort into promoting Hong Kong in countries in the Asean bloc, the Middle East and the Belt and Road Initiative, which is China’s plan to grow global trade.
“Despite the current economic uncertainties, those companies saw the signs of economic revival in Hong Kong and mainland China and are now setting up companies in Hong Kong as a step to map out strategically,” he said.
“Those new companies are the pioneers. They will not set up companies when the strong revival comes, they did it beforehand like planting seeds.”
In his 2022 policy address, Chief Executive John Lee Ka-chiu announced that the Office for Attracting Strategic Enterprises would be set up to bring in enterprises with high potential from around the world.
The office, under Financial Secretary Paul Chan Mo-po, has been tasked with reaching out to at least 350 strategic enterprises by 2025 to encourage them to establish or expand their operations in Hong Kong.
It formulates special measures covering land, tax and financing to target companies and help them set up in the city. It also helps employees of these companies with education arrangements for their children and visa applications.
In September last year, Chan said Hong Kong had attracted more than 100 innovation and technology enterprises to set up or expand their operations in the city since the establishment of the office in late 2022, representing more than HK$50 billion (US$6.6 billion) in investment and creating 15,000 jobs.
The government also set aside HK$30 billion to establish the Co-Investment Fund to attract and invest in businesses.


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News

Hong Kong

More than 145,000 local businesses were established last year and 1,079 non-Hong Kong companies set up offices


More than 145,000 local businesses were established last year and 1,079 non-Hong Kong companies set up offices.


Legislative Council of Hong Kong

Paul Chan

Hong Kong society