Hong Kong saw 56,253 newly registered companies in H1 2021

In the first half this year, 56,253 local companies have registered their businesses, bringing the total number to 1.38 million.
By: | July 21, 2021
Topics: Hong Kong | News | Recruitment

This data was released by the Companies Registry in a sign that business sentiments in the city are improving. 

“It is delightful to note that more applicants applying for incorporation of local companies choose to submit applications online after the reduction of fees payable for online incorporation of companies and registration of non-Hong Kong companies according to the Companies (Fees) (Amendment) Regulation 2020,” said Kitty Tsui, the registrar of companies. 

For non-Hong Kong companies that have newly established a place of business in the city, 662 companies were registered in the first half of 2021. The total number of registered non-Hong Kong companies was 14,044 as at the end of June 2021. 

Meanwhile, the Census and Statistics Department has also released results of the monthly survey on the business situation of SMEs for June 2021. The current diffusion index (DI) on business receipts among SMEs increased from 44.3 in May 2021 to 45.1 in June 2021. It is predicted that the figure will rise to 49.5 in July 2021. 

READ: Hong Kong’s unemployment rate falls to a 12-month low

The sub-indices for many sectors rose over the preceding month and that for the restaurant sector stayed in the expansionary zone. A government official added that business sentiment in the period ahead would continue to be linked to the economic outlook and the global pandemic development. 

SMEs currently account for more than 98% of Hong Kong’s business establishments and employ about 45% of its workforce in the private sector, according to Marketing Interactive.