Since the Companies Registry became a trading fund department in August 1993, the number of companies incorporated has surged by 171 per cent over the past 20 years, according to the Registry's 20th Annual Report tabled at the Legislative Council October 30.

The Registrar of Companies cum General Manager of the Companies Registry Trading Fund, Ms Ada Chung, said that company incorporation increased from about 60 000 in 1993-94 to over 160 000 in 2012-13.

Ms Chung noted that, during the period, the number of companies on the Companies Register has grown from 429 070 to 1 067 434, and 162 277 new companies were incorporated in 2012-13.

Ms Chung pointed out that the incorporation timeframe for electronic applications had also been reduced to less than one hour.

Following the passage of the new Companies Ordinance by the Legislative Council in July 2012, 12 pieces of subsidiary legislation on technical and procedural matters were passed this July.

The successful completion of the rewrite project ensures that the infrastructure of Hong Kong's company law will continue to best serve the needs of Hong Kong as an international business and financial centre. It also reinforces Hong Kong's competitiveness as a world-class place to do business.

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