Economy

Hong Kong launches electronic incorporation service

(Xinhua)
Updated: 2011-03-19 10:59

HONG KONG - The Companies Registry of Hong Kong launched new electronic incorporation service on Friday.

With the new service, the public may incorporate companies online, round-the-clock and anywhere in the world through the 24-hour e-Registry portal. The website provides a one-stop platform to facilitate electronic submission of applications for company incorporation, specified forms and documents under the Companies Ordinance.

Under the new regime, any person who submits an application for company incorporation will be deemed to have applied for business registration at the same time. This will enable members of the public to incorporate companies and obtain business registration in one go electronically.

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Speaking at the ceremony, Secretary for Financial Services and the Treasury K C Chan said that a convenient and efficient company registration system is indispensable to Hong Kong.

"The new service not only enhances the business environment in Hong Kong, but also puts Hong Kong on a par with comparable jurisdictions like the United Kingdom and Singapore in company registration. It will further enhance Hong Kong's competitiveness," said Chan.

Also speaking at the ceremony, Registrar of Companies Ada Chung said that with the launch of the new services, an application for company incorporation and business registration can be completed in one step and the time required will be significantly reduced from four working days to less than one day.

According to city's Companies Registry, a record high of 139, 530 local companies were registered last year, representing an increase of 27.51 percent from 109,424 in 2009.