There were 47,417 new local companies registered under the Hong Kong Companies Ordinance in the first six months of 2007, up 19.12% on the same period last year, it has been announced.
Companies Registry statistics show that 316 new overseas companies established a place of business in Hong Kong and registered under Part XI of the Companies Ordinance in the first half of 2007, up 12.46% on the same period last year.
The total number of live companies registered at the end of June was 622,318, up 30,374 on the end of 2006. The total number of overseas companies stood at 7,854 at the end of June, 145 more than last year's total.
The number of charges on the assets of companies received in the year's first half rose 25.61% to 17,386. The number of satisfactions and releases received rose 14.75% to 11,715.
A total of 132 prospectuses, including 55 mutual funds, were registered, compared with 124 prospectuses, including 46 mutual funds, during the corresponding period in 2006. The total number of documents received for filing rose 8.72% to 929,225.
The total number of summonses issued by the Registrar of Companies against companies for breaches of the Companies Ordinance- mainly for failure to file annual returns - was 2,992, compared with 2,834 during the corresponding period in 2006.
There were 1,111 convictions obtained, compared with 1,115 during the corresponding period last year, and 837 cases remain to be heard by the court. The total amount of fines imposed for convictions was HK$6.17 million (US$788,000) compared with HK$7.16 million during the same period the previous year.
A comprehensive report in our Intelligence Report series looking at offshore and onshore corporate structures and their tax implications is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report7.asp
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