56,000 local firms start up in H1 of 2021 as SMBs sentiments improve in HK

56,000 local firms start up in H1 of 2021 as SMBs sentiments improve in HK

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Hong Kong's total number of registered local companies has reached about 1.38 million, while there were more than 56,000 newly registered local companies during the first half of 2021. The Companies Registry has released figures over company registration for the first half of 2021.

The total number of local companies stood at 1,384,504 as of 30 June, while there were 56,253 newly registered local companies.

"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.

Meanwhile, regarding non-Hong Kong companies that have newly established a place of business in Hong Kong, 662 companies were registered in the first half of 2021. The total number of registered non-Hong Kong companies reached 14,044 by the end of June 2021.

The number of charges on properties of companies received for registration in the first half of 2021 was 8,376, compared to 7,969 in the second half of 2020. The number of notifications of payments and releases received for registration in the first half of 2021 was 9,599, compared to 9,234 in the second half of 2020.

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

A government spokesman said that business sentiment among SMEs remained cautious in June but improved.

The sub-indices for many sectors increased over the preceding month and that for the restaurant sector stayed in the expansionary zone. The spokesman added that business sentiment in the period ahead would continue to hinge on the economic outlook and the global pandemic development.

Currently, SMBs account for more than 98% of Hong Kong’s business establishments and employ about 45% of its workforce in the private sector. Their vitality and business performance is crucial to the development of Hong Kong’s economy

With a view to supporting SMEs to attain prosperity and success, the Trade and Industry Department provides service which aims to facilitate the development of SMEs in Hong Kong and help them enhance competitiveness. Some of the initiatives the Trade and Industry Department strives to develop include initiatives and programmes of services to enhance the competitiveness of SMEs and their long term development; provide SMEs with a comprehensive range of free business information through the Support and Consultation Centre for SMEs; promote the importance of brand building, provide useful information on brand development and market exploration to the trade through the brand promotion website launched since 2010.

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