30pc increase in companies registering in HK in 2004
In a further sign the economy is recovering, the number of new companies registering in Hong Kong jumped by 30 per cent in 2004, the Companies Registry revealed on Wednesday.
Its annual statistics showed there were 65,558 new local companies registered during 2004 - a 30.99 per cent increase compared with 50,049 in 2003.
The number of new overseas companies which had established offices and registered in Hong Kong increased from 724 in 2003 to 735 in 2004.
The registry also recorded 676 convictions for breaches of the Companies Ordinance during 2004. This compared with 1,351 in 2003.
These companies were charged mainly for failing to file annual returns during the year, it said.
The amount of fines imposed for convictions in 2004 was $5.6 million. This is about 3.7 times the number in 2003, when fines totalled $1.5 million.
