Statistics from Companies Registry

According to the annual statistics released by the Companies Registry, the number of new local companies registered in 2008 decreased by 2.1%, from 100,761 in 2007 to 98,645. By the end of 2008, the total number of live local companies registered under the Companies Ordinance was 710,766, up 55,728 from that in 2007. The total number of summonses issued by the Registrar of Companies last year against companies for breaches of the Companies Ordinance, mainly for failure to file annual returns, was 5,442, a decrease of 11.15% from 6,125 in 2007. Of these, 448 cases remain to be heard by the courts as at the end of 2008. Of those cases heard in the courts, 1,797 convictions were obtained, compared with 2,190 in 2007. The total amount of fines imposed for convictions in 2008 was $15,907,505, compared with $13,516,239 in 2007. Disclaimer: The publication contains information in summary form and is therefore intended for general guidance only. This publication is not intended as legal, accounting or other professional advice and should not be relied upon as such. If legal, accounting or other professional advice or expert assistance is required, the services of a competent professional should be sought. Neither Reanda Lau & Au Yeung Limited nor any related entity shall have any liability to any person or entity that relies on the information contained in this publication. For more details, please refer to Press Releases of Companies Registry: http://www.cr.gov.hk/en/publications/press20090123.htm