Over 140,000 new companies registered in HK in 2010-11

A total of 143,797 new companies were incorporated in 2010-11, according to the Companies Registry' s Annual Report tabled at the Legislative Council on Wednesday. With the launch an electronic portal, the e-Registry, and the implementation of a one-stop electronic service for the incorporation of companies and business registration in the year, companies can be incorporated in less than a day, said Ada Chung, the Registrar of Companies cum the General Manager of the Companies Registry Trading Fund. "The successful launch of the e-Registry has brought Hong Kong into a new era of company incorporation and business registration since the incorporation of the first company in 1865," she said. Flourishing with the Hong Kong economy, the Registry achieved another year of remarkable results with a profit after tax of 226. 8 million HK dollars (about 29.2 US dollars).