Hong Kong S.A.R: On March 18, 2011 the Hong Kong’s Companies Registry announced the launch of its new electronic incorporation system to facilitate the process of company formation in Hong Kong. The 24 hours e-Registry portal will fast-track the Hong Kong company incorporation timeline from 4-7 working days to one working day, reports GuideMeHongKong.com.

Welcoming the new integrated system, Ms. Jacqueline Low, the Director of Janus Corporate Solutions – the parent of the www.GuideMeHongKong.com site said, “The new electronic company registration platform will transform Hong Kong’s business landscape. It is a user-centric initiative and is an excellent example of Hong Kong’s commitment towards remaining business-friendly. Hong Kong company incorporation will now be more efficient, cost-effective, convenient, and speedy. “

The ‘Integrated Companies Registry Information System’ is the result of a collaborative effort between the Hong Kong Companies Registry and the Inland Revenue Department. Hong Kong company law stipulates that in addition to obtaining an incorporation certificate from the Hong Kong Companies Registry, every Hong Kong limited liability company must also register its business with the tax department and obtain a business registration certificate. This system entailed making two separate submissions to two different government agencies. Under the new system, an applicant who has applied for a company incorporation certificate is deemed to have applied for a business registration certificate as well. Upon approval of the application, the Companies Registry will issue both the certificates at the same time. The new business registration regime is only applicable to Hong Kong private limited company registration and does not extend to other types of business registrations such as a sole proprietorship, partnership businesses or Hong Kong branch office.

According to GuideMeHongKong.com, the premier advantage of the new e-system is its accessibility. Business owners can register their Hong Kong company at any time and from any place. It is particularly beneficial to entrepreneurs who are on the move or company owners who may be residing overseas. The second major advantage is that the online service is also expected to be more cost-effective and less-time consuming. With a simplified application process, the processing time of applications will be reduced to a time-frame of 24 hours, which is the current norm in Singapore and UK – Hong Kong’s main competitors.

“Owing to its numerous advantages, Hong Kong is a much sought after business destination. We are in the business of providing Hong Kong company incorporation services and our clients often cite the example of Singapore’s online registration system and ask us if we could hasten the Hong Kong incorporation process for them. This new system will definitely appeal to those who wish to setup or expand their business operations in Hong Kong. It certainly marks a significant milestone for company registration in Hong Kong. We support the government’s proactive and responsive decision to embark upon using technology to build new capabilities,” added Ms.Low.