The Companies Registry has become a nice little earner for the government with last year’s net profit totaling HK$221.4 million. This went to the government as a dividend along with the HK$42 million the Registry paid in profits tax.
The number of companies on the Hong Kong register has grown sharply in recent years. In the year 2000 there were about 500,000. By the end of March 2015 this figure had grown to 1,298695, of which 10,029 were non-Hong Kong registered companies.
The Companies Registry Trading Fund (CRTF) has provided the government with HK$2.2 billion since the year ending March 31, 1999 with most of this from the fees it extracts for the annual registration of companies, the incorporation of companies, and the cost of searching CRTF data for information on companies.
Indeed, some say it is making obscene profits from the business. Continue reading