Hong Kong's business market continues to flourish, attracting entrepreneurs and investors worldwide. With a substantial number of registered companies and a significant increase in new business formations, Hong Kong has solidified its position as a prominent global business hub in 2023.
As of the end of 2023, Hong Kong boasted an impressive total of 1,430,758 registered companies, showcasing its economic prowess and significance in the global market. This remarkable figure highlights the city's appeal as a thriving business destination. Furthermore, in 2023, there was a notable surge in new company formations, with 132,246 businesses established. This represents a substantial growth rate of 27% compared to the previous year, reflecting Hong Kong's dynamic and entrepreneurial spirit.
Hong Kong's success as a business hub stems from its favorable business environment and supportive ecosystem. The city offers a strategic advantage with its well-established legal framework, low taxation, and free-market policies, attracting entrepreneurs and investors seeking growth opportunities. Additionally, Hong Kong provides an array of business support services, including financial institutions, legal services, and consultancy firms, facilitating seamless operations for companies.
With a significant number of registered companies and a surge in new business formations, Hong Kong's business market is thriving and poised for further growth.