Financial Secretary of the Hong Kong Special Administrative Region, Mr. Paul Chan Mo-po proposed to increase the business registration fees by HKD200 start from 1 April 2024 and to waive the HKD150 registration levy for 2 years start from 1 April 2024 to 31 March 2026 during the 2024/25 budget speech on 28 February 2024. Currently, the budget is under the scrutiny by the Legislative Council, but it is expected to be approved. Then the total fee for application or renewal of one-year business registration certificate shall be increased from HKD2,150 to HKD2,200 for 1 April 2024 to 31 March 2026.
There are two types of business registration certificate, namely 1-year certificate and 3-year certificate. The amount payable under a certificate depends on the commencement date of the registration certificate. For local companies falling within the one-stop company incorporation service, the amount payable for the first registration certificate depends on the date of making the related incorporation submission to the Companies Registry and the commencement date of the registration certificate is the date of incorporation. For renewal of certificates, the amount payable is determined by reference to the commencement date of the relevant renewal certificate. For a new business other than a local company, the commencement date of its first registration certificate is its date of commencement of business, not the date of application for business or branch registration.
The fee for the business registration certificate of a Hong Kong company is divided into two parts: the business registration fee and the levy. The levy is to be waived but the business registration fee to be increased according to the budget. If the budget is approved, the fee for the business registration certificate for companies and branches from 1 April 2024 shall be：
Business Registration
Certificate（1 April 2024 to 31 March 2025）
1-year certificate
3-year certificate
Fee
Levy
Total
Fee
Levy
Total
2,200
0
2,200
5,720
150
5,870
Business Registration
Certificate for each Branch（1 April 2024 to 31 March 2025）
1-year certificate
3-year certificate
Fee
Levy
Total
Fee
Levy
Total
80
0
80
208
150
358
Kaizen suggests you consult the professional advice of tax advisors before taking actions.
Should you have any questions in relation to the proposals, please feel free to contact our CTAs in Hong Kong.
