Hong Kong’s business sector reached a seven-year high in 2023, with local registered firms increasing by nearly 3% to 1.43 million, the highest since 2017. The year saw 132,246 new local firms and a 2% rise in foreign firms to 14,826. Additionally, 134 prospectuses were registered. However, there was a 31% decrease in property charge registrations by companies, and a 12% drop in notifications for payments and releases. Financial services also saw growth, with 188 new limited partnership funds registered, bringing the total to 737. The use of the Companies Registry’s electronic search services increased by 5.5%, with 4.9 million searches in 2023. Furthermore, 429 licences were issued under anti-money laundering and counter-terrorist financing regulations, with 6,945 licensees by the end of the year.