China News Service, Hong Kong, March 27 (Reporter Liu Dawei) The Legislative Council of the Hong Kong Special Administrative Region passed a resolution on the 27th that starting from April 1, the business registration fee will be increased by 10%.
The resolution is to implement the recommended measures related to the 2024-2025 fiscal year budget. According to the current regulations in Hong Kong, anyone operating a business in Hong Kong must apply for business registration for the business and pay a specified amount of business registration fee within one month after starting business. Business registration certificates can be divided into two types, one-year certificate and three-year certificate.
The resolution proposes that the fee for a one-year business registration certificate be adjusted from the current NT$2,000 (Hong Kong dollars, the same below) to NT$2,200, and that for a three-year certificate be adjusted from NT$5,200 to NT$5,720. The branch registration fee payable by business branches applying for business registration will also be increased by 10%, in line with the proposed increase in business registration fees.
According to relevant regulations, in addition to business registration fees or branch registration fees, business operators must also pay a levy of $150 per business registration or branch registration every year to provide funds for the Bankruptcy and Wages Protection Fund. In order to mitigate the impact of increases in business registration fees and branch registration fees on business, and in view of the current solid financial position of the Bankruptcy and Arrears Protection Fund, the resolution also proposes to waive the levy for a period of two years.
When moving the motion, Secretary for Financial Services and the Treasury Hui Ching-yu of the Hong Kong SAR Government said that the relevant fees have remained unchanged for nearly 30 years. The SAR Government made the above recommendations taking into account the economic growth and inflation levels over the years. The relevant proposals are expected to bring about NT$295 million in additional revenue to the SAR government each year. At the same time, the proposed increase is within the range that enterprises can afford. The temporary exemption from business registration levy will also reduce the financial burden of enterprises in the first two years. (over)