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business in hong kong

New Companies Ordinance takes effect

The new Companies Ordinance and its subsidiary legislation (new CO) went into effect on March 3, taking Hong Kong's company law regime into a new era.

Hong Kong Secretary for Financial Services and the Treasury, Professor K.C. Chan, said the new ordinance seeks to achieve four main objectives: enhancing corporate governance, facilitating business, ensuring better regulation and modernizing the law, thereby strengthening Hong Kong's status as an international center in commerce and finance.

The Companies Registry launched a thematic website where the public may access the text of the new CO as well as relevant external circulars and guidelines.

Port throughput registers modest growth

Port cargo throughput in Hong Kong grew 3% in 2013.

Total port cargo throughput for Hong Kong increased by 3% compared with a year earlier to 276.1 million metric tons, according to the Census and Statistics Department of the Hong Kong Special Administrative Region Government.  Within this total, inward port cargo increased by 5% to 162.3 million metric tons, while outward port cargo decreased by 1% to 113.8 million metric tons.

Within port cargo, seaborne cargo decreased by 2% in 2013 compared with 2012 to 184.2 million metric tons, while river cargo increased by 14% to 91.8 million metric tons.

The port of Hong Kong handled 22.4 million TEUs of containers in 2013, representing a 3% decrease. The number of ocean vessel arrivals decreased by 3% to 29,920, with the total capacity increasing by 1% to 414.5 million net registered tons.

Hong Kong airport reports steady growth

Hong Kong International Airport handled 600,000 metric tons of cargo in the first two months of 2014.

Hong Kong International Airport (HKIA) saw steady growth in all three air-traffic categories during the first two months of the year. Combined traffic for January and February showed that passenger volume grew 6.6% year on year to over 9.9 million. Flight movements and cargo throughput increased 6% to 61,435 movements and 2.6% to 600,000 metric tons, respectively.   

In February alone, HKIA handled nearly 4.8 million passengers and 28,750 flight movements, representing year-on-year increases of 2.1% and 3.9%, respectively. Cargo throughput was 248,000 metric tons, a marginal dip of 1% compared to the same month last year.

The combined growth of passenger volume in January and February was mainly driven by visitor traffic and Hong Kong resident traffic, each of which grew by 8% over the same period last year. Passenger traffic to and from mainland China and Japan recorded the most significant increases. Reported growth in cargo throughput in the first two months was mainly attributed to a 4% year-on-year growth in imports and a 3% growth in exports. Cargo throughput to and from Southeast Asia and mainland China improved most significantly.

Freighter service to Ohio launches

Cathay Pacific Airways is boosting its freighter services into the United States with the launch of a twice-weekly scheduled service to Columbus, Ohio, on March 21.

Columbus will be Cathay Pacific’s 12th freighter destination in North America. The new service will offer shippers more choice and flexibility when moving commodities between Asia and North America. Cathay Pacific currently operates cargo services to 11 destinations in North America and flies to 43 freighter destinations around the world.

The airline announced March 1 the launch of a thrice-weekly scheduled freighter service to Mexico City to meet the growing demand to move a wide range of commodities from Latin America and the United States to various parts of Asia. This will also provide shippers with greater choice and flexibility when connecting to Cathay Pacific’s international cargo network through the Hong Kong hub.

Startup campus debuts in Hong Kong

Paperclip founder Deepak Madnani.

Startup campus Paperclip officially opened on March 10 in Sheung Wan (next to central business district on Hong Kong Island) to tap into the growing demand for startup education and work space.

Apart from providing work space, Paperclip offers expert workshops on Lean and Business Model Canvas methodologies, and coding and social media courses tailored to entrepreneurs and startups.

Paperclip founder Deepak Madnani said, "Hong Kong is Asia's global face. With its long history of entrepreneurship, deep pool of high-quality talent, low tax and easy business setup environment, we decided to launch our campus in Hong Kong and use the city as the base to expand our business in Asia.”

Invest Hong Kong‘s Associate Director-General of Investment Promotion Andrew Davis said Paperclip is a welcome addition to the growing number of co-working and collaborative spaces in Hong Kong, taking advantage of the city's potential as the regional startup hub.

Maventus expands into Hong Kong

Maventus Founder and CEO Matthew Holder.

Maventus, a cloud-based social media and mobile marketing software provider, opened its regional office in Hong Kong as part of its ongoing business expansion in the Asia Pacific region.

Founder and CEO Matthew Holden said the new Hong Kong office will oversee the company’s sales and marketing for the region, with plans to increase the head count in Hong Kong over the next 12 to 18 months. Maventus also has offices in San Francisco, Singapore and India.  

Invest Hong Kong’s Associate Director-General of Investment Promotion, Charles Ng, welcomed Maventus’ arrival in Hong Kong and said, “Hong Kong is an international business city with a dynamic mix of local, overseas and Mainland companies. The city also boasts world-class information and communications technology connectivity amid a rising trend of social media and cloud computing in the business community. These factors combine to provide splendid opportunities for next-generation marketing companies like Maventus to leverage Hong Kong’s unique position and reach out to many more potential clients.”

 


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