Last year saw 73,359 new local companies incorporated, up 11.9 percent over 2004, the Hong Kong Companies Registry said on Friday.

However, the number of new overseas companies that had established business here and registered fell 15.65 percent, to 620, said the registry.

The total number of live companies and overseas companies registered was 549,232 and 7,488, up 30,252 and 209 from the end of 2004.

Meanwhile, the registry has expanded its prosecution program by increasing the number of summonses issued since July last year.

The total number of summonses issued last year against companies for breaches of the Companies Ordinance, mainly for failure to file annual returns, was 3,462, compared with 1,474 in 2004.

Source: Xinhua