Hong Kong, Jul 16 (IANS): The total number of local companies registered in Hong Kong reached 997,750 at the end of June, Xinhua reported.

The figure was up 41,358 from the number at the end of 2011, according to statistics released by the Companies Registry.

The number of companies registered in the first half of 2012 was 72,427. It represented an increase of 2.97 percent from the 70,338 registered in the second half of 2011.

"The capital duty previously levied on local companies was abolished on June 1 this year to enhance Hong Kong's attractiveness as a place of incorporation and our competitiveness as an international business centre," said Registrar of Companies Ada Chung.

With regard to non-Hong Kong companies that have established a place of business in the region, 319 companies were newly registered in the first half of 2012, down 19.44 percent from 396 in the second half of 2011.

The total number of non-Hong Kong companies now stands at 8,694.