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The Financial Secretary proposed to waive the business registration fees for one year, starting from 1 April 2012. The Government will introduce the relevant budget legislation into the Legislative Council as soon as possible to effect the proposal.

In respect of local companies the fees will be reduced by a sum of $2,000 if the related incorporation applications are made within the period from 1 April 2012 to 31 March 2013 ("Waiver Period").

The proposal only relates to the waiver of one year registration fees for the incorporation applications or renewal certificates with commencement date falling within the Waiver Period.