Justice Michael Lunn of the Court of Appeal has been appointed Chairman of the Commission of Inquiry into the October 1 vessel collision off Lamma Island.
Former Director of Audit Benjamin Tang has been appointed Commissioner.
The commission will start operation as soon as practicable, and report its findings and recommendations to the Chief Executive within six months.
Chief Executive CY Leung said: "In view of the substantial casualties and public interest involved in the incident, a statutory commission is necessary to ascertain the cause of the incident and evaluate maritime safety concerning passenger vessels in Hong Kong."
Justice Lunn said in accepting the appointments, he and Mr Tang acknowledged the widespread concern and grief of the community over the tragedy, and they expressed their condolences to the families of the deceased.
"We intend to conduct a thorough and open Inquiry and to report to the Chief Executive within the time period requested of us," he said.
The commission will ascertain the causes of the tragedy, evaluate maritime safety of passenger vessels in Hong Kong, and the adequacy of the present system of control.
It will make recommendations on measures required for the prevention of any similar incidents.