New Requirement of The Companies (Amendment) Ordinance 2018
An Internal Workshop was successfully held for our management team to provide briefings on Significant Controllers Register and the main duties of a TCSP licensee by our Corporate Services Senior Manager, Resa Shiu.
The Companies (Amendment) Ordinance 2018 (“CAO”), introducing new requirements on the keeping of Significant Controllers Registers (“SCR”) by Hong Kong companies, will come into operation on 1 March 2018.
To enhance transparency of corporate beneficial ownership in order to fulfil Hong Kong’s international obligations, the Companies Ordinance (Cap. 622) is amended to require a company incorporated in Hong Kong to obtain and maintain up-to-date beneficial ownership information, by way of keeping a Significant Controllers Register, for inspection by law enforcement officers upon demand.
The CAO requires Hong Kong company to keep a SCR in either the English or Chinese language, containing required particulars of its significant controllers (including registrable person and / or registrable legal entity). The SCR should be kept at the company’s registered office or a prescribed place in Hong Kong.
Hong Kong company has to designate a representative to serve as a contact point for providing information about the SCR and related assistance to law enforcement officers. The designated representative must be either a shareholder, director or an employee of the company who is a natural person resident in Hong Kong or an accounting/legal professional or a person licensed to carry on a business as trust or company service provider. The particulars of the designated representative should also be entered into the SCR.
If a company fails to comply with the requirement of keeping a SCR, the company, and each of its responsible persons, will be liable on conviction to a fine up to $25,000 and a daily fine of $700.
Please contact our Senior Manager, Resa Shiu (firstname.lastname@example.org) for more details.