Keeping of Significant Controllers Register - Commencement of Operation of the Companies (Amendment) Ordinance 2018
The Companies Ordinance (Cap.622) (“CO”) has been amended to require a company incorporated in Hong Kong to identify persons who have significant control over the company (“significant controllers”) and to maintain a significant controllers register (“SCR”) to be accessible by law enforcement officers upon demand. A new Division 2A has been added to Part 12 of the CO and will come into effect on 1 March 2018.
For more information, please download the following documents:
How does it affect you?
An applicable company must designate at least one person as its representaive to provide assistance relating to the significant controllers register of the company. The designated person must be a natural person resident in Hong Kong and is a director, employee or member of the company.
In case you do not have a director, employee or member of your company who is a Hong Kong Resident, another alternative is to designate Trillions Corporate Service Limited to provide assistance relating to your significant controllers register in accordance to the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap 615), we are pleased to provide corporate services for your company:
- Reviewing the available information and identify person(s) who have significant control over the company
- Preparation of board resolutions/minutes regarding the appointment of designated representative and location of SCR
- Preparing and/or sending the notice to addressee(s) for identifying SCs and following up for the return of the notice from addressee(s)/reviewing the information and documents received
- Entering information into the SCR within 7 days after the particulars have been confirmed
- Keeping records of the process
- Notifying the Companies Registry of the location of the SCR, if necessary
- Identifying any new SCs or change of SCs arising from transfer of shares or allotment of shares
- Preparing and/or sending the notice to addressee(s) for confirming the particulars of the new SCs and follow up the return of the notice from addressee(s)/reviewing the information and documents received
- Entering information into the SCR within 7 days after the particulars have been confirmed and etc