Significant Controllers Register requirements
The Companies (Amendment) Ordinance 2018 (the Amendment Ordinance) came into operation on 1 March 2018 to provide for new requirements for companies to keep a significant controllers register.
Significant Controllers Register Services
- Significant Controllers Register, HK$500 per annum.
- The amended Companies Ordinance (Cap. 622) requires companies incorporated in Hong Kong to keep a Significant Controllers Register for inspection by law enforcement officers.
- It is a criminal offence for a company to fail to keep a significant controllers register at its registered address or place of keeping; the company and each of its responsible persons are each liable for a fine at level 4 (i.e. HK$25,000).
Trust or Company Service Provider licence TC010617
Penalties
Under the amended Companies Ordinance, it is a criminal offence for a company to fail to keep a significant controllers register at its registered address or place of keeping. The company and each of its responsible persons are each liable for a fine at level 4 (i.e. HK$25,000). Depending on the circumstances, the judge will impose a fine of HK$700 per day each.
Significant Controllers Register HK$500 per annum
In order to enhance the transparency of beneficial ownership of companies and to fulfil Hong Kong’s international obligations, the amended Companies Ordinance (Cap. 622) requires companies incorporated in Hong Kong to obtain and maintain up-to-date information on beneficial ownership for the purpose of keeping a Significant Controllers Register for inspection by law enforcement officers.
Definition of Significant Controller
A person has significant control over a company if he or she satisfies one or more of the following five conditions:
Corporate Responsibility
Each company shall:
Designated Representative: HK$ 1,000 per annum
In addition to maintaining the SCR, each company is required to designate at least one person to act as the company’s representative to provide assistance to law enforcement officers on matters relating to the SCR.
The designated representative of the company must be one of the following persons:
– a shareholder, director or employee of the company and must be a natural person residing in Hong Kong;
– Accounting professionals, legal professionals, or trust or company services licensees.
The designated representative of the company must be one of the following persons:
– a shareholder, director or employee of the company and must be a natural person residing in Hong Kong;
– Accounting professionals, legal professionals, or trust or company services licensees.
Documents and information are required to apply for SCR services
Certificate of Incorporation Business Registration Certificate Annual Return / Incorporation Form Articles of Association Identity cards/passports and proof of residential address of directors and shareholders Due diligence information, such as the region of business
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Licence no. TC010617