HK Companies (Amendment) Ordinance 2018

[Hong Kong] [Regulatory Update] Commencement of Operation of the Companies (Amendment) Ordinance 2018 – Keeping of Significant Controllers Registers of Companies

The Companies (Amendment) Ordinance 2018 introduces new requirements on the keeping of significant controllers registers by companies with effect from 1 March 2018.

To enhance transparency of corporate beneficial ownership in order to fulfill 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 (“SCR”), for inspection by law enforcement officers upon demand.

For details of the requirements, please refer to our previous article [Disclosure of Beneficial Ownership of Hong Kong Companies (Part 1)]

ACTIONS:

  1. The company is required to take reasonable steps to ascertain its significant controller(s).
  2. The company is to designate a representative to serve as a contract point for providing information about the SCR and related assistance to law enforcement officers.

For consequences of non-compliance, please refer to [Disclosure of Beneficial Ownership of Hong Kong Companies (Part 2)]

Our corporate services staff will contact all affected clients to take the necessary actions in order to comply with the new statutory requirements.