Keeping of Significant Controllers Register

Keeping of Significant Controllers Register

The Companies (Amendment) Ordinance 2018 ("the Amendment Ordinance") introduces new requirements on the keeping of significant controllers registers by companies. The Amendment Ordinance has commenced operation on 1 March 2018.

To enhance the 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. The Register should be open for inspection by law enforcement officers upon demand.

Comprehensive information on the Amendment Ordinance, including Frequently Asked Questions, External Circular and Guideline issued by the Companies Registry on the new requirements, are available at this thematic section.

Under the Companies (Amendment) Ordinance 2018, a company incorporated in Hong Kong is required -

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.

The company will have to designate a representative to serve as a contact point for providing information about the SCR and related assistance to law enforcement officers.

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 of up to HK$ 25,000 and a daily fine of HK$ 700.