Commencement of Operation of the Companies (Amendment) Ordinance 2018
Keeping of Significant Controllers Registers by Companies
The Amendment Ordinance introduces new requirements on the keeping of significant controllers registers (“SCR”) by companies incorporated in Hong Kong to enhance the transparency of corporate beneficial ownership. The Companies (Amendment) Ordinance 2018 (“the Amendment Ordinance”) will come into operation on 1 March 2018.
Under the Amendment Ordinance, all companies incorporated in Hong Kong (except listed companies) are required to identify a person/persons who has/have significant control over the Company and maintain a significant controllers register which will be accessible by law enforcement officers upon demand. Each Company must also designate at least one person as its representative to provide assistance relating to the significant controllers register of the Company to law enforcement officers.
Failure to comply with the above obligations is a criminal offence. The Company and every responsible person of the Company are liable to a fine at level 4 (i.e. HK$25,000). Where applicable, there is a further daily fine of HK$700.
