New development for due diligence policy in Hong Kong

  • February 09,2018
  • Recently, Hong Kong government has been issued some requirements and regulation in particular for the Trust and Company Service Providers (“TCSP’s”) in Hong Kong.

    It basically proposes to introduce a licensing regime for TCSP’s, which license would be introduced statutory client due diligence and record-keeping requirements when clients engaged in certain specified transactions. In another words, it means all company secretarial service provider should pay more attention on “know-your-customers” requirements before clients engage.

    Therefore, it would be vital to understand all procedures when you enter in Hong Kong as a foreigner for setting up a new company.
    For foreigners, all director and beneficial owner of the company must be identified by reference to documents, data or information provided by a reliable and independent source before company incorporation in Hong Kong:

    (a) identifying the customer and verifying the customer’s identity using documents, data or information from reliable and independent source such as certificated true copies;

    (b) where there is a beneficial owner in relation to the customer, identifying and taking reasonable measures to verify the beneficial owner’s identity so that the company secretarial service provider is satisfied that it knows who the beneficial owner is for understanding the ownership clearly.

    (c) obtaining information on the purpose and intended nature of established a Hong Kong company
    Prism is providing full scale of company secretarial services in Hong Kong such as setting up a company in Hong Kong, appointing company secretary service or providing registered office address service etc.

    To learn more about the procedures of document verification for company incorporation in Hong Kong, feel free to contract Prism for further discussion.

    Our email: [email protected]
    Whatsapp: +852-6073-3208

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