A new regime – Significant Controllers Register for Hong Kong companies is requiring to obtain up-to-date beneficial ownership information.
A significant controller can be: - A registrable person who is a natural person that has significant control over the company; and - A registrable legal entity (e.g. a company), which is a shareholder of the company that has significant control over the company. All companies incorporated in Hong Kong (except listed companies) are required to maintain a significant controllers register (hereinafter “SCR”) which will be accessible by law enforcement officers upon demand. The SCR can be kept at the registered office or a place in Hong Kong. The significant controllers register includes but not limit to the followings: - updating information in the register; - identifying significant controllers; - giving notices to significant controllers & others; - entering particulars in the register; - allowing inspection by law enforcement officer. The SCR should be updated within 7 days after the required particulars have all been confirmed. All companies incorporated in Hong Kong (except listed companies) 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. The designated representative must be either a shareholder, director or an employee of the company who is a natural person resident in Hong Kong or an accounting professional, a legal professional or a person licensed to carry on a business as trust or company service provider. 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. $25,000). Where applicable, there is a further daily fine of HK$700. Prism can provide full support to your company in complying with the upcoming requirements including the creation and maintenance of a SCR and we can also be your company’s designated representative to assist in all matters relating to SCR. Our email: [email protected] Whatsapp: +852-6073-3208
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