New Requirements for HK Companies to Keep Significant Controllers Register
What are the new requirements of the Companies (Amendment) Ordinance 2018 (“Amendment Ordinance”)?
Under the 2018 Amendment Ordinance which came into force on 1 March 2018, all companies incorporated in Hong Kong (except listed companies) are required to :-
Who is a significant controller of a HK company?
A significant controller includes :-
A person has significant control over a company if one or more of the following 5 conditions are met:
What are the major obligations of HK company to comply with the new requirements relating to SCR under the Amendment Ordinance ?
To comply with the new requirements relating to SCR, a company has the following major obligations –
What are the legal consequences for failing to comply with the requirements under the Amendment Ordinance ?
It 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), and a further daily fine of HK$700 (if applicable).
Which law enforcement officers will have access to the SCR ?
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