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Companies Registry's announcement
The Amendment Ordinance introduces new requirements on the keeping of significant controllers registers by companies with effect from 1 March 2018.
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.
* 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 $700.
A significant controller includes:
- a registrable person who is a natural person; and
- a registrable legal entity which is a shareholder of the company that has significant control over the company.
A person has significant control over a company, if one or more of the following conditions are met:
(a) The person holds, directly or indirectly, more than 25% of the issued shares in the company or, if the company does not have a share capital, the person holds, directly or indirectly, a right to share in more than 25% of the capital or profits of the company;
A dedicated thematic section on “Significant Controllers Register” has been set up on the website of the Companies Registry at www.cr.gov.hk/en/scr/.
: (852) 5281 2401 
ID: synergybc