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Significant Controllers Register in 2018

Under the recent Bill to amend the Companies Ordinance (Cap. 622), the government is adding the new requirement for companies to keep a Significant Controllers Register.

  1. All Hong Kong incorporated companies with or without share structure, except listed companies and exempt companies, will need to maintain this new register.
  2. The main purpose of this Bill is to meet Hong Kong’s obligations to combat money laundering and terrorist financing by showing who has the significant control of a suspected company.
  3. The register must be kept in the English or Chinese language.
  4. Even your company has no significant controller, you still need to maintain this register open for inspection by law enforcement officers.
  5. Law enforcement officers include but not limited to officers of the following agencies: Companies Registry (C/R), Customs and Excise Department, Monetary Authority, Police Force, Immigration Department, Inland Revenue Department (IRD), Insurance Authority, Independent Commission Against Corruption (ICAC), and Securities and Futures Commission.

Please refer to our Technical Support Bulletin (August 2017 Issue) for law interpretation and implementation detail. If you have not yet received the TSB please call us at 2521-3110.

Details of Who is a Significant Controller? What needs to be recorded on a Significant Controllers Register? What is the proper procedure when you just find out there is a Significant Controller? What if there is no Significant Controller? What if there is an unidentified Significant Controller? What if you cannot confirm the particulars of that identified Significant Controller? What if the company is currently trying to obtain the required information? What if a matter noted in its significant controllers’ register is no longer true? What is the penalty for non-compliance? CSA Expert update.