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12 Feb 2019

New Hong Kong Companies Ordinance

 

The Hong Kong Companies (Amendment) Ordinance 2018 (“the Amendment Ordinance”) introduces new requirements on the keeping of significant controllers registers (“SCR”) by HK companies. The Amendment Ordinance has commenced operation on 1 March 2018.

-Is my Hong Kong company in scope?

You may want to know which types of Hong Kong Companies are in scope first.

The requirement to keep a SCR applies to companies including:

– HK companies limited by shares

– HK companies limited by guarantee

– HK unlimited companies

And for HK companies which are listed on HKE are exempted from this requirement.

-What should I do for my HK companies which are in scope?

The company will have to designate a representative to serve as a contact point for providing information about the SCR and related assistance to law enforcement officers.

It 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 (including our firm), a legal professional or a person licensed to carry on a business as trust or company service provider.

-What if I failed to comply with this Hong Kong Companies Ordinance?

The company, and each of its responsible persons, will be liable on conviction to a fine up to $25,000 and $700 fine per day.

Please feel free to let us know if you have any questions on this new Companies (Amendment) Ordinance.

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