Significant Controllers Register

Regarding to the new requirements on the Companies (Amendment) Ordinance 2018, effective from 1st March 2018, all Hong Kong companies are required to identify person(s)/entities with significant control over the company and keep a Significant Controllers Register to be accessible by law enforcement officers.

Your company is required to keep a Significant Controllers Register (“SCR”) at either the company registered office or a place in Hong Kong (with notice to the Registrar of Companies). Failure to comply with the requirement of keeping a SCR, the company and each of its responsible persons will be liable on conviction to a fine up to HK$25,000 and a daily fine of HK$700.

A person/entity has significant control over a company if one or more of the following 5 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,
b. right to share in more than 25% of the capital or profits of the company;
c. The person holds, directly or indirectly, more than 25% of the voting rights of the company;
d. The person holds, directly or indirectly, the right to appoint or remove a majority of the board of directors of the company;
e. The person has the right to exercise, or actually exercises, significant influence or control over the company;
f. The person has the right to exercise, or actually exercises, significant influence or control over the activities of a trust or a firm that is not a legal person, but whose trustees or members satisfy any of the first four conditions in relation to the company.

A full details can be founded at HK Companies Registry Official Page -Significant Controllers Register

To assist your company in complying with the New Ordinance, we are providing the SCR Registration Service- at HK$1,000/year , which includes the creation and maintenance of the SCR to the legal enforcement authorities.

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