Significant Controllers Register Requirement for Hong Kong-incorporated Companies under the Companies (Amendment) Ordinance 2018

February 5, 2018

Tricor clients with Hong Kong-incorporated companies in their corporate structure are advised to note the following and take immediate action.

The Companies Ordinance (Cap.622) (“CO”) in Hong Kong SAR has been amended to enhance the transparency of beneficial ownership in Hong Kong-incorporated companies.

The Companies (Amendment) Ordinance 2018 (the “Amendment Ordinance”) will come into operation on 1 March 2018.

Under the Amendment Ordinance, companies incorporated in Hong Kong SAR are required to maintain a Significant Controllers Register (「重要控制人登記冊」or “SCR”) that contains particulars of significant controllers (“SCs”) — registrable persons and/or registrable legal entities with significant control over the company.

This is one of two amendment ordinances (the other being the Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) (Amendment) Ordinance 2018) to be implemented by Hong Kong SAR to strengthen its regulatory regime in anti-money laundering and counter-terrorist financing (“AML/CTF”).

In introducing these new requirements, Hong Kong SAR is strengthening its position as an international financial centre and is fulfilling its international obligations as a member of the Financial Action Task Force – an inter-governmental body that sets international standards on AML/CTF.

This TechNews introduces the new requirements of the Amendment Ordinance relating to SCR.

Topics: Regulatory Updates & News

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