Significant Controller Registration (SCR)

Further to the Companies (Amendment) Ordinance 2018 (“CAO”), effective 1 March, 2018, we offer the services of:

 

Prepare/update of Significant Controller Register (SCR) document

Provision of Registered Office

Acting as Designated Representative

 

 

CAO Requirements

 

Significant Controller Register (SCR)

Company incorporated in Hong Kong have to obtain and maintain up-to-date beneficial ownership information, by way of keeping a Significant Controllers Register, for inspection by law enforcement officers upon demand.

 

Registered office

The CAO requires Hong Kong company to keep a SCR in either the English or Chinese language, containing required particulars of its significant controllers (including registrable person and / or registrable legal entity). The SCR should be kept at the company’s registered office or a prescribed place in Hong Kong.

 

The required particulars relating to a registrable person of a company should be entered into the company's SCR within seven days after they have all been provided or confirmed by the registrable person; while each of the required particulars relating to a registrable legal entity should be entered in the company’s SCR within 7 days after that particular comes to the notice of the company.

 

Designated Representative

Hong Kong company has to designate a representative to serve as a contact point for providing information about the SCR and related assistance to law enforcement officers. The designated representative 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, a legal professional or a person licensed to carry

on a business as trust or company service provider. The particulars of the designated representative should also be entered into the SCR.

 

Penalty

If a company fails 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 $25,000 and a daily fine of $700.

 

The new requirement to keep a SCR applies to all companies incorporated under the Ordinance in Hong Kong, including companies limited by shares,

companies limited by guarantee and unlimited companies. Companies which have their shares listed on the Stock Exchange of Hong Kong are exempted from the requirement.

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