Significant Controllers Register Services
A detailed explanation of the SCR requirements in the Hong Kong Companies Ordinance and covers the associated fines and liabilities.
Significant Controllers Register HK$500 per annum
In order to enhance the transparency of beneficial ownership of companies and to fulfil Hong Kong’s international obligations, the amended Companies Ordinance (Cap. 622) requires companies incorporated in Hong Kong to obtain and maintain up-to-date information on beneficial ownership for the purpose of keeping a Significant Controllers Register for inspection by law enforcement officers.
Significant Controllers Register requirements
Significant Controllers Register requirements
The Companies (Amendment) Ordinance 2018 (the Amendment Ordinance) came into operation on 1 March 2018 to provide for new requirements for companies to keep a significant controllers register.
Penalties
PenaltiesUnder the amended Companies Ordinance, it is a criminal offence for a company to fail to keep a significant controllers register at its registered address or place of keeping. The company and each of its responsible persons are each liable for a fine at level 4 (i.e. HK$25,000). Depending on the circumstances, the judge will impose a fine of HK$700 per day each.
Definition of Significant Controller
Corporate Responsibility
Designated Representative: HK$ 1,000 per annum
The designated representative of the company must be one of the following persons:
– a shareholder, director or employee of the company and must be a natural person residing in Hong Kong;
– Accounting professionals, legal professionals, or trust or company services licensees.
Documents and information are required to apply for SCR services
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