From 1 March 2018, all Hong Kong incorporated companies, except for those companies that are listed on the Hong Kong Stock Exchange, are required to maintain a Register of Significant Controllers (the ‘SCR’), which will be accessible to the persons whose names are entered in the register or on demand by any law enforcement officer.
Even if a company does not have a significant controller, the company is still required to keep the Significant Controller Registry. The regime does not apply to any non-Hong Kong incorporated companies, even if they are registered as a Part 16 non-Hong Kong companies under the Companies Ordinance (Cap. 622 of the Laws of Hong Kong) (the Companies Ordinance).
A significant controller of a company includes:
A natural person that has significant control over the company.
A legal entity that is a member of the company and has significant control over the company.
A person has significant control of a company directly or indirectly holds:
In order to identify the Significant Controllers, the companies should:
Once the Company has identified its Significant Controllers, the Company must enter the required Significant Controller Registry particulars in the register within 7 days after the details have been confirmed. Significant Controller Registry can not be left blank. Director(s), Shareholder(s) and Owner(s) of the Companies must inform/ update the Company Secretary with details, in order for the Company Secretary to assist to file and / or keep records of the Signifiant Controller Registry.