Explain that there must be a company “Significant Controllers Register”
The Companies Ordinance (Cap. 622), which was updated in 2018, mentions that all Hong Kong companies are required to update their information in the Significant Controllers Register (SCR). The information that needs to be archived in the register includes:
- Who is required to prepare the Significant Controllers Register?
All companies limited by shares, companies limited by guarantee and unlimited companies in Hong Kong are required to prepare a Significant Controllers Register.
- What is included in the SCR?
– The name of the specific person
– The date they became a significant controller of the company
– The scope of the company they are controlling
– Personal primary address and contact information, such as ID number or passport number
– Company information, such as registration details, place of incorporation, address and contact details
– Information about the company’s designated representative
– any other information specified in Schedule 5C to the Companies Ordinance.
- Who are the significant controllers?
A significant controller, as defined in the Companies Ordinance, is a person who owns at least 25% of the issued shares or voting rights of the company, or who has the power to appoint or remove a majority of the board of directors or exercise significant control over the operations of the company.
- Where should I keep my company’s register?
A copy of the SCR should be kept at the registered office of the company or organisation in Hong Kong and may be in hard copy or electronic form.
- Who is entitled to my company’s Significant Controllers Register?
– Hong Kong Monetary Authority
– Hong Kong Police Force
– Companies Registry
– Customs and Excise Department
– Department of Immigration
– Independent Commission Against Corruption
– Securities and Futures Commission
-Inland revenue department
– Insurance Authority
- What are the penalties for non-compliance with the SCR regime?
Companies that fail or refuse to comply with the SCR regime may face potential legal consequences and fines. Failure to comply or provide inaccurate information in the register may involve criminal offences and may result in a fine of up to HK$25,000 or more.
- When do I need to file my SCR?
Under Hong Kong’s Significant Controllers Register (SCR) system, companies that are required to file documents will be notified and will need to do so within one month of receiving the notice. Once the register is completed, the information of a specific individual needs to be registered within 7 days. If there is a need to change the information in the register, it needs to be updated with the relevant authorities within another 7 days.
If a record in the register is to be deleted, the individual’s data may be deleted six years after the person was first listed in the register.
Guidelines https://www.cr.gov.hk/tc/publications/docs/Guidelines_scr_c.pdf on Keeping a Significant Controllers Register by Companies
