Significant Controllers Register
New requirements for the Significant Controllers Register came into effect in 2018. To enhance transparency regarding company ownership, the Companies (Amendment) Ordinance 2018 specifies thatHong Kong companies or corporations are required to maintain a “Significant Controllers Register” and appoint a designated company or natural person to assist law enforcement agencies/officers in accessing relevant information. This new legislation strengthens transparency for company owners and strengthens Hong Kong’s management of money laundering and terrorist financing.
Law enforcement officers routinely check the Significant Controllers Register at the registered address or designated address of the company. If the company or corporation fails to produce the relevant documents, it may be prosecuted or fined.
General Accounting provides designated representative services for the Significant Controllers Register to prepare and maintain the Significant Controllers Register for Hong Kong companies or corporations to ensure that the contents of the Significant Controllers Register comply with the requirements of the Companies Ordinance. The designated representative must understand the responsibilities and requirements outlined in the “Guidelines for Designated Representatives” to ensure smooth assistance to law enforcement agencies/officers in the access process.
Designated Representative’s Primary Duties of Significant Controllers Register
- Develop a significant controllers register for inspection by law enforcement agencies/officers when required
- Ensure that the Significant Controllers Register is maintained at the company's registered address or in a place known to the Companies Registry
- Record and update the information of significant controllers in the register
- Follow up on changes in the company information, such as the company name or the location of the register
- Follow up on changes to information of significant controllers, such as passport numbers
Application Procedures for Significant Controllers Register Service
- Please click here to fill in the application form
- Our Customer Service Officer will contact to verify company information
- Payment of service fees
- Client personally visits General Accounting to verify and sign the documents
- 3-4 working days to complete the relevant procedures
Documents Required for Significant Controllers Register Service
- Certificate of Incorporation (CI)
- Business registration certificate (BR)
- Annual Return (NAR1) / incorporation form (NNC1)
- Articles of association
- Identity cards / passports and proof of residential address for directors and shareholders
- Due diligence data (K.Y.C.), such as business region
Significant Controllers Register Service Plan
Significant Controllers Register Service
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Served As Designated representative of Significant Controllers Register
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Prepare the contents of the Significant Controllers Register
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Maintenance and Storage at Our Registered Office Address
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Follow up on significant controllers and company information
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Available for inspection by law enforcement officers (if necessary)
Remarks:
- The service period is 1 year, ending one day before the company’s annual anniversary
Significant Controllers
Register FAQ
A: 1. Holds more than 25% of the company's shares
2. Possess more than 25% of the voting/control of the company
3. Possess the ability to control 50% of the board of directors
4. Can exercise significant influence or control company decisions
A: Basically, except for listed companies, whether it is a Hong Kong limited company, a Hong Kong unlimited (partnership) company,
Guarantees (without any share capital or shareholders) limited companies are required to comply with the Companies (Amendment) Ordinance 2018.
A: Yes, the company needs to submit the relevant documents to the Companies Registry within 14 days of the change.
A: Yes, the representative is also required to prepare a significant controller register for inspection by law enforcement officers.
A: According to section 653H of the Companies Ordinance, if a company (corporation) fails to prepare and maintain a register of significant controllers, the responsible person (director) of the company and the company (corporation) have committed an offence and are liable to a fine of HK$25,000 and HK$700 for one day.
False declaration or concealment of the contents of the register is liable to a maximum penalty of imprisonment for 2 years and a fine of HK$300,000.
A: No. Since Company B is not a 100% member of Company A, it is not a legal entity that needs to be registered in this case.
A: "With significant influence or control" is a person who can ensure that the company generally adopts the activities they expect and can direct the company's activities.
Their role or position can be not equal to their influence or control but rather consider whether the person has absolute decision-making or veto power.
A: A company can be destroyed within 6 years after the person ceases to be a significant controller. If the company faces deregistration, it cannot immediately dispose of the register.
The company's directors are required to ensure that these records are retained for at least 6 years after deregistering.
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Ongoing Corporate Support Services
Start a Company
You can choose your own company name, available for an instant company registration service!
Accounting Services
Prepare company profit and loss accounts, balance sheets, and general ledgers; clear backlogged accounting records; provide accounting services on an annual, quarterly, or monthly basis.
Start Unlimited Company
The process of setting up a sole proprietorship/partnership unlimited company is simple and fast, helping you to embark on the path to entrepreneurial success as soon as possible.
Company Secretary
Professional company secretarial services, compliant with Hong Kong company regulations, freeing you from the hassle of business management, so you can focus on running your business.
Virtual Office
Enjoy the Central location as the company's registered address at a low cost, providing one-stop mail collection, telephone and fax services
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