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January 2018, New Obligations for unlisted Hong Kong companies to keep a Significant Controllers Register
Starting from 1 March 2018, the Companies (Amendment) Ordinance 2018 will come into operation. All companies incorporated in Hong Kong will need to keep a Significant Controllers Register (“SCR”), for inspection by law enforcement officers upon demand. This register is not a public document.

The SCR will contain particulars of its significant controllers and must be kept at the company’s registered office or a prescribed place in Hong Kong.

Each company should review their register of members, articles of association, shareholder agreement or other agreement and issue notices to any person that the company knows or has reasonable cause to believe to be a significant controller. The addressee of such notice is required to confirm or provided (as appropriate) the particulars to be entered into the SCR.

The company will also need to appoint a designated representative to serve as the contact person for providing information about the SCR to assist law enforcement officers. This designated person will be either a shareholder, director, employee of the company who is a natural person and resident of Hong Kong or an accounting professional, legal profession or person licensed to carry on a business as trust or company service provider.