Further to our previous blog post, the provisions of the Companies (Amendment) Ordinance 2018 will take effect on 1 March 2018.
This amendment to the Companies Ordinance (Cap 622) (the Companies Ordinance) introduces new requirements on a company to identify persons who have “significant control” over the company and to maintain certain information about such persons in a new statutory “register of significant controllers”.
All companies incorporated under the Companies Ordinance in Hong Kong will be subject to these requirements, except for listed companies. Non-Hong Kong incorporated companies are also not subject to these requirements.
The Companies Registry has set up a section on its website to provide further information (available via this link) which includes a short summary (available via this link) and more detailed guidelines (available via this link).
For further enquiries about how to comply with the new “significant controllers” regime, please contact James Parker or your usual contact at our firm.